| Though
once deemed a sleepy country, in just 38 years the
Sultanate of Oman has quietly transformed itself into an
economic powerhouse. In 1970, Oman’s new ruler, His
Majesty Sultan Qaboos bin Said, led his country into the
21st Century through the creation and development of
human and natural resources, well-designed
infrastructure and the establishment of an
institution-based State.
Today, the Sultanate of
Oman has stepped out of the shadows of its U.A.E.
neighbours, with an enviable economy and buoyant stock
market, deemed one of the best performing markets in the
Gulf - up 19 per cent this year.
Oman’s renaissance has
largely been fuelled by its lucrative economic charter –
seven Five Year Plans under the Vision 2020
edict. Radically transforming the country’s social and
economic goals, the average annual growth in GDP is
around 4 per cent, with the non-oil sectors growing at
an average of around 9.2%. And while Oman’s market is a
modest $27 billion Oman’s regional equity markets alone
features 134 listed companies.
So significant is the
Omani economy, the Sultanate is luring international
investors into its multi-billion dollar core tourism and
real estate markets under the Vision 2020
charter. At present tourism accounts for almost 3 per
cent of the country’s annual GDP.
“Oman has truly stepped
out of the shadows of its U.A.E neighbours, with growth
in Oman’s tourism sector recording a 9 per cent increase
against the expected 7 per cent increase in 2007,” says
Mona Tannous, Australian Director, Oman Ministry of
Tourism. A 9 per cent increase in revenues is forecast
for 2008.
With over US $30 billion
already invested in tourism infrastructure Oman is
equally enjoying the benefits of 100 per cent occupancy
at some of its 9,000 hotel rooms, with plans in place to
create a further 9,000 rooms by 2015 – primarily
three-five star luxury and boutique properties that will
further fuel significant profits for investors.
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