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Business Profile
Economy: Oman was acutely underdeveloped until the discovery in the early 1970s of oil and natural gas, which now account for over 40 per cent of GDP and 80 per cent of the country’s export earnings. Agriculture, owing to Oman’s desert land, is confined to the coastal plain and a few irrigated areas in the interior. Dates, limes and alfalfa are the main products; some livestock is also bred. There are mineral deposits of copper, chromite, marble, gypsum and limestone, manganese ore and coal. The Government has used some of its oil revenues to develop indigenous industries such as construction, agriculture and tourism and to build up the country’s infrastructure: these projects are incorporated in the Vision 2020 economic development programme. In the late 1990s, Oman started to privatise major government-owned parts of the economy and introduce a legislative framework to encourage foreign investment. In the last two years, the economy has recorded steady growth of around four per cent and enjoys negligible 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 the UK, Japan, Korea (Rep) and the United Arab Emirates.
Business: Men should 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 useful and welcome. Appointments are essential and punctuality is gradually becoming more important in business circles. Visiting cards are widely used. Office hours: Sat-Wed 0800-1300 and 1600-1900, Thurs 0800-1300. Government office hours: Sat-Wed 0730-1430, and sometimes half-day Thursday. All offices are closed Friday. Office hours are shorter during Ramadan.
Commercial Information: The following organisations can offer advice: Ministry of Commerce and Industry, PO Box 550, Postal Code 113, Muscat (tel: 771 4230; fax: 771 2030; e-mail: public@mocioman.gov.om; website: www.mocioman.gov.om); or
Oman Chamber of Commerce and Industry, PO Box 1400, 112 Ruwi (tel: 707 684 or 707 674; fax: 708 497; e-mail: pubrel@omanchamber.org; website: www.omanchamber.org).
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