Oman Businesses and Privatization
In 2014, there are plans for increased privatization in Oman. According to Darwish al-Balushi, the country’s Minister for Financial Affairs, “the 2014 budget will see the announcement of the companies that will be privatized.” The two-fold privatization strategy has already received government approval. Balushi hopes that the strategy “opens the doors for the private sector to venture into new projects on the one hand and reduces the government stake in…companies that are wholly or partially owned by the government.” In general, the Oman business sector will be the beneficiary of all of this both in the short- and long-term.
According to Hamood Sangour al-Zadjali, Oman’s central bank chief, it was anticipated that the country’s banking sector was expected to advance in 2013 between 15 and 20 percent vis-à-vis assets, and between 10 and 20 percent vis-à-vis banking sector profits. There was also a 0.3 percent increase in the region’s crude oil and condensates production in August 2013, as compared with July 2013.