Country Analysis: Oman, A Middle-Income Country
Abstract
Country Profile
Oman is a middle-income country with an economy primarily based on limited hydrocarbon resources, and a few significant recent gas finds. Crude Oil and natural gas has accounted for more than 85% of the government's revenue in 2015. High prices of oil in recent times have bolstered Oman’s budget, trade surpluses, and foreign reserves. Oman has enjoyed a GDP growth of 4.5% in 2015, a large part was attributed to the price of oil which was around $100 per barrel. The financial system is well developed having a very low number of non-performing loans. Oman also has a stable A1 credit rating as well as very low debt.
Geographic location
Oman is a country situated in the middle eastern section of Asia, next to the Arabian …show more content…
By the late 19th century, British help was needed against the imams. The imams controlled most of northern parts of Oman which included Sohar and Nizwa. The imam and a powerful tribal leader with the help of Saudi Arabia wanted to setup an independent state. This led to a rebellion which was suppressed by the British in 1959. In 1970, Sultan Said was overthrown by his son, a Sandhurst-trained officer, Qaboos bin Sa'id. With the help of the Allies, Qaboos crushed the PFLO in 1975. Since then, the sultan has been ruling Oman. In 1996 he formally defines Oman as a hereditary absolute monarchy. Since the beginning of Qaboos' reign, Sultanate of Oman was adopted as the country's official name. Modernization of Oman was the key agenda and primary focus. The national petroleum company along with Shell started exporting oil in the early 1970’s. There were projects in the pipeline to develop and use Oman’s vast reserves of natural gas. The natural gas processing plant located in Sur was functional in 2000, with production capacity of 7 million tons per …show more content…
The growth of investments has accelerated, in particular due to the development of the Special Economic Zone which includes the building of a port, an airport, an oil refinery and tourism infrastructures. Oman aims to attract investors by offering tax benefits and customs duty exemptions. Oman also has a stable political and macroeconomic situation. However, post 2000 in specific sectors; the government is laying pressure on foreign companies to recruit domestic workers. Oman ranks 66th out of 189 countries in the 2015 as per the World Bank report .The majority of foreign investments continue to go toward to oil sector. The country’s main investors are the United Arab Emirates, Japan and China and the United
Country Profile
Oman is a middle-income country with an economy primarily based on limited hydrocarbon resources, and a few significant recent gas finds. Crude Oil and natural gas has accounted for more than 85% of the government's revenue in 2015. High prices of oil in recent times have bolstered Oman’s budget, trade surpluses, and foreign reserves. Oman has enjoyed a GDP growth of 4.5% in 2015, a large part was attributed to the price of oil which was around $100 per barrel. The financial system is well developed having a very low number of non-performing loans. Oman also has a stable A1 credit rating as well as very low debt.
Geographic location
Oman is a country situated in the middle eastern section of Asia, next to the Arabian …show more content…
By the late 19th century, British help was needed against the imams. The imams controlled most of northern parts of Oman which included Sohar and Nizwa. The imam and a powerful tribal leader with the help of Saudi Arabia wanted to setup an independent state. This led to a rebellion which was suppressed by the British in 1959. In 1970, Sultan Said was overthrown by his son, a Sandhurst-trained officer, Qaboos bin Sa'id. With the help of the Allies, Qaboos crushed the PFLO in 1975. Since then, the sultan has been ruling Oman. In 1996 he formally defines Oman as a hereditary absolute monarchy. Since the beginning of Qaboos' reign, Sultanate of Oman was adopted as the country's official name. Modernization of Oman was the key agenda and primary focus. The national petroleum company along with Shell started exporting oil in the early 1970’s. There were projects in the pipeline to develop and use Oman’s vast reserves of natural gas. The natural gas processing plant located in Sur was functional in 2000, with production capacity of 7 million tons per …show more content…
The growth of investments has accelerated, in particular due to the development of the Special Economic Zone which includes the building of a port, an airport, an oil refinery and tourism infrastructures. Oman aims to attract investors by offering tax benefits and customs duty exemptions. Oman also has a stable political and macroeconomic situation. However, post 2000 in specific sectors; the government is laying pressure on foreign companies to recruit domestic workers. Oman ranks 66th out of 189 countries in the 2015 as per the World Bank report .The majority of foreign investments continue to go toward to oil sector. The country’s main investors are the United Arab Emirates, Japan and China and the United