With demand growth projections for potable water in Oman steady at 6% through to 2020, the Public Authority for Electricity and Water (PAEW), in cooperation with Nama Group subsidiary the Oman Power and Water Procurement Company (OPWP), are implementing strategies aimed at increasing capacity to meet shortfalls, particularly in the northern...
Almost 50 years after the sultanate began shipping oil out of the port at Mina Al Fahal, the country’s economy remains closely tied to the fortunes of hydrocarbons. In 2015 oil and gas together accounted for 33.9% of GDP, 78.7% of government revenues and 59.4% of merchandise exports, according to the Central Bank of Oman.
Investments being made in refining infrastructure are leading to expanded capacity and production, raising questions about how to best make use of this growing resource. Up to three quarters of domestically refined petroleum products are currently used in the country, with a subsidy system that reinforces the market. However, with new capacity...
Oman’s insurance market is highly competitive and fragmented, with a total of 22 insurance companies. Of these, 11 are local with the other 11 being branches of foreign insurers. The industry expanded at a robust rate of 12% per annum between 2010 and 2014, with total gross written premiums reaching $1bn by the end of the period. The sector is...
The Omani banking sector comprises a total of 16 conventional banks, of which seven are locally incorporated and nine are foreign. Conventional banks in Oman have a network of 468 branches and 1088 ATMs. Alongside conventional lenders, there are also two fully fledged Islamic banks that together have a market share of around 10% by assets....
The securities exchange in Muscat is a vital component of the Omani economy. The bourse serves as a showcase for the sultanate’s large enterprises, but its primary function is to act as an arena from which pooled capital can be distributed to investment sectors. In 2015, for example, the exchange had the capacity to provide OR2.56bn ($6.6bn)...
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