Muscat: Tourism, construction and a solid finance sector were among those that made the Sultanate a go-to destination for investors in the GCC region in 2016, a new report has said.
The Business Year (TBY), the leading international research firm and publisher of annual economic resources on national economies, announced the launch of its fourth edition on the Sultanate, TBY Oman 2017, in partnership with Ithraa, the Sultanate’s inward investment and export development agency.
As Talib bin Saif Al Makhmari, Director General of Marketing and Media of Ithraa remarked, “The publication helps tell the wonderful success stories that make up the vibrant tapestry that is the Sultanate’s thriving business community. It’s an invaluable business guide”.
The launch event took place at the Hormuz Grand Hotel Muscat yesterday. The event included a keynote speech by Ithraa Director General of Marketing and Media.
The publication consists of morethan 200 interviews with top executives and government officials, including a special contribution from His Majesty Sultan Qaboos bin Said, in which he discusses that Oman is moving full-steam ahead toward its 2020 Vision goals.
In addition, key government officials, such as Dr. Ali bin Masoud Al Sunaidi, Minister of Commerce and Industry, Hamood bin Sangour Al Zedjali, Executive President of the Central Bank of Oman (CBO), and Ahmed bin Nasser Al Meherzi, Minister of Tourism, also shared their opinions on increasing foreign investment, the growth of Islamic banking, and the Sultanate’s ninth 5-Year Plan respectively.
The publication focuses on key issues surrounding the Sultanate’s political, economic and social development. Although low oil prices made 2016 a challenging year, tourism, construction and a solid finance sector, just to mention a few made the Sultanate a go-to destination for investors in the GCC region.
As reported by Paul Loomis, Regional Editor of the Business Year, “Oman is a regional leader in economic diversification and reform. Our 2017 edition covers the changes afoot in this influential Gulf state in great detail. We have interviewed key stakeholders and our new publication discusses the implications of change for domestic and foreign businesses in
Bilateral ties play an important part of the publication, which establishes the growing role that Oman is playing on the international stage. Regarding African-GCC cooperation, Kenyan President Uhuru Kenyatta stated, “Increased cooperation between the two nations would allow Oman not only to access the region, but also to the growing Kenyan market and the improving investment environment.”
Furthermore, regarding Asia-GCC relations, Thai Prime Minister Prayut Chan-o-cha explained, “There is no doubt Oman can be a strategic partner, linking Thailand with the Middle East and the wider region of Africa. Thailand can also be Oman’s gateway to other ASEAN countries and the wider Asian market”.
Betul Cakaloglu, TBY Regional Director, also offered her words on the release of TBY Oman 2017 and the importance of working with Ithraa, “Our partner’s leadership and know-how have been central to our Omani publications and their impact on the global investor community, and we hope to maintain this partnership as we continue to focus on highlighting the Sultanate’s growing investment potential”.
TBY Oman 2017 will reach a global audience of 88,000 readers via its printed version while a wider audience will be able to access it through TBY’s iPad, iPhone, and Android applications. The interviews are structured around chapters covering the main sectors of the economy, including finance, energy, transport and logistics, tourism, environment and utilities, mining and industry, telecoms and IT, construction and real estate, agriculture and foodstuffs, and health and education. TBY’s research articles provide the reader with vital facts and figures -at both the macroeconomic and microeconomic levels-highlighting specific projects, investments, and opportunities.