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Last updated : Nov 2009
 
Oman Business
Oman Business Overview - TravelPuppy.com
Economy

Oman was extremely underdeveloped until the discovery of oil and natural gas in the early 1970's, this now accounts for over 40 % of Gross Domestic Products and 80 % of the country’s export earnings. Agriculture, owing to Oman’s desert land, is limited to the coastal plain and a few irrigated areas in the interior.

Dates, limes and alfalfa are the major products, some livestock is also bred. There are mineral deposits of chromite, copper, marble, gypsum and limestone, manganese ore and coal. The Government has used some of its oil revenues to develop indigenous industries such as agriculture, construction and tourism, and to build up the country’s infrastructure, these projects are incorporated in the Vision 2020 economic development programme.

In the late 1990's, Oman started to privatise major government owned parts of the economy and introduce a legislative framework to encourage foreign investment. The economy has been growing at around 4 % each year and enjoys low inflation and unemployment.

Oman is a member of various pan Arab political and economic organisations. However, it is not a member of the Organisation of Petroleum Exporting Countries (OPEC), although its pricing policy tends to follow that of OPEC fairly closely. Oman’s principal trading partners are Korea (Rep), Japan, Singapore, the United Arab Emirates and the United Kingdom.

Business

Men are advised to wear suits and ties for business and formal occasions. English is usually spoken in business circles, but a few words or phrases of Arabic will be helpful and welcome.

Appointments are essential and punctuality is progressively becoming more important in business circles. Visiting cards are widely used.

Office hours are Saturday to Wednesday, 8.00 am to 1.00 pm and 4.00 pm to 7.00 pm, Thursdays 8.00 am to 1.00 pm.

Government office hours
are Saturday to Wednesday 7.30 am to 2.30 pm, and sometimes half days on Thursdays. All offices are closed Friday and office hours are shorter during Ramadan.

Commercial Information

The following associations can offer advice:

Ministry of Commerce and Industry

Address: PO Box 550, Muscat, Postal Code 113
Telephone: 771 7085
Facsimile: 771 4436 / 4213
Email: public@mocioman.gov.om
Website address: www.mocioman.gov.om

Oman Chamber of Commerce and Industry
Address: PO Box 1400, Postal Code112, Ruwi
Telephone: 707 674 / 84 / 94
Facsimile: 708 497
Email: info@chamberoman.com
Website address: www.chamberoman.com
 
 
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