Friday 20th October 2017

COUNTRY PROFILE

The Sultanate of Oman, one of the most progressive countries in the Middle East, has achieved remarkable growth in all sectors of economy during the past years and is well on its course for excellent growth. Though oil remains single most important source of revenue, the expansion of non-oil sector is expected to make the growth and development process of Oman more sustainable in the long run.

Oman is committed to a policy of open market economy based on freecompetition in which the Private Sector is encouraged and facilitated to play a leading role. World class infrastructure facilities, incentives packages, attractive corporate tax and tax holidays, simplification of ‘doing business procedures’ and transparent corporate governance has made Oman an attractive destination for doing business.

Oman is a member of several economic blocs including the Arab Gulf Co-operation Council (AGCC), the Greater Arab Free Trade Zone, the Indian Ocean Rim Association for Regional Cooperation (IORARC) and the World Trade Organization (WTO). The country also has a Free Trade Agreement with the United States of America.

Capital (and largest city): Muscat

Official languages:Arabic

Government:Monarchy

Ruler : Sultan Qaboos bin Said 

Surface Area (sq km):  309,500 

Population as of July 2017:  4,744,986 

Pop. density (per sq km) :  15.0 

Time: 4 hours ahead of Greenwich Mean Time (GMT+4).

Currency: Rial (OMR)

GDP : 66.29 billion USD

GDP per capita: 17071 USD

Calling code: 968

Official Holidays: The days vary according to the Hijri calendar: Prophet's Birthday- Al Isra Wal Mi’raj - Eid Al Fitr - Eid Al Adha - the new Hijri year, Renaissance Day (23rd July) and Oman’s National day (18th of November).

Official Working Hours: Sunday to Thursday - 7:30 am to 2:30 pm; except for Ramadhan during which work starts from 9 am to 2 pm. Private Sector's official working hours from Sunday to Thursday is according to each company’s internal policies except for the Banking sector, some companies and Capital Market.

*the information provided on Oman is source from public domain.

 

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