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Oman Unveils

01 December 2000

Oman's long-planned market reforms, spearheaded by a spirited privatization program, are finally rousing more than just interest. Foreign investment and blossoming large-scale private sector growth are pumping fresh life into several key private energy and industrial projects, both domestically and regionally.

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Oman's long-planned market reforms, spearheaded by a spirited privatization program, are finally rousing more than just interest. Foreign investment and blossoming large-scale private sector growth are pumping fresh life into several key private energy and industrial projects, both domestically and regionally.

Guiding market reform is a largely pragmatic axiom underpinned by the Gulf-wide diversification argument. Oman, like many of its neighbors, has been historically dependent on oil revenues, which presently account for roughly 80% of the country's export earnings and 40% of GDP. Oil price volatility and acutely limited proven reserves are an anxiety for any heavily oil-reliant economy.

Hit hard by the oil price crash of two years ago, Oman's economy is now on a sturdy, oil-price driven rebound. The recovery has sent prices soaring from a low of $9 per barrel to $30-plus highs. But notwithstanding this possibly fleeting respite, the demand for greater investment, faster growth...


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