Oman’s BID to Navigate a New Economic Path Explored in 2019 Report
A new report from the global research and consultancy firm Oxford Business Group (OBG) tracks the progress that Oman has made in broadening its economic base, buoyed by a combination of higher oil prices and a state-supported diversification plan.
Marking OBG’s 15th year of operations in the Sultanate, The Report: Oman 2019 shines a spotlight on the national construction industry, which is fast becoming a key beneficiary of rising international energy prices, government initiatives and favourable demographics
The publication considers the role that planned mixed-use developments and the country’s longer-term infrastructure development drive are expected to play in galvanising new activity across the sector.
The anniversary report also provides wide-ranging coverage of Oman’s decision to focus on expanding refining capacity and boosting downstream throughput, as part of its efforts to revitalise the hydrocarbons industry.
With manufacturing expected to play a bigger role in a more diversified economy, The Report: Oman 2019 highlights the attractions that the country offers international businesses eyeing its potential as an investment destination, which include multiple industrial estates and special economic zones.
Other topics examined include Oman’s plans to expand its tourism offering and increase visitor numbers, especially those from the other GCC countries.
The Report: Oman 2019 contains contributions from Sultan Qaboos bin Said Al Said and Christine Lagarde, Managing Director, IMF, together with a detailed sector-by-sector guide for investors.
It also features a wide range of contributions from other high-profile personalities, including: Ali bin Masoud Al Sunaidy, Minister of Commerce and Industry; Tahir bin Salim Al Amri, Executive President, Central Bank of Oman; Ahmed Saleh Al Jahdhami, CEO, Oman Oil Refineries and Petroleum Industries Company; Peter Walichnowski, CEO, Oman Tourism Development Company; and Abdulaziz Saud Al Raisi, CEO, Oman Air.
Commenting ahead of the launch, OBG’s Editor-in-Chief, Oliver Cornock, said that although Oman’s economic outlook would continue to be largely determined by international crude prices in the medium term, the Sultanate’s diversification plans were clearly moving forward, with momentum expected to build in 2019.
“Key initiatives introduced under the National Programme for Enhancing Economic Diversification (Tanfeedh) are already yielding results, while broader, non-oil activity looks set to accelerate in the coming months, supported by the implementation of a comprehensive public-private partnership framework and higher levels of foreign investment,” he said.
OBG’s Regional Editor for the Middle East, Billy FitzHerbert, added that Oman’s renewed efforts in the hydrocarbons industry were also expected to deliver economic benefits over time.
“The Sultanate’s focus on improving oil recovery techniques and developing refining capacity has boosted confidence among stakeholders after a difficult few years,” he said. “We also expect higher oil prices to make it easier for the government to meet its budget targets.”
The Report: Oman 2019 marks the culmination of more than 12 months of field research by a team of analysts from Oxford Business Group. The publication assesses trends and developments across the country, including those in macroeconomics, infrastructure, banking and others.
The Report: Oman 2019 has been produced with Ominvest, the National Centre for Statistics and Information, the Oman Chamber of Commerce and Industry, and the law firm CMS. It is available online and in print.
Oxford Business Group
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