Friday 19 / April / 2024
Muscat: Long-term preparations for the Sultanate’s post-oil future have been explored in detail in a report produced by the global publishing, research and consultancy firm Oxford Business Group (OBG).
According to the publication entitled, “The Report: Oman 2016,” this year will see the commencement of Omani’s strong pipeline project, which includes both large-scale public and private sector initiatives earmarked for roll-out in the coming years.
OBG’s new publication also provides wide-ranging coverage of Oman’s efforts to nurture small-business growth as part of the push to encourage an entrepreneurial spirit amongst the Sultanate’s younger generation.
Other topics covered in the report include the national bid to move the local industry up the value chain in a move, which should help local firms become more competitive and boost productivity.
As the government sharpens its focus on linking industrial areas and improving regional connections, the report also gives the spotlight on the Sultanate’s increasingly important transport and logistics sector.
It contains a contribution from His Majesty Sultan Qaboos bin Said, together with a detailed, sector-by-sector guide for investors.
It also features a wide range of contributions from other leading representatives, including the Azerbaijani Minister of Economy and Industry, Shahin Mustafayev, the Secretary-General of the Supreme Council for Planning (SCP) Sultan bin Salim Al Habsi and the Chairman of the Special Economic Zone Authority of Duqm (SEZAD), Yahya bin Said AlJabri.
Andrew Jeffreys, OBG’s chief executive officer and editor-in-chief, said the Omani Government’s continued investment in supporting infrastructure demonstrates its commitment to diversifying the national economy and exploring new opportunities for growth.
Key sectors
“Our latest report highlights the key sectors in the Sultanate’s economy that are ripe for expansion, including logistics and tourism, and the national drive already under way to harness their potential,” he stated.
“While challenges, such as regulatory hurdles, will need addressing, Oman is already taking steps to stimulate private sector participation, which bodes well for its long-term plans for economic development.”
OBG’s Managing Editor for the Middle East, Oliver Cornock added that despite feeling the weight of declining oil prices, Oman is well equipped to maintain the tempo of its development plans.
Fiscal balance
“The external economic climate is undoubtedly putting pressure on Oman’s fiscal and current account balances. However, its low debt-to-GDP ratio provides the Sultanate with the option of seeking funding via the international markets if it so chooses,” he said.
“With the government’s efforts to enhance the country’s business climate already beginning to yield results, investors eyeing Oman have much to consider.”
“The Report: Oman 2016” marks the culmination of more than six months of field research by a team of analysts from OBG. The publication assesses trends and developments across the economy, including macro-economics, infrastructure, banking and other sector developments. The publication is available in print and online.
