Oman Travel Guide

Oman — Business

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Statistics

• GDP: US$27.3 billion (2006).
• Main imports: Machinery, transport equipment, manufactured goods, food and livestock.
• Main exports: Petroleum, liquiefied natural gas, fish, metals and textiles.
•Main trade partners: China (PR), United Arab Emirates, Japan, Korea (Rep) and Thailand.

Economy

Natural gas accounts for nearly 80% of Oman’s revenue while agriculture, including dates, limes and alfalfa and some livestock, accounts for most of the rest. There are mineral deposits of copper, chromite, marble, gypsum and limestone, manganese ore and coal. Revenues are used to develop the country’s infrastructure and to boost home industries such as tourism and construction, as outlined in the Vision 2020 economic development program.

For the past decade, major parts of the economy have been privatized and foreign investment is being actively encouraged. The economy has grown by an impressive 38% over the past two years but with inflation increasing to 4.8%. ’Omanization’ (the employment of indigenous as opposed to expatriate workers) is gaining momentum but unemployment among young Omanis remains high (15% according to the last official Omani census in 2003).

Oman is a member of various pan-Arab political and economic organizations - but not OPEC.

Business Etiquette

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. Business 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 open for a half-day on Thursday.

All offices are closed Friday. Office hours are shorter during Ramadan.