GDP (PPP Value): 26.9 Billion Omani Riyal
Currency: Rial (OMR)
Middle East, Situated in the Arabian Peninsula
Area: 309,500 sq.km
Population: 3.632 million
Arabic is the official language. English is widely spoken.
Islam is the official religion. Other religions are respected.
The Sultanate of Oman is a stable economy which lies strategically on the trading routes of Europe, Asia and the Far East. With a history of political stability coupled with favourable international trade agreements and special economic zones, the Sultanate has ensured strong growth in economic output and exports.
Traditionally an oil-based economy producing approximately one million barrels per day, there is a sustained effort from the Government to reduce reliance on hydrocarbons revenue and thus a range of initiatives to diversify the economy, including major infrastructure investment and efforts to develop local small and medium-sized enterprises are key focus areas.
Oman Vision 2020, the country’s long-term development plan, emphasizes the expansion of industry, greater private-sector participation in the economy and the further boosting of Omanisation rates across all sectors.
With a population of 4.3 million in 2015, Oman is a high-income country that has seen strong growth in economic output and exports in recent years. GDP in Oman is expected to be 78.29 USD Billion by the end of third quarter 2016. An estimated 60,000 kilometers of roads that crisscross across the country forms a robust infrastructure network. Oman has 3 industrial ports in Sohar, Duqm and Salalah, which are strategically located forming key trading hubs and investment zones.
Given OIC’s geographical focus on the Sultanate of Oman, the country’s economic climate and development plans underscore the opportunities that OIC tends to target.
Planned privatization program, aimed at divesting government stakes in state-owned companies, may result in increased business opportunities for the private sector in numerous segments including education and training, health care and public transportation.
Non-oil sector includes construction, electricity and water, tourism and manufacturing industries.
Oman is where the traditional co-exists with the modern in harmony. The welcoming people, aromatic food, history, shopping and local treasures make Oman a wonderful destination. Traditional architecture sits beside stunning beaches and bustling charming souqs. It is a warm and peaceful culture that consistently ranks Oman highly on the annual Global Peace Index and as one of the safest tourism destinations.