Oman’s depleting oil wealth is an indication for it to invest into different industries in the country to sustain the economy. Due to this, the Omani Government has shifted its focus in the sectors like tourism, construction, developing industrial parks and also in the manufacturing goods and export it to the GCC partner countries. Consequently, company formation in Oman is a potentially promising option for someone looking to set up their business in Asia in 2019.
Here are the businesses industries in Oman expected to grow the most in 2019.
1. Tourism & Travel
Oman is currently ranked 9th for tourism industry growth potential and is expected to grow at 7-9% annually. Every year around 3 million tourists visit Oman. Places to visit include Jebel Shams, Sultan Qaboos Grand Mosque, Bahla Fort, etc. With the increasing growth in the tourism industry, there are various business opportunities in Oman such as Restaurants, Private Taxi Services, Translators, etc. to cater to the needs and demands of the tourists.
In the Sultanate of Oman, they currently have more than 2000+ ongoing projects in the oil and gas sector, Urban Development and industrial based. It is estimated that the total projects are currently worth $190+bn. The Sultan of Oman has primarily focused on construction development and tourism to sustain the current economy from crippling down. The construction development is estimated to grow at 11% annually.
The manufacturing industry's growth is aligned with this Vision 2020 targets and the investments are flowing into this sector. The manufacturing industry is growing at an additional 2.6% each year and contributes more to the GDP of Oman.
4. Oil & Gas
Oil and Gas production has been the primary reason for the country's wealth and economy. It has enhanced different techniques to boost production and plays a major role until now. Oman has also developed a program which was successful to meet the increasing domestic demand to which it has attracted a lot of foreign investments.
The Omani government has invested more than $ 7+Bn in education as an initiative to educate and provide all the skills and qualifications required to work in a modern economy. The government is partnering itself with the private sector to help deliver a quality education which is fast moving and a very competitive economy.
6. Food Processing and Logistics
Oman has seen a rapid rise in population along with the increasing tourism and the rising levels of income of all levels. The consumption of food and beverages has been on the rise not just in Oman but across the GCC as well. In order to meet the demands the Sultanate's food processing, packaging and agricultural industries have been on the rise.
The country's geostrategic position on the map, manufacturing in Oman is desirable with exporting the products through seaport which have received a lot of investments and with the depletion of oil and natural gas, Oman has shifted its focus towards a sustainable economy by investing a lot into these industries and especially the tourism and construction.
If you're planning to invest in Oman, we at Commitbiz are here to help you establish your investments into the businesses in Oman. We help our clients through business support services like company registration, accounting and bookkeeping, tax advisory, and intellectual property protection. For more details, contact us – our dedicated specialist shall get in touch with you.