The Report: Oman 2015

Book excerpt: As with most of its neighbours in the GCC region, oil and gas remains a significant contributor to Oman’s economy, accounting for around 50% of GDP. While the recent slump in oil prices is a concern, increased investment in enhanced oil recovery techniques in recent times has attempted to make up for this decline, with supply increasing as a result. Meanwhile, Oman’s industrial sector, particularly the petrochemicals segment, is poised for large expansion with ongoing investment in downstream infrastructure and new facilities in the pipeline for the Sohar and Salalah industrial regions expected to contribute significantly to output before 2020. Added to this is the rapid development of Oman’s ports, rail and airports, which is expected to drive its reputation as a regional logistics hub while developing the tourism sector, which is considered as key moving forward.