Oman
Oman - Fast Facts:
SULTANATE OF OMAN
Capital: Muscat - 1,2 Million inhabitants
Population: 3,8 Million
Timezone: UTC +4 hrs
Head of State: H.E. Sultan QUABOOS bin Said Al
Said (1970)
Currency: Omani riyals
GDP per capita: 19.002 US-$
GDP composition per sector: agriculture: 1,5 % ; industry 50, 4 %; services 48, 1 %
Human Development Index Rank (2014): 56 (of 187)
Oil Reserves: 5,5 billion bls
In 1967 Oman made first use of its oil resources and within only two years Oil increased the sultanates annual revenue by the factor of 40. In 2014 Oman exported an estimated 800.000 barrels per day of crude oil, mainly to China and Japan. The most important trade partners for non-oil related products are UAE, Pakistan, Saudi Arabia and India.
The International Monetary Fund predicts a growth averaging 3,6 % in 2014 to 2018. Among European states particularly France and Germany are trying to increase trade with Oman.
Power is strongly centralized in Oman, with Sultan Quaboos as prime minister, minister of foreign affairs, defence and finance. In reaction to protests in 2011 Sultan Quaboos reshuffled the government. Most recent Majlis Al-Shura (Consultative Council) elections took place in October 2015. In foreign policy Oman is known for its pragmatism. As foreign secretary Bin Alawi phrased it on the occasion of his visit to Cairo in July 2015: ”The Sulatanate has good relations with all countries and this is one of the features of Omani relations with all countries”.
A number of large infrastructure and developmental projects are now under construction. These include new airports, ports, airports, roads, industrial zones and special economic zones. A new railway line over 1000 Km in length is scheduled to be operational by 2018-19. Oman is committed to public spending and all the planned projects are going ahead as scheduled.
Doing business in Oman usually requires local representation in the form of an agent or distributor as a first step. Family businesses dominate the business environment, personal relationships are very important. European companies wishing to approach the Oman market are well advised to undertake as much market research and planning as possible in advance.
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Sources: World Bank, UNDP, IMF, German Foreign Office (AA). This text constitutes a basic information and is regularly updated. Correctness and completeness of the data cannot be guaranteed. Read the full disclaimer.