For over two decades Oman’s industrial sector has been a key plank in the government’s economic diversification strategy. During that time efforts have been focused on improving the physical and regulatory infrastructure necessary to attract investment and secure growth, and the results at flagship estates such as Rusayl and Sohar have been impressive. With a new five-year economic plan currently under development and preliminary work under way on Vision 2040 – the overall development strategy…
Industry & Retail
From The Report: Oman 2016
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For over two decades Oman’s industrial sector has been a key plank in the government’s economic diversification strategy, and the country’s non-petroleum sectors continued to see robust growth in 2014. Electricity and water supply grew by 8.6% to reach $973.5m, mining and quarrying expanded by 8.5% to $322.3m, and building and construction was up 8.3% to $5.4bn. Recent efforts to boost the manufacturing sector have included the creation of an in-country value scheme, specifically addressed towards the oil and gas industry, which aims to develop local content in servicing the energy sector. Meanwhile, Oman’s international reputation for stable growth is increasingly serving to draw in local, regional and international developers and brands. In 2014 the retail and wholesale segments of the service sector made up 6.6% of the country’s GDP. This chapter contains an interview with Gert Hoefman, CEO, Oman Cables Industry.