PwC has been operating in Oman for over 40 years. Our Muscat office provides, audit, tax and advisory services and also professional training through the PwC Academy.
The firm comprises four partners, including one Omani national, and over 140 professionals and support staff.
Oman's economic performance in 2011 and into 2012 shows good economic growth. The country has large surpluses in fiscal and balance of payments positions, and stable domestic monetary and financial conditions. GDP growth was estimated at 4.4 percent in 2011. Estimated inflation for 2011 was 3%, down from the highs of up to 10.4% in recent years.
Of course oil and gas continues to dominate economic performance, accounting for approximately 47% of GDP and constituting around 81% of net fiscal revenue for 2010.
However, there is a major focus on reducing Oman's reliance on oil and gas and more of a focus on diversifying the economy and also on development of national talent. These plans form part of the Government’s 5 year development plan as well as the “Vision 20-20” plan.
Under Vision 20-20, the country will continue to increase the measures of diversification into the service, industrial and financial sectors.
There is also large scale public and private investment in infrastructure development, including industrial, tourism and commercial property projects. This includes the new airport in Muscat which, due for completion in 2014, will have an annual capacity of 12 million passengers. This will support the growth plans for Oman's travel and tourism industry, which is expected to contribute 6% of the country's total investment by 2021. Oman has already approved the spending of around $8bn on tourism-related property developments across the country with the aim to attract around 12 million visitors a year by 2020.
Economic diversification is further supported by new tax laws, a Free Trade Agreement with the US, new privitisation laws and aims to create a more market friendly environment. With 70 percent corporate ownership available to foreign investors, Oman continues to attract a large amount of foreign investment.
In the latest World Bank report on the ‘Ease of doing business’, Oman had an overall ranking of 57 out of 183 countries globally. This indicates a regulatory environment which is more conducive to starting up operations in Oman. In particular it ranked 8th for ease of paying taxes and 21st for ease of registering property.
|Office Address||Mail Address|
|Hatat House A
Wadi Adai, Muscat
Sultanate of Oman
Telephone: +968 2 455 9110
|PO Box 3075
Post Code 112
Sultanate of Oman
Fax: +968 2 456 4408