A Singapore Government Agency Website
Enterprise Singapore Logo
  • Industries
    • Industry Type
      • Agritech
      • Air Transport
      • Built Environment
      • Business Services
      • Digital / ICT
      • Electronics
      • Energy & Chemicals
      • Food Manufacturing
      • Food Services
      • Healthcare and Biomedical
      • Land Transport
      • Logistics
      • Marine & Offshore Engineering
      • Precision Engineering
      • Retail
      • Sea Transport
      • Urban Solutions
      • Wholesale Trade
    • Hub
      • Infrastructure Hub
      • Startup Hub
  • Overseas Markets
    • Africa
      • Ghana
      • Ivory Coast
      • Kenya
      • Morocco
      • Mozambique
      • Nigeria
      • South Africa
    • Asia Pacific
      • ASEAN
      • Australia
      • Cambodia
      • China
      • India
      • Indonesia
      • Japan
      • Malaysia
      • Myanmar
      • Philippines
      • South Korea
      • Thailand
      • Vietnam
    • Europe
      • France
      • Germany
      • Russia
      • Turkey
      • Netherlands
      • United Kingdom
    • Middle East
      • Egypt
      • Israel
      • Jordan
      • Oman
      • Qatar
      • Saudi Arabia
      • United Arab Emirates
    • North & Latin America
      • Brazil
      • Canada
      • Colombia
      • Mexico
      • United States of America
    • Go Global
  • Quality & Standards
    • Standards
      • For Companies
      • For Partners
      • E-Alert for Standards
    • Accreditation
      • For Companies
      • For Conformity Assessment Bodies
      • For Partners
      • Mutual Recognition Arrangements (MRAs)
    • Business Excellence
    • Consumer Protection
      • Consumer Product Safety Office
      • Weights and Measures Office
  • Financial Assistance
    • Grants
      • For Startups
      • For Local companies
      • For Partners
    • Loans & Insurance
      • Enterprise Financing Scheme (EFS)
      • Temporary Bridging Loan Programme
    • Tax Incentives
      • Double Tax Deduction for Internationalisation (DTDi)
      • Global Trader Programme
      • Fund Management Incentive (FMI)
      • Venture Capital Fund Incentive (VCFI)
    • Investments
      • Startup SG Equity
      • SEEDS Capital
      • EDBI
  • Non-Financial Assistance
    • For Singapore Companies
      • Supporting Your Startup Journey
      • Digital Programmes
      • Growth Partnership Programme
      • Sustainability
      • Business Toolkits
      • Talent Attraction and Development
      • Network of Partners
      • Export Guides
      • Free Trade Agreements
    • For Foreign Companies
      • Join Singapore's Startup Hub
      • Living in Singapore
      • Setting Up in Singapore
      • Free Trade Agreements
      • Double Tax Avoidance Agreements
      • International Investment Agreements
    • For Individuals
      • Skills Development for Students
      • Skills Development for Mid-Career Professionals
      • Be Inspired
  • About Us
    • Overview
    • Vision & Mission
    • Board of Directors
    • Subsidiaries
    • Strategic Plan
    • Year-in-Review 2021
    • Careers
    • Media Centre
Search
  • Share
Oman
  • Home
  • Overseas Markets
  • Middle East
  • Oman
  • Market Profile
Oman
  • Market Profile
  • Profiled City
  • Profiled Industries
  • Doing Business in Oman
    • Market Guide
    • In-Market Consultants
    • Key Government Agencies and Chambers
    • Singapore's Bilateral Agreements With Oman
  • Contact Us

Market Profile

Population (2021): 5.1 million
GDP (2020): US$74 billion (S$102.8 billion)
Bilateral Trade with Singapore (2021): S$1.02 billion


Why Oman

Stable and well-positioned
 

Oman is strategically located along major shipping lanes in the Indian Ocean and at the entrance of the Strait of Hormuz, with direct trade routes to the growing Gulf Cooperation Council (GCC) countries, Indian market and North Eastern African markets. As the oldest independent state in the Arab world, and the second largest country in the Gulf Cooperation Council (GCC) after Saudi Arabia, the country enjoys considerable political stability relative to other parts of the Middle East. Oman has emerged largely unscathed from the 2008 global financial crisis and the 2011 Arab Spring uprisings. Since 2011, Oman has enjoyed an average GDP of US$73.2 billion (S$99.6 billion) annually1.

1 Trading Economics
Diversification of economy
 

Oman’s economy is primarily driven by oil and gas, metals and mining, tourism, transport and logistics industries. Oil revenue accounts for 46% of the country’s GDP, but Oman is aiming to reduce this to 9% by 20202.

DiversificationOfEconomy

In line with its Vision 2020, Oman is keen to reduce its reliance on crude oil exports via investments in other industries and services. For example, it is actively seeking investments in industries such as alternative energy, chemicals, information and communications technology, infrastructure, marine, pharmaceuticals, and tourism. Oman has also undertaken several downstream petrochemical projects, so as to lengthen the value chain of its petrochemicals industry.

2 CIA World Factbook, 2017
Rich business opportunities
 

Three recently-developed industrial zones and ports provide a wealth of business opportunities for Singapore companies. These include the SOHAR Port and Freezone that has over US$26 billion (S$35.4 billion) in investments, with four main clusters: logistics, metals, petrochemicals, and most recently, Food Zone. The Food Zone boasts an agro bulk terminal with integrated facilities for manufacturing, packaging and food logistics – the first of its kind in the region2. With options for leasing pre-built warehouses and commercial offices, and benefits such as 100% foreign ownership, low import duties and personal income tax, SOHAR proves to be an attractive location and provides many opportunities for companies.

RichBusinessOpportunities

The Special Economic Zone in Duqm (SEZAD) is Oman’s current cornerstone development, which aims to transform Duqm into a petrochemical hub. Apart from oil and gas, the zone also plans to attract light manufacturing industries and develop tourism. Duqm is well known for its abundant fish resources, qualifying SEZAD to become a hub for fish processing industries and agricultural projects.

TOP

Newsletter Sign Up

Get the latest news on how to grow your business - delivered straight to your inbox. Because growing your business is our business.

SUBSCRIBE
  • About Us
  • Media Centre
  • Careers
  • Events
  • E-Services
  • Resources
  • Inspiring Stories
  • Blog

Connect with us

  •  
  •  
  •  
  •  
Contact | Feedback |
Whistle-blowing
  • Sitemap
  • Terms of Use
  • Privacy Statement
  • Report Vulnerability

© 2018 Enterprise Singapore

(Last updated on 28 June 2022 01:19:23)