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Introduction :
Sultanate of
Oman, under the leadership of the beloved
Sultan of the country, has become a highly
developed modern country enjoying one of the
best living standards in the region. The
wise policy of the Government aiming to
create a national economy, gave an important
role to the private sector through promotion
of a competitive environment devoid of
monopolistic practices. Currently, the
economy has reached a stage of well
developed infrastructure and in pursuit of
further economic and social development a
capable and an efficient private sector has
been encouraged and supported by the
Government necessary initiatives, in order
achieve faster growth, especially, in so far
untapped fields. In spite of the vast area
of the Sultanate of Oman, it's population
don't exceed 2.4 million with Omani citizens
representing 75% . Muscat is the main
industrial and commercial centre and it is
the main seaport. Also, Salalah, the capital
of Dhofar Governorate and Sohar the capital
of Al Batinah region, are important regions
playing a strategical role in the economic
activities through the two main ports of
Salalah and Sohar.
According to the annual report of the
Central Bank of Oman for 2004 Gross Domestic
Product of Oman was RO 9.5 billion (US $
24.6 billion), and the oil resources are the
main source of income. Oman produced a total
of 285.4 million barrels of oil during 2004
compared to about 299 million barrels in
2003. The average Oman oil price increased
to US $ 34.42 per barrel in 2004 from an
average of US $ 27.84 in 2003 and this price
increase was an offset for the reduction in
Oman oil production. The country has oil
reserves of 4.8 billion barrels, gas
reserves of 24.24 billion cubic feet, copper
reserves of 15 million tons and an estimated
fish stocks of 4.77 million tons. Currently,
Oman is making efforts to diversify its
sources of income and to utilize and develop
all sectors of the economy. Accordingly, it
is working to develop gas and mineral
projects and to increase exports of
industrial commodities. |
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In
this context it dispatched the
first shipment of liquefied gas
to South Korea on 6/4/2000, from
the gas lique faction station at
Kalahat in the Sharqiya region
of Oman, and gas exports are
expected to promote the
Government revenues. At present,
priority is given for
restructuring the Omani economy
through implementation of a
number of large investment
projects including an aluminum
project, Sohar refinery, the
petro-chemical projects, iron
casting plant, together with the
plans for the utilization of the
large fishery resources of the
Omani waters. Also, Oman is
focusing on attraction of
foreign investments through
flexible policies and rendering
modern and efficient services
and facilities, in addition, to
improvement of infrastructure to
create free zones, especially,
for Salalah and Sohar ports. The
main industrial estates consist
of Rusail industrial region in
Muscat, Raysut industrial region
of Salalah, and the industrial
regions of Sohar and Al Sharqiya.
In addition to the substantial
natural resources and the vast
areas, Oman enjoys a strategical
geographical location coupled
with political, security, and
economic stability which
attracts the investors. It is
worth mentioning that all these
investment merits are available
for both Arab and foreign
investors. |
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