Oman Economic Review – August 2018

4 August 2018

EVENT

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Progress 2018-19 hits the stands

UPBEAT PROSPECTS

Your cover story on tourism gives an

eagle’s eye view of one of Oman’s most

promising economic sectors. As you have

rightly observed, tourism being a key

enabler of job creation and diversification,

Oman government has been developing

the sector by building infrastructure,

encouraging private investments, and

conducting extensive international

promotion campaigns. The sector has got

a shot in the arm with the opening of a

state-of-the-art airport in Muscat in 2018.

The government is expanding capacity at

the airports and developing infrastructure

to complement the push for boosting visitor

traffic, thus providing a major incentive for

increasing hotel capacity.

With the opening of the international

convention centre in 2017, the government

is looking to make Oman a major

regional centre for meeting, incentives,

conference and exhibition (MICE) events.

The National Programme for Enhancing

Economic Diversification’s (Tanfeedh)

Implementation Support and Follow-Up

Unit (ISFU) has outlined a strategy to have

iconic tourism projects as well as luxurious

properties in the Sultanate.

Ansar Shahul Hameed

MBD, Ruwi

MAIL

U

nited Media Services (UMS) has

published the 24th edition of its

annual bilingual publication,

Progress 2018-2019 saluting His Majesty

Sultan Qaboos Bin Said on the occasion

of the 48th anniversary of Oman’s

Blessed Renaissance.

Progress 2018 focuses on the

improving economic sentiments in the

Sultanate buoyed by rising oil prices,

growth of non-oil revenues and the

continued government investment on

infrastructure projects. The annual

publication also highlights the various

development initiatives that are

providing strong tailwinds to Oman’s

economy such as the opening of the

new Muscat International Airport

providing an impetus to the Sultanate’s

tourism prospects. This year’s Progress

also discusses the goals of Oman’s

Vision 2040 strategy, the ongoing

efforts on diversification, privatisation

of state-owned entities to broad-base

the economy, the renewed impetus

on public-private partnerships, SME

development, job creation for Omanis

and plans for enhancing the tax base

using VAT and a cut in subsidies.

Progress also presents a first-hand

account of Oman’s development from

ministers and dignitaries and takes

an in-depth look at the various sectors

that have contributed to the Sultanate’s

development and modernisation, such

as oil and gas, banking, NBFCs and

insurance, capital markets, education,

healthcare, agriculture, retailing,

aviation, telecom, information and

communication technology, real estate,

manufacturing, power, infrastructure,

tourism etc. Each of these sectors

is covered in dedicated chapters

highlighting the strides taken by the

Sultanate in these areas.

Other articles focus on the latest devel-

opments, key financial indicators and

the future roadmap. The articles delve

into how the Sultanate, guided by the

vision and determination of His Majesty,

has achieved remarkable progress and

development in various fields and estab-

lished a strong economy by harnessing

its natural resources and encouraging

private enterprise. Its march towards

modernity has been balanced with a

preservation of its centuries old rich

heritage and culture. The country has

assumed a position of eminence both at

the regional and international levels.

Progress, the first annual country

book in the Sultanate to go online, is

available in a digital version on http://www.

progressoman.com and readers can

access individual sector reports on

http://www.oeronline.com/special-reports/

progress-oman. The digital version

will serve as a one-stop reference point

for people seeking information on

Oman’s remarkable journey over the

last 48 years. Excerpts of the reports in

Progress and exclusive video content

have been posted, liked and shared

across Progress Oman’s social media

platforms along with OER and AIWA’s

social media handles. Newsletters via

e-mail and WhatsApp were also sent out

to UMS’ highly curated databases. As a

result, combined reach on social media

and digital platforms crossed 200K

impressions as of August 1, 2018.