by Anshuman Kukreti

Muscat Eyeing Economic Growth on a Global Platform

5 years ago | Posted in: Business | 584 Views

Having a huge history of dependence on foreign labor, Oman is one of the prime Arab nations that comes to minds, every time one thinks about a rapid economic growth and globalization. Located in the Southeastern coast of the Arabian Peninsula, this country holds immense for the talented and loads for the aspiring to learn from its proliferating education sector.

The governorate of Muscat is one city to consider in the country. Accommodating a population of nearly 1.31 million, the Sultanate of Oman has been witnessing a growth of 1.3% in population every month (as on August 2015). This clearly validates the way in which the country and Muscat especially have been enticing professionals and tourists from around the world. Possible reasons are numerous, right from the thrust gaining economy to investments coming from global corporations. However, the section below deals with a few facts that will make things further clear.


Gearing Up to be the Logistics Hub in the Region

Having a number of developments in Muscat based corporations, the logistics sector in the Sultanate is all set to reach the notch of USD 12 billion by 2017. It’s true that the economy here is perceived to be based on the petrochemical industry majorly, but logistics has been nothing less than a helping hand to enable the ongoing process of diversification on every economic front.

It gets further indicative with an active participation coming from SOHAR (Sohar Port and Freezone) in the fifth annual ‘Middle East Leaders in Logistics Summit’. The event brings together the best corporations and industry leaders from the region’s supply chain community, which represents all key decision makers shaping the future of this sector in the Middle East.

This not only pushes for an overall boost in the Omani job market, but has created a number of career opportunities in Muscat as well. Reasons are quite straightforward, stable political climate, infrastructure development and a strategic geographical location have contributed majorly to the same.


Growth in the Petrochemical Sector

Although, it’s a fact quite renowned, the Oman Oil Refineries and Petroleum Industries Company (Orpic) is planning to increase its asset base to over USD 10 billion, during the next five years. In addition to this, the country is trying its best to get a toehold in the global petrochemical market through the Liwa Plastic Project (LPP), which is all set to launch by 2018. Expansion projects like this would surely help the SMEs by bringing a number of business opportunities for them to flourish.


Non-Oil Growth Reaching Out for the Maximum

Earlier this year, estimates suggested the non-oil growth in Oman to move forth at rate of 4.62% during 2015.  Astonishing fact is, this is happening in spite of the dipping oil prices in the country. However, an interesting fact to notice is the direct effect this would have on the capital city of Muscat, which is by far the most populous region in the Sultanate. Harboring personnel from every walk of professional life, implementation of the post crisis agenda regarding the regulatory reforms in the entire country, hence laying dues stress on quality and quantity of capital reaching different corporations is one of the prime causes the governorate sees happy economic times.


The discussion above for sure presented some pertinent points for you to gain a clear insight regarding the Sultanate and its capital. But, the final pick has to be yours. Rest, Muscat has a lot in store for the skilled!


source: Anshuman Kukreti

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