Business in Oman

Business in OmanOman’s Government policy is to create a national economy based on private enterprise in a competitive environment devoid of monopolistic practices. A stage has now been reached where the basic physical infrastructure of the country is in place, and in order to further the socio-economic development of Oman, it is essential to build up a strong, efficient and competitive private sector with the help of Government incentives and some financial assistance where necessary, in order to stimulate rapid growth, particularly in areas of production and commerce previously unknown in Oman.

The Government has embarked on a policy of economic diversification with an emphasis on agriculture, fisheries, tourism, mining, light industry and now, petrochemicals and other heavy industries. The Government has announced an ambitious privatisation plan. New laws and regulations were introduced to promote the diversification of the economy and the involvement of private and foreign capital. The Government strategy for economic development has been based on a series of five-year development plans. An international conference, Economic Vision 2020, was held in June 1995, to outline Oman’s developmental priorities. The Government has stated that the development effort of the next 25 years is expected to be characterised by:

  • The objective of doubling per capita income
  • Balanced Government finances
  • Development of human resources and upgrading Omani skills
  • Utilisation of advanced technology
  • A free and diverse economy with a vibrant private sector
  • Economic development carried out in an ecologically sound way

The Fundamental Goals of the Omani Economy: 2020

  • To develop and upgrade Omani human resources in order to cope with technological progress and attain international competitiveness.
  • To develop a private sector capable of utilising human and natural resources in an efficient and ecologically sound way, in close collaboration with the government.
  • To utilize the geo-strategic location of the Sultanate, optimize the use of its natural resources and promote economic diversification.
  • To distribute the fruits of development among all regions and all citizens.
  • To preserve, safeguard and develop the achievements accomplished in the past twenty-five years.

 

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