Oman Economic Forum in its two previous editions focused on the long term vision of the sultanate that have kept it immune from regional and international bumps. This event in 2008 and 2010 brought forth development policies on all fronts as well as diversification plans geared to lessen dependency on oil exports which ultimately attracted the interest and participation of high level personalities.
In 2011 Omani authorities proved successful in coping with local challenges on the one hand and benefiting from international developments on the other. Positive indicators included growing budgetary spending without sparking inflation as well as a steady rise in oil output. In addition policymakers, vehemently set on diversifying the economy, have set new tax laws, new privatization laws, enhanced non-oil sectors, and formed a market-friendly economic environment.
Unlike other oil producing countries, Oman petroleum activities share of total GDP doesn’t exceed 41% mark compared to 59% for non petroleum activities, which marks a well diversified economy.
Moreover, the banking sector has recently witnessed a u-turn in its policies sparking wide interest, as Oman’s Central Bank issued a ruling, in May 2011, allowing Islamic banking activities and services and thus initiating a new era of banking in the sultanate.
The 3rd Oman Economic Forum discussed above mentioned aspects, and as with every round attracted the highest level of speakers, who presented the participating audience with detailed insight on Oman economy and existing investment opportunities.