Free trade zones (FTZs) are a major part of the sultanate’s efforts to drive regional growth and help diversify the economy away from its dependence on the hydrocarbons industry. These zones offer a host of exemptions and incentives for firms locating within them, and give companies the chance to not only serve the domestic market, but also take advantage of the...
From the monsoon-swept south to the scorching, dry hills of the Musandam Peninsula in the north, Oman’s geographical diversity runs in parallel with some divergent levels of economic development, as well as cultural and historical differences. In recognition of this, and of the challenges such diversity brings to the prosperity of the whole country, the government has...
Mining activities in Oman are set to increase considerably in the coming years, following the discovery of significant reserves of mineable minerals, including gold, copper and rare earths. The government has recently moved to create a sustainable growth path for the industry, introducing new legislation aimed at increasing value addition and reducing raw exports. While...
As Oman ramps up oil production and strives to reduce raw exports and bolster its downstream hydrocarbons sector, the petrochemicals industry is poised for strong expansion in the coming years. The government is pouring billions of dollars into the sector in an effort to industrialise the economy, improve value addition and create jobs, with a host of new projects in...
Vision 2020’s economic diversification mandate has seen Oman’s industrial segment expand rapidly in recent years. Offering a prime geographical position situated at the crossroads of world trade routes, an abundance of natural resources, and government incentives for foreign industrial investors, the sultanate’s industrial sector is one of the most business friendly in...
According to the National Centre for Statistics and Information, the average Omani household income increased from $1660 a month in 2000 to $3050 a month in 2011. While a significant number of higher-income citizens have helped sustain the growth in the luxury real estate market, there remain gaps in housing for lower income groups. The government of Oman has therefore...
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