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Oman Business Growing as Confidence is Established

Several sectors in the Oman economy have shown a marked improvement in sales and revenues in 2011 as compared with statistics for 2010.

  • The distributers of Samsung in the Sultanate, Al-Seeb Technical Establishment (SARCO,) experienced a 40% growth during the first two quarters of 2011. The majority of the growth is attributable to improved sales of information technology products such as notebook computers, laptops, printers; mobile devices such as tablets, smartphones; and audio/video.
  • Car sales for the Zubair Automotive Group increased dramatically in the first half of 2011, compared to years 2009 and 2010.  Due to the sales improvement and expectations for the trend to continue, Zubair has decided to launch a new line of car models into the marketplace.
  • The Al Jazeera Steel Products Company posted growth of 27% in production and a 30% increase in sales for the first half of 2011. Revenues boomed by 46%, and profits increased an astounding 86%. The strong improvement for Al Jazeera is mainly due to the improved demand from the GCC as well as the North American markets for tube mill products. Having a larger variety of products available has also helped fuel Al Jazeera’s superior growth.

Protests Led to Prosperity in Oman

Analysts attribute the excellent economic improvement in Oman to a national feeling of confidence stemming from government reforms undertaken in response to the protests and demands made by demonstrators in January and February of this year. Some of the actions taken by the government include the creation of 50,000 new jobs for Omani citizens; raising the minimum wage to RO200; offering unemployment benefits of RO150 per month; and an increase in social security benefits. These measures and others have together improved the ability of Omanis to spend more and help fuel the economy.

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