Doing Business in Oman
Business and Economic Overview
Since the discovery of oil in 1967 Oman heavily relies on oil production, crude oil, refined petroleum, and natural gas account for most exports. The petroleum sector accounts for around 87 percent of budget revenues, 51 percent of GDP and 60 percent of total exports.
However, as oil reserves have been shrinking in recent years the government has embarked on a process of economic diversification focused on the development of tourism and gas-based industries. To promote international trade in Oman the Knowledge Oasis Muscat is supposed to offer incentives to foreign investment. Oman has 4 free zones at Al Mazunah, Duqm SEZ, Sohar and Salalah.
Oman’s major trading partners are China, Japan, Saudi Arabia, India, and the United Arab Emirates. In 2000 Oman became a member of the World Trade Organization.
In January 2018 Oman introduced a visa ban for ex-pats for a six-month period for certain industries. The ban is for people working in the construction and cleaning industries and has been extended twice. The visa ban has resulted in 64,386 Omanis being hired in private sector companies and establishments and 4,125 more in government agencies.
Need advice?
If you’d like further information, or to discuss working with us, you can get in touch via our Contact Us page or making an enquiry below.
Drop us a message
To learn more about our legal services kindly reach out by completing the form on the right.
Alternatively, you can contact our office at +44 (0) 20 3875 7422 or leave us a message.
Our team of experts are looking forward to assisting you with your legal needs.
Need advice?
Contact us to discuss your requirements and how we can help
