The Oman Economic Briefing provides in-depth analysis of the recent challenges that the Sultanate faced due to depressed global oil prices, and its long-term targets for economic development
A new report by the global research and consultancy firm Oxford Business Group (OBG), in partnership with the Oman Chamber of Commerce and Industry (OCCI), maps out the Sultanate’s efforts to put privatisation and diversification at the heart of its strategy for sustainable economic growth.
The Oman Economic Briefing provides in-depth analysis of the recent challenges that the Sultanate faced due to depressed global oil prices, and its long-term targets for economic development, in an easy-to-navigate and accessible format, focusing on key data and infographics.
It highlights the segments of the economy that have been identified as ripe for development, such as mining, tourism and logistics, and which, will be key in helping the Sultanate achieve its Vision 2040 objectives.
In its coverage of Oman’s industrial sector, the report examines the country’s bid to boost economic growth outside of Muscat by investing in special economic zones and encouraging the expansion of industrial estates. The economic briefing puts the coastal city of Duqm, the Salalah Free Zone, Sohar Port and Freezone, and Khazaen Economic City under the microscope, highlighting the incentives and advantages they offer and the government’s plans for developing them further.
Oman’s plan to accelerate development through public-private partnerships (PPPs) is another focus. In this section, the economic briefing looks at the Sultanate’s plans to privatise $1.8bn of state assets under the Tanfeedh initiative.
Licence holders will also find details of the measures and initiatives that are spearheading Oman’s efforts to improve its fiscal position after years of sustained growth were curtailed by lower global oil prices and fallout from the pandemic.
The report contains in-depth interviews with high-profile representatives from both the public and private sectors, in which topical issues are explored, including the Sultanate’s privatisation plans and the role of new legislation in enhancing its business environment.
Commenting before the report’s launch, Redha Juma Al Saleh, Chairman, OCCI, said the private sector had expanded its role in the Omani economy over the years, with investors today not only providing most of the funding for projects, but also assuming more of the risk, rather than being focused solely on the execution stage.
“Together with FDI and privatisation, PPPs will play a key part in enhancing the Sultanate’s investment landscape,” he said. “These shifts will put the private sector on track to become the primary driver of economic growth, in line with the Vision 2040 development strategy.”
Jana Treeck, OBG’s Managing Director for the Middle East, added that Oman’s natural assets and geographic location meant it was well placed to continue pursuing its diversification plans, which were already delivering results before the pandemic.
“While Oman’s economy contracted by 6.4% in 2020, we anticipate a steady recovery, led by a return to positive growth of 2.5% this year, according to the IMF,” she said. “Looking ahead, Oman has shown prudence in remaining focused on its long-term target of increasing the contribution of non-oil industries to 90% of GDP by 2040.”
The economic briefing forms part of a series of tailored reports which OBG is currently producing with its partners, alongside other highly relevant, go-to research tools, including a range of region- and sector-specific Growth and Recovery Outlook articles and interviews. It will be available online and in print.
The report is now available to view and download at https://oxfordbusinessgroup.com/news/focus-report-how-will-oman-support-private-sector-development-post-pandemic-period
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About Oxford Business Group
Oxford Business Group (OBG) is a global research and advisory company with a presence in over 30 countries, spanning the Middle East, Africa, Asia and the Americas. It is recognised internationally as a distinctive and respected provider of on-the-ground intelligence on world’s fastest-growing markets, termed The Yellow Slice, in reference to OBG’s corporate colour.
Through its range of products – Economic News and Views; OBG CEO Surveys; OBG Events and Conferences; Global Platform, which hosts exclusive video interviews; and The Report publications – as well as its Advisory division, OBG offers comprehensive and accurate analysis of macroeconomic and sector-level developments for sound investment opportunities and business decisions.
OBG provides business intelligence to its subscribers through multiple platforms, including its direct 6 million verified subscribers, Dow Jones Factiva subscribers, the Bloomberg Professional Services subscribers, Refinitiv’s (previously Thomson Reuters) Eikon subscribers and more.
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