Business

Fast Economic Facts

GDP (2008):	US$ 52.3 billion
Real GDP Growth Rate :	4.1%
Economic sectors' share in GDP	- Services : 61%
	- Industry: 36%
	- Agriculture : 2%
	- Others : 1%
GDP per-capita:	US$ 18,718
Gross revenue:	US$ 18.3 billion
Gross expenditure:	US$ 15.9 billion
Inflation	3.3 per cent

Fast Trade Facts

Total trade exchange (2008):	US$ 68.4 billion
Total exports:	US$ 37.7 billion
Major Exports:	Oil and Gas, re exports, animals and animal products, chemical industry, minerals and its products, electric systems and equipments, Food Industry and Rubber and plastic products, textiles
Principal export destinations:	China, Republic of Korea, UAE, Japan
Total Imports:	US $ 20.7 billion
Major Imports:	Automobiles and machinery, minerals and its products, food, livestock, and manfactured goods.
Oman's principal import sources:	UAE, Japan, US
Major Oman imports from Australia (2008-09):	Passenger motor vehicles – A$233 million
	Milk and cream - A$52 million
	Live animals – A$48 million
	Meat – A$12 million
	Wheat -A$8 million
Major Oman exports to Australia (2008-09):	Refined Petroleum – A$63 million
	Plastics, Tubes & Pipes, Lime, cement and construction materials - A$1 million

The Sultanate of Oman is forging confidently ahead towards comprehensive and sustainable development achieving remarkable growth in all areas of its economy in recent years. Oman has been encouraging market-oriented policies and private sector development as the mechanism for prosperity and growth. Oman furthermore encourages foreign capital that enhances the development of the country. There are an ever growing number of reasons and incentives to do business in Oman as such it is no wonder that it is fast becoming a most promising and attractive business market.

Why do Business in Oman?

Current investors and businesses in Oman are enjoying a free market and a very open and healthy economy, there are a number of reasons and incentives why Oman is among the world’s most promising business destinations, including: alt

Political stability
Currency stability
Excellent Strategic location
Many nationals can obtain visas upon arrival
Grand Arab Free Trade Zone
Unified GCC Custom Tariff
WTO membership
Freedom to transfer capital and profit
Customs exemption for machines, equipments and raw materials of industry
Income tax exemption up to ten years for companies.
No tax for personal income
Foreign ownership percentage of between 42% and 65% for companies worth more than four hundred and fifty thousand Australian dollars.
Foreign ownership percentage of 100 for companies worth one point five million dollars and above.
Guarantee for Omani origin exports against commercial and political risks.

For further reasons of why to invest in Oman please visit the ‘investment incentives’ section in the Oman Chamber of Commerce & Industry website http://www.chamberoman.com/doing_occi_opportunities10.asp

Current Business Opportunities

The Omani Centre for Investment Promotion and Export Development (OCIPED) has created a list of the general sectors where there are current investment opportunities. Such areas include Infrastructure, Petroleum, Tourism and Information Technology sectors to name a few. For the current list of investment opportunities click here.

Frequently Asked Questions

OCIPED has created a list of Frequently Asked Questions mostly about investment. These questions and answers are associated primarily with the incentives and benefits of foreign investment in Oman. To see the list please click here.

Useful Publications

The Oman Chamber of Commerce has published a series of guides for local and foreign investors outlining the laws and taxes related to carrying out business activities in Oman. They have also published guides which include comprehensive directories. To purchase these guide please click here (pdf).

In 2005 Ernst and Young published an executive guide to doing business in Oman in the hope of providing a general overview of the investment climate, taxation, forms of business organisation, and business and accounting practices in Oman. To view the doing business in Oman publication please click here (pdf).

Ernst and Young has also published a very useful brief highlighting the economic, commercial and tax developments in Oman during 2007. This recent publication on the range of developments that took place during 2007 provides the reader with an excellent overview of Oman’s economic and commercial growth. To view this summary click here (pdf)

Bayliss Associates under the auspices of the Council of Australian–Arab Relations and the Australian Arab Chamber of Commerce have published a business guide on Oman. The report gives a brief overview on Oman and details important information on the market environment, practical advice on entering the market and highlights the major industry sectors in Oman. To view this Business Guide on Oman click here (doc).

Useful Contacts

The Omani Centre for Investment Promotion and Export Development, (OCIPED) is a government institution established in 1996, that aims to promote foreign investment in Oman and develop Oman’s export capabilities.

P.O.Box 25 Wadi Kabir- P.C.117
Sultanate of Oman
Tel: 968- 24812344
Fax: 24810890
Website: OCIPED.com

The Oman Chamber of Commerce and Industry began operation in 1973. It was established to assist and encourage the private sector to set up and execute industrial, agricultural and commercial development projects. The chamber undertakes wide ranging activities both within Oman and internationally.

P.O. Box 1400
Postal Code 112, Ruwi
Sultanate of Oman
Tel: (00968) 24707674/84/94
Fax: (00968) 24708497 / 24704041
E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

The Australian Trade Commission (Austrade) is the Australian Government’s trade and investment development organization, which operates under the Australian Department of Foreign Affairs and Trade portfolio. Austrade is well established throughout the Gulf and has a part time office based in Muscat. Please find below Austrade contact details based within the Australian Consulate General in Dubai.

Austrade

Tel: 13 28 78 (Australia only)
E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

Australian Consulate-General
Level 25, Bur Juman Business Tower
Khalifa Bin Zayed Road
Dubai
Tel: (97 14) 508 7100
Fax: (97 14) 355 1547
Website: www.austrade.gov.au

The Ministry of National Economy is the authorized body to propose the development strategy and future trends for the national economy. It prepares the countries development plans and investment programs and is responsible to conduct studies on the regional and international trends and their impact on the national economical policy.

P.O. Box 881 Muscat, Postal Code 100
Sultanate of Oman
Tel. 968- 24698900
Fax 968 - 24698467
E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Website: www.moneoman.gov.om

The Australia Arab Chamber of Commerce and Industry Inc. (AACCI) was founded in 1975 and operates with the full support of the Department of Foreign Affairs & Trade and Austrade. The Chamber is recognised as the peak business Association for Companies dealing with Arab League Countries.

AACCI has an office in each Australian state and their contact details can be found on their website:

Head office contact details are as follows:
AACCI - National Office
C/- Australian Chamber of Commerce & Industry
24 Brisbane Avenue Barton
ACT 2600 Australia
Tel: 61 2 6270 8037
Fax: 61 2 6273 3196
Website: www.austarab.com.au

Enquiries

The Consulate General acts as an information gateway and liason for trade and investment between Oman and Australia. For more information about how we can help you to invest or trade in either Oman or Australia, please:

Make a This e-mail address is being protected from spambots. You need JavaScript enabled to view it or
Make an This e-mail address is being protected from spambots. You need JavaScript enabled to view it .