Event report

Looking Back | Country conference: Update on the economic and financial situation in the Sultanate of Oman

In April, the FBC held a conference dedicated to the economic and financial opportunities, as well as the business perspectives through the vision of a panel of companies and experts of the Omani market

We had the great pleasure to welcome as speaker, Mr Gilles Bordes, who displayed his vision and tips for new comers about the Sultanate, through his long experience as Head of the Economic Department at the French Embassy in Oman.

Ms Parwin Dina - GLOBAL TAX SERVICES, our event partner, Mr Mathieu Hulin - CMA CGM Oman, Mr Mehdi Mannai-Amri - FIVES MIDDLE EAST and Mr Olivier Petit - EGIS, as well as our moderator, Mr François-Xavier Bautmans - BIL, experts and professionals of companies trading in Oman, shared their experience and insights.

The dependance of the country toward to the oils (30% GDP) and how the situation will internationally evolve, its quite high balance of trade deficit, the expected increase of the public debt, the very high level of unemployment (17.5%), in particular among the youth (49%), were discussed.

Nevertheless, all of them underlined business opportunities still exist and are to be seized.

In 2016, the Omani government set up a wide program to boost 5 major sectors development in manufacturing, logistics, mining, tourism, and fishing.

However, most opportunities still lie in hydrocarbon and petrochemicals. 

Moreover, the expected growth rate of 6% - above the other GCCs's - has induced a catching-up effect. There is a big niche market for imported products, such as organic food.