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Oman – Important Facts

Oman is a country in Southwest Asia on the coast of the Arabian Sea, Gulf of Oman, and the Persian Gulf. Neighboring countries include Saudi Arabia, United Arab Emirates, and Yemen. Oman has a strategic location on the Arabian Peninsula adjacent to the Strait of Hormuz, a vital transit point for crude oil. The geography of Oman is mountainous and arid. The government system is a monarchy; the chief of state and head of government is the sultan and prime Minister. Oman is a member of the League of Arab States (Arab League) and the Gulf Cooperation Council (GCC).

Oman’s small, open economy is driven mainly by energy. Tax rates are competitively low, and foreign investment is generally welcome. Recognizing the need for a more broad-based and vibrant private sector, Oman has undertaken regulatory reforms and modernization of its economy.

Oman is heavily dependent on its dwindling oil resources, which generate 84% of government revenue. In 2015, low global oil prices drove Oman’s budget deficit to $6.5 billion, or nearly 11% of GDP. Oman has limited foreign assets and is issuing debt to cover its deficit. Oman is using enhanced oil recovery techniques to boost production and has actively pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector’s contribution to GDP from 46% at present to 9% by 2020. Tourism and gas-based industries are key components of the government’s diversification strategy.

Important Details

  • Country ISO3 : OMN
  • Country Code : 512
  • Income Group : High income
  • Lending Category : P2P
  • Region : Middle East & North Africa
  • Currency Unit: Rial Omani
  • WTO Member : Yes
  • Trade organisations : WTO
  • world rank : 52
  • Regional Ranking : 6th in the Middle East/North Africa Region