With coasts along the Arabian Sea and the Persian Gulf, Oman occupies a regional position of great importance. The Omani peninsula of Musandam sits on a strategic location on the Strait of Hormuz that serves as the gateway of oil flow from Gulf Cooperation Council states to the world.
Article 11 in the Basic Statute of the Sultanate of Oman decrees that the “[Omani] economy is based on justice and the principles of a free economy.” By regional standards of surrounding Middle Eastern states, Oman has a relatively diversified economy. Industries in Oman include crude oil production and refining, natural and liquefied natural gas production, and construction services. The country mainly exports petroleum, metals, textiles, and fish. Key imports to Oman are food products, livestock, heavy machinery and transport equipment, and lubricants at an annual total value of $34.37 billion. Import partners with Oman include the U.S., Japan, India, and the UAE.
Oman’s annual GDP growth averaged 3.4% over the past year. The country’s GDP is $80.54 billion, while the GDP per capita is $44,100. The GDP composition is 1.3 percent for agriculture, 55.2 percent for industry, and 43.5 percent for services.
Oman maintains legislations for the protection of trademarks, patents, designs, copyright, trade secrets, and illegal competition. Click here for more information about trademark and patent registration in Oman.