Characterized by political and economic stability in a region with high turbulence, the Sultanate of Oman has not only been a symbol of development in the Gulf, during the past few years, but also as a country that has come up from the ruins of ancient history to be categorized as the ‘middle-income’ country by the CIA fact book.
Right from ‘Omanization’ in a multitude of industrial sectors, to economic development on multiple fronts, there has been lot that’s been under limelight in the country, of late. However, the fact that has gained an all ears reception from global industrialists is the country propelling efficiently in the non-oil industry. The discussion to follow will build on the same fact line and help you gain a clear insight regarding this situation.
Non-Oil Growth in Oman
The non-oil industry in the country comprises of segments like fisheries, agriculture, industrial and service activities has not only shown a growth of 8.7% during 2014, but has shown contribution growth of nearly 4.1% during the first quarter of 2015 itself. The GDP at product price that consists of all non-oil activities and services, along with the financial brokerage services prevailing in Oman during the first quarter touched the notch of OMR 6, 680, 600,000, which has seen a decline of nearly 15.7%, due to the drop in crude oil activities.
Agriculture and fisheries have also contributed immensely to the GDP growth in the country. Shedding a major chunk as big as 5.3% to see a Y-o-Y growth of nearly OMR 4.8 million has got to be something noticeable. Apart from these, the real estate sphere that includes commercial and residential projects have shown a Y-O-Y growth of OMR 14.8 million to push the growth further. These have not only been a major support for the economy to consolidate further, but has been major source of motivation for the regime to try their hands at service sector activities that were yet to be explored in the country.
The Mining Sector Goes Berserk Too!
While the country is blossoming with immense growth and employment opportunities for the skilled, there still are sectors that have been nothing less than a dark horse, taking all baits in the most inconspicuous way. The mining sector in the country is one such case to consider. With the businessmen and investors in the country have already been boggling their heads over the current investment condition of the mining sector, the regime is all set on the track, with plans and strategies to work on the geological infrastructure, long with providing an efficient regulatory structure for the sector to grow in the most favorable way.
Plus, it has also been quite specific about supervising all activities relating to mineral exploration in the country which can make immense development pertaining to the mineral wealth. This would be complemented by laying out clear regulations regarding coordinating with different authorities in the sector to make the operational framework far more transparent and smooth in functioning. With the plans to set up refining facilities in areas like Port of Duqm industrial zone, a multitude of Omani corporations have found a significant place to proliferate their business in the global market.
For instance, huge conglomerates like the Kunooz Group of companies have witnessed an immense boost from the same and are all prepared to showcase their products, projects and other services in the Oman Minerals and Mining Exhibition t be held in the country. This not only gives the global investors a reason to make huge capital investments in the field, but a chance for businesses to proliferate under the most favorable conditions as well.
Author Bio: Anshuman Kukreti is a professional writer and a keen follower of the global job market. An engineer by qualification and an artist at heart, he writes on various topics related to employment across the Gulf. Reach him @ LinkedIn, Twitter and Google+.