Oman’s long-term growth priorities mapped out in Oxford country report

MUSCAT: Oman’s bid to broaden its economic base against a backdrop of lower oil revenues has been explored in a new report just produced by the global publishing, research and consultancy firm Oxford Business Group (OBG).

The Report: Oman 2017, provides an in-depth analysis of the Sultanate’s drive to boost privatesector activity and investment across certain areas of the economy identified as ripe for growth under the latest five-year plan, including mining which is set to benefit from a regulatory overhaul as the government moves to further exploit Oman’s largelyuntapped mineral resources.

The report also shines a spotlight on the country’s transport and logistics industries, which are expected to play a pivotal role in supporting broader economic development. Highlights include a roundtable in which the CEOs of Oman’s ports explore a broad range of topical issues, including the country’s potential to become a regional transport hub.

Other developments examined include the changes planned for Oman’s tax system, some of which have already been implemented, as the Sultanate looks to close its fiscal gap.

The Report: Oman 2017 contains a contribution from His Highness Sultan Qaboos bin Said, together with a detailed, sectorby-sector guide for investors. It also features a wide range of interviews with other high-profile personalities, including, Abdul Latif Al Zayani, Secretary-General, GCC; AbdulRazzaq Ali Issa, CEO, Bank Muscat; Dean Cunningham, CEO, Kunooz Oman Holding; and James Wilson, CEO, Oman Tourism Development Company.

Andrew Jeffreys, OBG’s CEO, said the Group’s report indicated that the government was implementing strategic measures aimed at creating a more diversi- fied economy rather than seeking an immediate funding fix in response to lower earnings from the energy sector.

“Regulatory reforms and an attractive project pipeline will support Oman’s efforts to tap new investment for the key sectors of the economy that we expect to drive growth in the coming years,” he said.

“Forward planning and a sustained focus on high-priority areas will play a pivotal part in yielding results in the longer term,” he further added.

The Oxford Business Group’s Editor-in-Chief and Managing Editor for the Middle East, Oliver Cornock, agreed that Oman’s ninth five-year plan presented myriad openings for investors.

“Aside from the many largescale infrastructure projects that are on the horizon, Oman is also moving to add to its industrial and free zones which should prove to be a major draw for regional investors,” he said.