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Sultanate of Oman

Historically, Omanis were seafarers and traders who dominated regional commodity trading in the Indian Ocean, East Africa and the Arabian Gulf. There were thus a succession of migrations which saw growth of settlements along the Arabian Peninsula and East African coastal areas.

Oman is strategically located at the eastern corner of the Arabian peninsula. Sharjah and Fujairah (U.A.E.) separate the main part of Oman from the northernmost part of the state, a peninsula (Musandam) extending into the Strait of Hormuz.

It has an extensive coastline and total land mas of 309,500 sq kms .  The Sultanate of Oman is led by its Head of State His Majesty Haithem Bin Tariq Al Said . The Sultan rules by Decree, assisted by the Council of Ministers. There is no national legislature, but the Council of Oman debates policy and was given some legislative powers in 2011. It comprises the Majils Al Shura (Consultative Council) and the Majils Al Dalwa (State Council) .

The economy continues to be dominated by the production and export of Hydrocarbons with the country producing about 1m barrels per day . The currency is the Omani Riyal pegged to the US Dollar .  Following the introduction of Excise Duty on Tobacco , Carbonated Soft Drinks and Liquor in June 2019 , a sugar tax in October 2020 VAT was introduced at 5% in April 2021.  The Government is increasing its revenue from taxation as it continues its efforts to reduce its Debt . 

Oman has signed a Free Trade Agreement with the USA and is seeking to diversify its economy through the 5 key pillars of Tourism , Mining , Logistics , Fisheries and Manufacturing .  With its continuing focus on creating jobs for Omani nationals the population has ben falling in recent years with repatriation of expats.

GDP

GDP
USD 80 billion (2019)

GDP per capita
USD 18,000 

GDP Growth
4.5% (2010 Vs 2009)
Muscat Wholesale Index = 4.1%

Key Drivers

Diversification from hydrocarbons, Sohar Industrial Port (gas utilisation), tourism, Omanisation/education.

Oil Production
c. 780,000 barrels per day

Outlet Universe

All outlets
c. 8,000

FMCG Grocery
c. 4,000
Consumer Inflation 1% pa

Natural Resources

Petroleum, copper, asbestos, marble, limestone, chromium, gypsum, natural gas.

Agriculture Products

Dates, limes, bananas, alfalfa, vegetables; camels, cattle; fish.

Industries

Crude oil production and refining, natural and liquefied natural gas, construction, cement, copper, steel, chemicals, optic fiber.

“Sultanate of Oman is counted among promising markets due to it strategic location linking the GCC countries with Iran, Yemen and Middle Asia. It also distinguished with its limited populations of 2.5 million. Meanwhile the chances are open in Oman for investors to enter to the gulf market or even to other Arab markets within the Grand Arab Free Trade Zone. It also facilitates to undertake the exporting activities to United States of America, the biggest consumer market of the world, without paying any charges as result of Oman-US Free Trade Agreement.” - Oman Chamber of Commerce & Industry

Ministry of National Economy: www.mone.gov.om
Ministry of Commerce and Industry: www.mocioman.gov.om
Oman Chamber of Commerce and Industry: www.omanchamber.com

Ministry of Information: www.omanet.om
Oman News Agency (ONA): www.omannews.gov.om/ona/
Oman in Wikipedia: en.wikipedia.org/wiki/Oman