The Middle East

One of the achievements of Oman’s national economic strategy in recent decades is the successful utilisation of its hydrocarbons wealth to bring about societal development in successive five-year plans. Revenues from the sultanate’s oil and gas industry have been diverted towards health care and education initiatives that have brought about...

The period of 2011-12 saw a raft of new legislative and regulatory measures in the sultanate, alongside efforts to develop the financial and capital markets. Oman has now begun its eighth five-year plan, which runs from 2011 to 2015. This strategic programme is aimed at bringing the country towards the goals outlined in its long-term development...

Omanis enjoy access to an extremely well organised and comprehensive pensions system, which covers both public and private sector employees. Plans are now under way to extend coverage to include expatriates as well, with the possibility for private pension schemes to fill some of the gaps in the state’s provision. This is likely to benefit the sultanate’s insurers while...

As part of Oman’s entrance into the world of Islamic finance, Islamic insurance, or takaful, is also on course to make its debut in 2012-13. This may have important effects on the wider insurance market, while also increasing choice for Omani consumers.

When the news came in mid-October 2012 that the Capital Markets Authority (CMA) had finalised new draft regulations on the issuance of Islamic bonds, sukuk, this was greeted as an important step in the process towards the creation of a debt market.

Trade is an activity embedded in Omani history, crucial to facilitating the country’s past and present economic successes. In the past five years, Omani exports have seen impressive growth. Although in 2009 they dipped from OR14.5bn ($37.8bn) to OR10.6bn ($27.7bn) due in large part to global economic conditions, exports bounced back quickly. By...