Economy

Despite a fall in the international price of oil in the run-up to its launch, the government’s 2015 budget is based around a 4% increase in government spending (on budgeted as opposed to actual expenditures in 2014), to OR14.1bn ($36.5bn). The budget, which forecasts government revenues to stand more or less unchanged on 2014 figures at OR11....

Oman has long been seeking to reduce its economy’s reliance on oil production. The sultanate’s long-term development strategy Vision 2020 aims to reduce oil’s share of GDP to 9% by 2020 by growing other sectors. Diversification is also one of the main elements of the government’s ninth five-year development plan, which runs from 2016 to 2020...

From the start, one of our primary aims was to bring education to every part of the sultanate, so that every member of the population could acquire the schooling he or she was entitled to. This country was facing a great challenge in its battle to overcome the result of long years of isolation and backwardness. Therefore, we began a difficult...

Oman is a high-income country that has seen strong growth in economic output and exports in recent years. However, the economy is dominated by oil production, and the fall in international oil prices is putting pressure on GDP expansion as well as the sultanate’s fiscal and current account balances. In order to reduce the country’s exposure to...

Located in the south-eastern quarter of the Arabian Peninsula, Oman is the only member of the GCC situated outside of the Gulf. Leveraging on its strategic location, investments in infrastructure have focused on the goal of becoming a global logistics centre. While less hydrocarbons-rich than its GCC neighbours, diversification efforts are a...