OUR REGIONS

Middle East - OMAN

Capital:

Muscat

Country Profile:

The oldest independent state in the Arab world, Oman, an absolute monarchy, is one of the more traditional countries in the Gulf region and was, until the 1970s, one of the most isolated.

Occupying the south-east corner of the Arabian peninsula, it has a strategically important position at the mouth of the Gulf. After deposing his father in 1970, Sultan Qaboos Bin Said opened up the country, embarked on economic reforms and boosted spending on health, education and welfare. As with other Gulf nations, oil is the mainstay of the economy, providing a large chunk of GDP, but compared to its neighbours Oman is a modest producer. Due to the dwindling oil supplies Oman is actively pursuing a development plan with focus on diversification, industrialisation and privatisation.

Main Trade Partners:

EU, China, S.Korea, Japan, Singapore, Thailand, USA, Saudi Arabia, UAE

Main Industries:

Oil & Gas, Agriculture, Fishing, Tourism

Population:

3,311,640 incl. 577,293 non-nationals (July 2008 CIA World Factbook est.)

Area:

212,460 sq. km.

GDP:

61.6 bn. (2007 IMF est.)

GDP Real Growth Rate:

6.4% (2007 CIA World Factbook est.)

GDP per Head:

$23,967 (2007 IMF est.)

GDP per Sector:

Services 59.5%, Industry 38.3%, Agriculture 2.2% (2007 CIA World Factbook est.)

Stock Market Capitalisation:

16.16 bn. (2006 CIA World Factbook)

Exchange Rate:

1 Omani Rial = 2.59 US$ (Fixed)
I US$ = 0.385 Omani Rials
 

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