Oman boasts an extensive and largely untapped mineral resource base that includes large deposits of metallic minerals, such as copper and chromite, and industrial minerals, namely limestone and marble. The country is the first GCC producer and exporter of ferrochrome, and produces large quantities of non-metallic minerals, including limestone, gypsum and marble, that support construction and...
Growth in Oman’s industrial and retail sectors has been affected by both commodity prices and weaker consumer sentiment, which have lowered spending and forced some companies in heavy industry to delay investment programmes. However, the impact of the costs borne by the sultanate’s manufacturers was offset somewhat in 2017 by the rise in exports to Qatar following the blockade of that country’...
Market pressures have continued to weigh on Oman’s real estate sector since oil prices fell from their historic highs, driving the sultanate to adjust to lower revenue by trimming budgets and paring back some investment. Growth in public payrolls and jobs – a key driver of real estate demand – slowed in 2016 as the government reduced spending by 7.5% to tackle a fiscal deficit surpassing 20%...
Despite public investment cuts and a broad economic slowdown in the wake of lower oil prices, Oman’s construction sector continues to grow at a relatively brisk pace, bolstered by state-led diversification efforts, high income levels and relatively low labour costs. The building industry grew by a robust 10.4% in 2016, up markedly on the two previous years, according to the latest official...
The utilities industry in Oman is going through a transitional period in anticipation of major restructuring and renewal in the water and electricity segments. While large-scale retail competition in electricity is not yet feasible, changes in technology, such as the introduction of cost-reflective tariffs (CRT), are making distributed provision more cost-effective. The most significant...
The strong headwinds of 2017 in Oman’s oil and gas sector have spurred the authorities to develop new sources of revenue. Despite recovering to 2015 levels of $55 a barrel, the steep fall in prices that saw Omani crude fall from $103 per barrel in 2014 to $40 in 2016 has squeezed state finances and added urgency to diversification efforts. On the back of a drop in crude output – following an...
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