The Report: Oman 2017

  • ID: 4078508
  • Country Profile
  • Region: Oman
  • 276 Pages
  • Oxford Business Group
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Authorities are Targeting Heavy Industries in Particular With Plans to Boost Their GDP Contribution from 19.8% Today to 29% by 2020


  • Al Mouj Muscat
  • Carillion MENA
  • Dentons
  • Khimji Ramdas
  • Oman Air
  • MORE

Oman’s economy contracted by 13.8% in nominal terms in 2015 as the ongoing low oil price environment squeezed growth and led to the largest budget deficit in over a decade. In a bid to tackle the shortfall, the government is taking a number of revenue-raising measures such as cutting subsidies and increasing corporation tax, while remaining focused on its long-term diversification goals.

Though hydrocarbons still account for 33.9% of GDP and 78.7% of state revenues, non-oil sectors are playing an increasingly prominent role in the country’s economic profile. Authorities are targeting heavy industries in particular with plans to boost their GDP contribution to from 19.8% today to 29% by 2020.

Meanwhile annual growth of 6% is being targeted in the mining sector, with a host of regulatory initiatives being implemented as the government seeks to boost investor interest.

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  • Al Mouj Muscat
  • Carillion MENA
  • Dentons
  • Khimji Ramdas
  • Oman Air
  • MORE


  • Ongoing prosperity: A rich history leads to a unified sultanate that continues to evolve
  • Viewpoint: Sultan Qaboos bin Said Al Said
  • Year of the bond: Gulf states have increasingly looked to bond issuances to bridge growing fiscal deficits
  • Interview: Abdul Latif Al Zayani, Secretary-General, GCC


  • New prospects: Preparing for a sustained period of reduced oil revenues
  • Interview: Khalifa Al Barwani, CEO, National Centre for Statistics and Information
  • Changing the game: Reform of the tax system is ongoing
  • Rules of attraction: Drawing increased investment is a top government priority


  • Solid performance: Sector records rises in assets, lending and deposits, as the central bank keeps tabs on liquidity
  • Interview: Hamood Sangour Al Zadjali, Executive President, Central Bank of Oman
  • Interview: AbdulRazak Ali Issa, CEO, Bank Muscat
  • Effective tools: The central bank is taking measures to increase liquidity


  • Maintaining liquidity: Local capital markets sustain foreign interest
  • Interview: Abdulaziz Mohammed Al Balushi, Group CEO, OMINVEST
  • Adjustment period: Adapting to oil prices
  • Market analysis & data provided by Securities & Investment Company at issue: Bonds
  • Strong fundamentals: Banking sector
  • Generating returns: Power & utilities
  • Take cover: Insurance sector equities


  • Up and coming: Reforms and economic trends are likely to boost insurance uptake
  • Getting ahead: The nascent takaful segment now benefits from a legal framework


  • In the pipeline: Efficiency is the watchword in the new low-price environment
  • An air of refinement: The fuel market has seen some changes with an increase in the capacity for exports and the adjusted pricing of retail fuel prices
  • Interview: Chris Breeze, Country Chairman, Shell Oman
  • Plenty more in store: A host of logistics projects are set to boost the sultanate’s international standing
  • Liquid assets: Producers of LNG are bracing themselves for a tax hik


  • New game plan: Growing demand is pushing the government to continue investing and revamping services
  • Drink up: New desalination plants are set to help meet growing demand
  • Laying waste: Sector policy reforms could spur new waste-to-energy projects


  • Rebalancing act: State reorganises development priorities
  • Interview: Simon Buttery, CEO, Carillion MENA
  • Development clusters: High-priority sectors to receive a significant boost from a series of large-scale construction projects
  • Forging bonds: Two domestic cement producers join forces in a new venture to target emerging markets


  • Steady breezes: Prices soften, but market fundamentals and long-term demand forecasts remain strong
  • Interview: Nasser Al Sheibani, CEO, Al Mouj Muscat
  • Rule matters: Changes in fees and reporting requirements affect the market


  • Moving forward: Regulatory reform and infrastructure development are expected to attract investor interest
  • Interview: Hilal bin Hamad Al Hasani, CEO, Public Establishment for Industrial Estates
  • Promising opportunities: A rise in new retail space has put the sultanate on the map for development of shopping centres


  • Digging for growth: Looking to fast-track the extraction sector
  • Improved regulation in sight: New legislation expected to address stakeholder demands


  • Pivot point: The sultanate focuses on port development
  • Interview: Paul Gregorowitsch, CEO, Oman Air
  • Offering more: Upgrades are positioning Oman as an aviation centre
  • Roundtable: Mark Geilenkirchen, CEO, Port of Sohar; David Gledhill, CEO, Port of Salalah; and Reggy Vermeulen, CEO, Port of Duqm
  • Automating effort: Improving the efficiency of ports with computerised support


  • Growing importance: State spending and GDP contribution on the rise
  • Remember the date: Efforts to revolutionise farming of the national crop

14. ICT

  • Growing pains: The local market shows ample room for continued expansion
  • Interview: Said Abdullah Mandhari, CEO, Oman Broadband Company
  • Outside the box: An emphasis on more innovative approaches


  • One niche at a time: diversifying tourism
  • Interview: James Wilson, CEO, Oman Tourism Development Company
  • Framing the narrative: The government has launched a 25-year strategy for the sector
  • Key growth areas: Development efforts to focus on 14 tourism clusters
  • Making room: Hotel construction to complement other tourism initiatives


  • Keys to success: Focusing on quality and the right skills to meet the needs of the economy
  • Interview: Pankaj Khimji, Director, Khimji Ramdas; and Director, Muscat University
  • Vital tools: Authorities are expanding the use of technology in classrooms of all levels across the sultanate


  • On the rise: A growing population finds a health care system that is increasingly ready to meet its needs
  • Welcome developments: Major new health care development projects should expand capacity

18. TAX

  • Paying dues: A taxation framework accounts for diverse corporate structures
  • Add it to the bill: New taxation schemes would affect businesses and consumers
  • Interview: Omar Al Sharif, Country Senior Partner Oman, PwC


  • Letter of the law: Legislation governing companies in Oman
  • Making it work: The Omanisation process has been met with mixed results
  • Viewpoint: Nick Simpson, Co-Managing Partner, Dentons


  • A home away from home: Hotel and resort listings for select establishments
  • Who to call: Important contact numbers
  • Facts for visitors: Useful information for
  • business and leisure travellers
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  • Al Mouj Muscat
  • Bank Muscat
  • Carillion MENA
  • Central Bank of Oman
  • Dentons
  • GCC
  • Khimji Ramdas
  • Muscat University
  • National Centre for Statistics and Information
  • Oman Air
  • Oman Broadband Company
  • Oman Tourism Development Company
  • Port of Duqm
  • Port of Salalah
  • Port of Sohar
  • Public Establishment for Industrial Estates
  • PwC
  • Shell Oman
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