Diversification Is The Key

A strong manufacturing industry is fundamental to Oman’s continued prosperity and vital to boosting the Sultanate’s non-oil exports, says Nicholas P Barakat, CEO of OCTAL

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Can you share your thoughts on the macroeconomic situation and what in your opinion will be the big trends of 2018 in Oman and globally? 

2017 was a positive year on the domestic front, with Oman’s non-oil industries maintaining their growth and developing their ability to compete on a global scale. This was a direct result of the Sultanate’s intensifying economic diversification efforts, which paved the way for entrepreneurs in multiple industries to serve as engines of domestic job creation, announcing a number of key projects, and continuing major investments in infrastructure. The ongoing development of tourism as well as the inauguration of the Khazzan gas project are two examples that showcase how the aforementioned trends are having a positive knock-on effect on all sectors of the economy. With the upcoming completion of the Muscat International Airport’s new terminal and the continued implementation of its logistical strategy, Oman is well positioned to build on the achievements of 2017 and continue its move away from crude oil. Real GDP growth, exports and trade balance figures should all perform better than initially anticipated for the upcoming year.