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The sultanate’s economy continues to enjoy the benefits of petroleum wealth, which has provided budget surpluses in most years and served as a backbone for growth. However, planning is well under way for an era in which oil will not be the main economic driver, with the twin goals of diversification and creating an increased number of private sector jobs at the top of the government’s current agenda. Indeed, in recent years, the non-OPEC oil exporter’s economy has been undergoing a steady transformation, reorienting from oil toward a more diverse set of service and industry-based economic activities. So far, progress has been promising. In 2011 oil and gas accounted for 38.8% of GDP. With the continuation of higher-than-expected energy prices in 2012, the government has increased economic investments accordingly. These investments, which include infrastructure, social programmes and small-business development, are aimed toward better preparing the country for its post-fossil fuel future.
Oman’s economy contracted by 13.8% in nominal terms in 2015 as the ongoing low oil price environment squeezed growth and led to the largest budget deficit in over a decade. In a bid to tackle the shortfall the government is taking a number of revenue-raising measures such as cutting subsidies and increasing corporation tax, while remaining focused on its long-term diversification goals. Though hydrocarbons still account for 33.9% of GDP and 78.7% of state revenues, non-oil sectors are playing an increasingly prominent role in the country’s economic profile. Authorities are targeting heavy industries in particular with plans to boost their GDP contribution to from 19.8% today to 29% by 2020. Meanwhile annual growth of 6% is being targeted in the mining sector, with a host of regulatory initiatives being implemented as the government seeks to boost investor interest. Start reading
Oman’s GDP grew 4.6% between 2013 and 2014 according to the Oman Central Bank, with hydrocarbons the main driver of the economy at almost 50% of GDP. Although the dip in oil prices has put pressure on government revenues, authorities are pressing ahead with spending plans for the sector, particularly in the downstream segment. The country’s infrastructure expansion plans are also moving forward, particularly at the country’s three ports as the country seeks to leverage its strategic position on the Strait of Hormuz and establish itself as a global transport and logistics hub. Feeding off this development drive are the sultanate’s banks, with project finance regarded as one of the most promising areas for lending growth. In the longer term, Oman Vision 2020 seeks to boost private sector participation in the economy and fuel SME growth in key sectors, including construction, retail, tourism and transport.
Eleventh in a series of annual reports comparing business regulations in 189 economies, Doing Business 2014 measures regulations affecting 11 areas of everyday business activity around the world.
The Sultanate of Oman is one of the few "good news" stories to have emerged from the Middle East in recent memory. This book traces the narrative of a little-known and relatively stable Arab country whose history of independence, legacy of interaction with diverse cultures, and enlightened modern leadership have transformed it in less than fifty years from an isolated medieval-style potentate to a stable, dynamic, and largely optimistic country. At the heart of this fascinating story is Oman’s sultan, Qaboos bin Sa’id, friend to both East and West, whose unique leadership style has resulted in both domestic and foreign policy achievements during more than four decades in office. Exploring Oman from a historical perspective, Funsch examines how the country’s unique blend of tradition and modernization has enabled it to succeed while others in the region have failed. Accounts of the author’s own experiences with Oman’s transformation add rich layers of depth, texture, and personality to the narrative.
Hydrocarbons revenues still form the bulk of Abu Dhabi’s GDP and while falling prices are a concern, the emirate has been moving steadily towards its economic diversification targets in line with Abu Dhabi Economic Vision 2030. The past 10 years has seen the non-oil sector expand strongly on the back of business-friendly government policies, as a result of which non-oil sector growth now outpaces that of the oil sector. Outside of hydrocarbons, construction and manufacturing represent the biggest GDP contributors in the emirate, with the construction sector poised to enter a period of renewed expansion and manufacturing identified as a key area for future growth, leveraging the emirate’s natural resources, growing downstream capabilities and strategic location. Elsewhere Abu Dhabi’s financial sector continues to assert itself and the expected 2015 launch of Abu Dhabi Global Market, the UAE’s second financial free zone, is expected to boost activity in the sector. Meanwhile visitor numbers to Abu Dhabi continue to rise, with around 3.5m arrivals in 2014, up 25% on the previous year. This growth is expected to continue as major infrastructure upgrades continue apace. These include the expansion of Abu Dhabi International Airport and the development of the 1200-km wide Etihad rail project.
The FAO Regional Initiative on Water Scarcity (WSI), initiated in 2013, identified that lack of water resources is a potential disaster scenario for the Near East and North Africa (NENA) region. The WSI initiative developed out of 31st Session of the FAO Near East and North Africa (NENA) Regional Conference held in Rome in May 2012, outcomes from the Hyogo Framework Agreement 2005 – 2015, and highlighted through work undertaken by the Arab Water Council in reports in 2004, 2012 and 2015. Several projects were started, including use of non-conventional water resources in integrated agriculture - aquaculture (IAA) systems within the NENA region. Agriculture is the largest food production type in the region and the highest water use. Aquaculture production is also a major food sector and development of integrated systems, for increase productivity and to reduce overall water use in food production, is a useful approach. Water scarcity is particularly acute in arid regions of the NENA region, and is a finite resource, with IAA competing for water with other large sectors including domestic and industrial use. Non-conventional water resources are identified as a potential resource to develop IAA systems in a more unified way, reducing the burden of use on standard renewable water resources. The principle objective of the work was to build broad partnerships to support greater understanding in implementation and use of non-conventional water resource in IAA systems.
The Dhufar revolution in Oman (1965-1976) was the longest running major armed struggle in the history of the Arabian Peninsula, Britain's last classic colonial war in the region, and one of the highlights of the Cold War in the Middle East.Monsoon Revolution retrieves the political, social, and cultural history of that remarkable process. Relying upon a wide range of untapped Arab and British archival and oral sources, it revises the modern history of Oman by revealing the centrality of popular movements in shaping events and outcomes. The ties that bound transnational anti-colonial networks are explored, and Dhufar is revealed to be an ideal vantage point from which to demonstrate the centrality of South-South connections in modern Arab history.
Possessing limited oil and gas resources by regional standards, the emirate of Sharjah has worked hard to develop a more thoroughly diversified economic profile in order to drive growth. Efforts have evidently paid off, with its GDP increasing by more than 32% between 2010 and 2015, fuelled largely by its strong manufacturing and logistics industries. Another major growth area is financial services, which accounted for 10.3% of GDP in 2015 having grown by an average of 12.7% per year over the past half-decade. The UAE’s third-largest economy after Dubai and Abu Dhabi, Sharjah has also established itself as a leading centre of higher education in the region with its sprawling University City and the 1997 founding of two of the UAE’s most prestigious higher education institutions, the University of Sharjah and the American University of Sharjah. Another economic engine is tourism, as Sharjah is a key regional destination for family-oriented and cultural visits, attracting large numbers of arrivals from the Gulf, Europe and Asia.