Oman

omanCapital City: Muscat
Population (Millions): 3

ECONOMIC OVERVIEW

GDP Per Capita: US$ 25800
GDP per Sector:
Agriculture – 1 %
Industry – 48.2 %
Services – 50.3%
Currency: OMR
Ex.Rates: 0.38
Big Cities (>100,000): Muscat
Urban Population: 73%
Languages: Arabic, English

Background:Oman is a country in the Middle East, bordering the Arabian Sea, Gulf of Oman, and Persian Gulf, between Yemen and UAE and measures 309,500 sq km in size. Oman’s population as of 2010 stands at 2.981 Million.

Oman has traditionally relied on Gulf & Indian Ocean sea trade, supplemented by fishing and basic agriculture. In the 18th century the sultanate of Oman signed the first of series of agreements with the United Kingdom. Although it became closer and more dependant on the UK, it was never a colony in the British Empire.

In 1970 Qaboos bin Said Al-Said overthrew his father’s regime and established a more open and progressive society that has been generally well received. Still, there have been protests as part of the wave Arab uprisings, but calling for faster progress in reforms and asking for higher pay and lower prices, while continuing to voice support for the Sultan.

Unlike its neighbours, Oman doesn’t have immense oil resources, however it has found oil reserves totaling 5 billion barrels in the mid 1990s. Due to its complex geology, exploration is difficult and expensive. In recent time, improvements in technology have attributed to enhanced recovery of oil reserves. However the reserves are dwindling, the government of Oman has in place five-year plans to diversify, modernize and ‘Omanize’ the economy such that oil will only contribute 9% of GDP by 2020.