Oman Vacation Trips
Oman Economy - Industry
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The industrial sector is a cornerstone of the Sultanate’s long-term development strategy. Industry is not only one of the main sectors involved in diversifying the sources of national income and reducing dependence on oil; it is also capable of helping to meet Oman’s social development needs and generate greater added value for national resources by processing them into manufactured products.
The Seventh Five-Year Development Plan creates the conditions for an attractive investment climate. Under its strategy for the industrial sector the government also aims to develop the information technology and telecommunications industries. The Knowledge Oasis Muscat complex has been set up and expanded, and Omani companies are developing their technological potential through collaboration with various Japanese and German institutions.
There is also an industrial estate in Sohar - where the Sultanate’s heavy industries are based - as well as other estates in Sur, Salalah, Nizwa and Buraimi. Natural gas is transported to the industrial estates in Sohar and Salalah, helping to promote expansion of those industries that depend on natural gas; the government grants these industries tax exemptions, as an incentive to encourage their expansion and development. By 2020 the industrial sector is expected to contribute 15% to the country’s GDP.
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