Research and Markets: The Report: Oman 2014 - Economy continues to enjoy the benefits of petroleum wealth

DUBLIN--()--Research and Markets (http://www.researchandmarkets.com/research/czfb2m/the_report_oman) has announced the addition of the "The Report: Oman 2014" report to their offering.

The sultanate's economy continues to enjoy the benefits of petroleum wealth, which has provided budget surpluses in most years and served as a backbone for growth. However, planning is well under way for an era in which oil will not be the main economic driver, with the twin goals of diversification and creating an increased number of private sector jobs at the top of the government's current agenda.

An ancient maritime power, Oman is open to the world while at the same time preserving a strong sense of tradition and culture. Its numerous land borders and extensive coastline have given leaders a knack for negotiation and pragmatism in foreign policy. The government is making efforts are to respond to the increasing need for employment caused by a rapidly growing population, many which are directed at diversifying the economy and reducing dependence on petroleum resources.

This extensive report profiles the country in sectors such as Economy, Energy, Transport, Health, Education, Tourism, Real Estate & Construction, Industry & Retail among others. For companies or individuals seeking reliable, in-depth knowledge on this country 'The Report: Oman 2014' is an unrivaled resource.

Banking

High capital adequacy and profitability define the banking sector in Oman. Aggregate net profits from local banks and foreign branches rose 15.6% in 2012 to $786.1m, up from $683.8m in 2011 with local banks accounting for 96.1% of the total. Consumer spending is driving lending markets as the wealth of the population increases, and banks are looking to meet this demand.

New support for SMEs, an important part of the drive to diversify the economy away from hydrocarbons, should help change banks' portfolios. Demand for Islamic services has led to the creation of a new segment, with the two newest entrants into the banking sector being Islamic institutions, whose licences were granted after the 2011 decision to allow sharia-compliant financial institutions to operate in the sultanate. This chapter contains an interview with Hamood Al Zadjali, Executive President, Central Bank of Oman.

Energy

Oil and gas still take centre stage in Oman, accounting for more than half of GDP and 85% of government revenues. After a slump in 2000-07 as fields depleted, oil production is once again increasing, boosted by discoveries of new reserves and improved extraction techniques that glean more from old fields. Meanwhile, the government is looking to improve in-country value and the Omanisation of its workforce. This chapter contains interviews with Nabil Al Ghassani, CEO, Takamul Investment Company; and Mulham Al Jarf, Deputy CEO, Oman Oil Company.

Real Estate

The market saw a rapid slowdown after 2008, as investors backed away from the Gulf and economic growth tapered. However, from 2012, development has picked up to meet resurgent demand, and major projects are being rolled out in all sectors. Economic expansion, a growing population and increasing interest from foreign investors are driving a strong recovery in Oman's real estate market. Expansion of retail real estate is rising in line with increasing purchasing power of the population, aided by a hike in the minimum wage that took effect in July 2013. This chapter contains an interview with Ziyad M Al Zubair, Director, The Zubair Corporation.

Industry & Mining

As oil reserves continue to draw down, the government is focusing on downstream processing and developing a complementary port infrastructure and transport net- work. By 2020, the government aims for industry to contribute 30% of GDP and to reduce oil's share of GDP from 50% to 19%. The discovery of mineral resources presents further opportunity in mining growth. This chapter contains interviews with Gert Hoefman, CEO, Oman Cables; and Said Al Masoudi, Acting CEO, Sohar Aluminium.

For more information visit http://www.researchandmarkets.com/research/czfb2m/the_report_oman

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Contacts

Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Sector: Country Reports