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On the edge of the southeast coast of the Arabian Peninsula, Oman, under the enlightened leadership of H.M. Sultan Qaboos Bin Said, has been encouraging market-oriented policies and private sector development as the mechanism for prosperity and growth. Consequently, Oman has emerged as a modern State with world-class infrastructure in transport and communication, and the government and people continue to forge confidently ahead along the path of comprehensive development in political, economic and social sectors.
Oman’s economy has grown rapidly since the discovery of oil in 1960s and more in recent years its starting to see the benefits of a diversification strategy to make the economy less reliant on oil revenues.There has been a lot of investment in industrial mega-projects with the aim of encouraging further downstream investment and creating jobs. This is a part of the governments vision 2020 economic blueprint, launched in 1996, which has adhered to Oman’s well measured approach to economic policy.
The business environment in Oman has remained stable despite the recent global recession with no changes in the legal or regulatory regime. Oman has been in the forefront among Middle East countries in encouraging transparency in presentation and disclosure in financial statements. Oman encourages foreign expertise, technology and investment to assist in the further development and diversification of the economy.
Oman is also known for its natural beauty and its commitment to preserve the environment and is therefore a popular tourist attraction. Wadis, deserts, beaches, and mountains are areas which make Oman unique to its neighbouring GCC nations. Jebel Shams is Oman's tallest mountain, highest point, and is a popular destination for camping. Other popular tourist activities include sand skiing in the desert, mountain-climbing, camel racing, and camping.
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| Factsheet |
| Area |
309,500 Km2.
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| Population (2005) |
2,509,000 inluding 666,000 expatriates.
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| Language |
Arabic (official), English (widely spoken), German & French (most hotel staff).
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| Capital |
City of Muscat.
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| Natural Resources |
Petroleum, Natural Gas, Copper, Fishery, Agriculture.
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| Local Time |
GMT +4.
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| Currency |
Omani Rial, which equates to US$ 2.58
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| Business Hours |
Government: 07:30 - 14:30.
Private Sector: 08:00 - 13:00 then 14:00 - 19:00.
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| Working Days |
Banks: Sunday to Thursday
Public & Private: Saturday to Wednesday
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| Industrial Ports |
Sohar Industrial Port
Port Sultan Qaboos
Salalah Port
Port Al Fahal
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| Free Zones |
Salalah Free Zone
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