As of February 2025, Oman’s economy is experiencing significant expansion, with notable developments in real estate, shipping, and international trade.
Real Estate Boom
The real estate sector has surged by 29.5% in 2024, with total transactions reaching 3.3 billion Omani rials ($8.57 billion). This growth is attributed to increased foreign investment and government-led reforms, including eased property ownership laws for foreigners and tax incentives for developers. Mortgage contracts dominated transactions, accounting for 2.2 billion rials.
Asyad Shipping’s IPO Announcement
State-owned Asyad Group plans to sell at least a 20% stake in its shipping subsidiary, Asyad Shipping Co, through an initial public offering on the Muscat stock exchange. This move aligns with Oman’s privatization efforts to attract foreign investors. Asyad Shipping specializes in transporting liquefied natural gas, crude oil, and other products, with clients including BP and Shell.
Strengthening African Trade Relations
The Oman Chamber of Commerce and Industry hosted the Omani-African Business Forum, bringing together business leaders from Oman and nine African countries. The forum aimed to enhance economic cooperation and explore new business opportunities in sectors such as food security, logistics, energy, finance, construction, education, and fisheries. Discussions emphasized leveraging the strategic positions of Oman and African nations to facilitate global trade.
Diversification into Metals Trading
Oman is diversifying its economy by establishing metal trading companies to meet the growing global demand for minerals essential to the energy transition. State-owned Minerals Development Oman is forming a trading team to organize exports of chromite and gypsum, aiming to secure better prices and integrate into the global supply chain for critical minerals.
These developments underscore Oman’s commitment to economic diversification and strengthening its position in the global market.
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