The Sultanate of Oman is the third-largest state in the Arabian Peninsula, and is a founding member of the Gulf Cooperation Council (GCC). It is a stable, and relatively prosperous, business-friendly country in what is sometimes a difficult, but strategically important, region. The capital, Muscat, is a commercial centre and major port in the north, with traditional and modern architecture overlooking the Gulf of Oman.
Whilst Oman’s key economic priority investment is still in the oil and gas sector, its main economic goals are set out in the long-term strategy, ’Oman 2020: Vision for Oman’s Economy’ (Vision 2020). To diversify the economy away from reliance on hydrocarbons, Oman is developing other sectors such as the petrochemical, metals and minerals, ports and logistics, fisheries and tourism sector.
The bilateral relationship between Oman and the UK is particularly close, with a long history. Many senior Omani business and political leaders were educated in the UK and consider the UK their second home, and business ties between the two countries are strong.
Oman is now one of the UK’s largest export markets in the GCC, receiving £1.9 billion of goods plus £880 million of services from the UK in 2018. Furthermore, given its strategic position as a major trading hub in the region, Oman is an important partner and base for UK companies in the Gulf.
About this guide
This guide aims to provide a route map of the way ahead, together with signposts to other sources of help.
The main objective of this Doing Business with Oman Guide is to provide you with basic knowledge about Oman; an overview of its economy, business culture, potential opportunities and to identify the main issues associated with initial research, market entry, risk management and cultural and language issues.
We do not pretend to provide all the answers in the guide, but novice exporters in particular will find it a useful starting point. Further assistance is available from the Department for International Trade (DIT) team in Oman. Full contact details are available in this guide.
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PDF download/e-flipbook (available to download below)
An introduction to the Institute of Export & International Trade
Established in 1935, the Institute of Export & International Trade is the professional membership body representing and supporting the interests of everyone involved in importing, exporting and international trade. Offering a unique range of individual and business membership benefits and a world renowned suite of qualifications and training, the Institute is the leading authority in best practice and competence for businesses trading globally.
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For more information visit: www.export.org.uk
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