Sultanate of Oman
Benefitting from an unrivalled location at the nexus of east-west trade routes and at the gateway to the Gulf, the Sultanate of Oman neighbours some of the world’s fastest growing economies. Over the next 20 years, around three billion Asians will enter the ranks of the global middle-class, joining the consuming class with enormous implications for Oman’s economy, particularly in manufacturing, tourism, logistics, agriculture and fisheries.
Indeed, this ancient seafaring nation with a vibrant culture and rich heritage has been welcoming traders and visitors for over 5,000 years and today, while cherishing its unique cultural identity is a highly competitive and future focused nation that is fully equipped to meet the demands of today’s fast moving global society.
An oasis of political stability and tranquility, Oman is respected the world over for its role in international diplomacy. And highly regarded for its legal transparency, orderly society and friendliness, Oman offers an enviable lifestyle – an outstanding place to live, visit, work, do business, invest and raise a family.
Oman’s robust economy is guided by Vision 2020, a blueprint for growth and progress that steers the sultanate’s economic diversification, the creation of a dynamic and international economy powered by local and international talent, an efficient and competitive business community, and prosperity driven by non-hydrocarbons.
Sectors that Oman’s 9th Five-Year Development Plan (2016-20) highlight as having particular potential are: manufacturing; tourism; logistics; and agriculture and fisheries. Oman’s GDP growth rate for 2014-19 is predicted to be approximately 4%, trending higher than that of the MENA region and the global average.
Offering an open, transparent, trouble-free, and stable business-friendly environment, Oman actively courts domestic and foreign investment in order to enhance economic growth and development. In 2012, 50 countries placed US$16.8 billion of foreign direct investment into Oman.
Growing from its trading history, Oman has a dynamic enterprise culture driven by an active and fast-growing start-up and SME community that enjoys generous government support. Most recently, over US$36 million in financing was allocated to more than 500 small businesses through the government-led Al Rafd Fund.
Oman also has a growing international reputation for academic excellence and leadership in research and innovation, with The Research Council funding scientific investigation in plant genetic resources, health, energy, the environment and education.
Oman’s people, famous for their warmth and charm, friendliness and hospitality, have long been one of the sultanate’s greatest assets. And today, the sultanate’s youthful demographic stands out as one of its major strengths – educated, ambitious, tech-savvy, internationally-focused and multilingual, the country’s youth are deeply proud of the sultanate’s achievements. Indeed, they are eager and willing to play their part in Oman’s continued development and success.
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