Having endured low oil prices for the entire year, countries across the resource-rich GCC saw their balance sheets constrained in 2015, and in Oman’s case lower oil revenues led to a nominal GDP contraction of 13.8% and the largest deficit in more than a decade. Closing the fiscal gap is a government priority, with spending cuts, tax reform and increased private sector activity all expected to...
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Chapter | Country Profile from The Report: Oman 2017
Located in the south-eastern quarter of the Arabian Peninsula, Oman is the only member of the GCC situated outside of the Gulf itself. Leveraging its strategic location, it has invested in infrastructure with the goal of becoming a global logistics centre. While less hydrocarbons-rich than its GCC neighbours, the sultanate’s diversification efforts are a driving force behind its economic...
Despite ongoing economic pressures associated with the drop in oil prices, Oman’s diversification strategy and efforts to enhance wider revenue streams are beginning to bear fruit, as witnessed by continued growth in the non-oil sector despite dropping incomes and wider regional instability.
Economic view | OBG talks to Delfin J. Wenceslao Jr., Chairman, D.M. Wenceslao & Associates Inc.
12 Feb 2017
What types of construction business might sustain demand for engineering, procurement and construction contractors in the near term?
The top economic and business highlights from Abu Dhabi in the third and fourth quarters of 2016.
The state-owned Abu Dhabi National Oil Company (ADNOC) announced plans in November to more than double petrochemical production over the next decade as part of its 2030 strategy.