Gulf Oil and Gas accountACCOUNT

$78bn Investments in Oman

Source: www.gulfoilandgas.com 10/6/2012, Location: Middle East

The rate of growth of the Omani economy is projected to continue rising, fuelled by increased public spending and robust oil prices, according to a recent report published by the National Commercial Bank of Saudi Arabia. Non-oil sectors are expected to play an important role in driving future growth, aided by investments grossing $78 billion in infrastructure spending, the largest bank in Saudi Arabia stated in its report.

According to the study, the Omani economy slowed down by 1.1 per cent in 2009, although real GDP growth turned around in 2010 to post a 4 per cent rise, expanding a further 5.5 per cent in 2011. Growth is expected to reach 3.9 per cent this year, rising to 4.3 per cent in 2013. The next few years will be characterised by healthy growth for Oman, with about $78 billion in infrastructure spending included in the country’s five-year development plan. Spending in the construction sector is forecast to more than double in the next few years.

Oman is pushing to expand the private sector, and has set up a development fund for small and medium enterprises with RO 100 million in initial capital. Private pension funds, local business groups and other financial organisations have provided the capital required. The Sultanate is also increasing development in the hydrocarbons sector. A partnership between the Oman Oil Company and IPIC, out of Abu Dhabi, was finalised in June and plans to construct a Duqm refinery with production levels of 230,000 barrels per day are under way. This refinery project is budgeted at $6 billion and should take more than five years to build.

Oil GDP grew by about 3.8 per cent last year and is expected to experience 1 percent growth in 2012. The non-hydrocarbon sector expanded by 6.4 per cent in 2011, with almost 4.3 per cent growth forecast for 2012. Meanwhile, Gulf economies seem firmly on track for historically high surpluses, it stated in another report on the GCC oil industry. Citing studies conducted by the Institute of International Finance, it said that GCC countries are expected to reap record oil revenues of $572 billion this year, compared with last year"s $538 billion.



Investment News in Oman >>

Nigeria >>  2/22/2021 - San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, notes the announcement on the funding arrang...
United Arab Emirates >>  2/22/2021 - The Abu Dhabi National Oil Company (ADNOC) has announced, its Thamama Center of Excellence (Thamama) has generated $1.1 billion (AED 4.04 billion) in ...

United Kingdom >>  2/22/2021 - Integrated subsea technology and services provider Ashtead Technology has invested £1million to develop a new R&D and engineering facility in Aberdeen...
Nigeria >>  2/21/2021 - The Department of Petroleum Resources (DPR) has called on businessmen to invest in the oil and gas industry instead of indulging in illegal refineries...

Italy >>  2/19/2021 - Eni's Board of Directors, chaired by Lucia Calvosa, yesterday approved the unaudited consolidated results for the full year and the fourth quarter of ...
Russia >>  2/12/2021 - - Net income in 4Q 2020 reached a record of RUB 324 bln and amounted to RUB 147 bln in 2020. ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Oman Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.