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Oman: Market Profile

Picture: Oman factsheet
Picture: Oman factsheet

1. Overview

Oman has a middle-income economy that remains significantly dependent on dwindling oil resources. Over the next decade, declining oil production and diversification will lead to growth in non-oil sectors as a share of the economy. As a result of declining reserves, Oman has actively pursued a development plan that focuses on diversification, industrialisation and privatisation, with the objective of reducing the oil sector's contribution to GDP down to 9% by 2020. Tourism and gas-based industries are key components of the government's diversification strategy. By using enhanced oil recovery techniques, Oman succeeded in increasing oil production in 2009, giving the country more time to diversify.

Source: Fitch Solutions

2. Major Economic/Political Events and Upcoming Elections

October 2015
New consultative Majlis al-Shura was elected. It included one woman.

June 2017
Qatar circumvented sea, land and air transport restrictions imposed by its Gulf neighbours by using ports in Oman to carry cargo.

September 2018
A subsidiary of Oman Oil Company signed a long-term partnership agreement with Thailand-based firm Gulf Energy Development to develop the Duqm independent power and water project in Oman in the Duqm Special Economic Zone (SEZ). The USD483 million project will supply power and water output to the Duqm refinery and is geared to start operations in three phases between July 2020 and May 2022.

Sources: BBC country profile – Timeline, Fitch Solutions

3. Major Economic Indicators

Graph: Oman real GDP and inflation
Graph: Oman real GDP and inflation
Graph: Oman GDP by sector (2017)
Graph: Oman GDP by sector (2017)
Graph: Oman unemployment rate
Note: IMF has no unemployment data on Oman
Graph: Oman unemployment rate
Note: IMF has no unemployment data on Oman
Graph: Oman current account balance
Graph: Oman current account balance

e = estimate, f = forecast
Sources: IMF, World Bank
Date last reviewed: November 28, 2018

4. External Trade

4.1 Merchandise Trade

Graph: Oman merchandise trade
Graph: Oman merchandise trade

e = estimate for both imports and exports
Source: WTO
Date last reviewed: November 28, 2018

Graph: Oman major export commodities (2017)
Graph: Oman major export commodities (2017)
Graph: Oman major emport markets (2017)
Graph: Oman major emport markets (2017)
Graph: Oman major import commodities (2017)
Graph: Oman major import commodities (2017)
Graph: Oman major import markets (2017)
Graph: Oman major import markets (2017)

Sources: Trade Map, Fitch Solutions
Date last reviewed: November 27, 2018

4.2 Trade in Services

Graph: Oman trade in services
Graph: Oman trade in services
Note: 2017 data not available

Note: 2017 data not available
Source: WTO
Date last reviewed: November 28, 2018

5. Trade Policies

  • The Sultanate of Oman is a member of the Gulf Co-operation Council (GCC), and the GCC is a member of the Financial Action Task Force. A common market was launched on January 1, 2008 among GCC countries with plans to realise a fully integrated single market. The creation of a GCC customs union began in 2003 and was completed and fully operational on January 1, 2015.

  • Oman is a member of the World Trade Organization (WTO) reflecting the country's receptiveness to international and support for free trade. Membership to the WTO alongside that of the GCC has been instrumental in shaping Oman's trade policy and placing a strong emphasis on standards, which has also promoted a low tariff regime.

  • Oman has free trade agreements (FTAs) with the United States and the GCC and is seeking to become a trade and logistics hub in the Gulf, which is encouraged by low import tariffs. Foreign, non-United States/GCC goods are imported according to Oman's tariff schedule, which imposes modest duties generally not exceeding 10%.

  • Companies must register with the Ministry of Commerce and Industry and obtain special authorisations for some goods such as alcohol, livestock and explosives.

  • Oman has strongly demonstrated a commitment to trade liberalisation via its membership to the WTO in addition to a number of bilateral and multilateral trade agreements that it is party to.

Sources: WTO – Trade Policy Review, Fitch Solutions

6. Trade Agreement

6.1 Multinational Trade Agreements

Active

  • The GCC: The GCC Customs Union, which entered into force on January 1, 2003, sought to enhance as well as strengthen the ties among member countries. As a part of this the customs union sought to harmonise their economic, financial and monetary policies, their commercial and industrial legislation and customs laws. The customs union also sought to lay the steps towards building a common market and an economic and monetary union among member states. All members benefit from having a common external customs tariff, common customs regulations and procedures and unified standards and specifications for all products. There is freedom of movement between GCC countries for the vast majority of goods without restrictions. This reduces overall time and cost burdens for supply chains. Two out of five of Oman's top export markets are members of the GCC (the United Arab Emirates and Saudi Arabia).

  • The Greater Arab Free Trade Area (GAFTA): GAFTA was established in order to create an Arab economic bloc that could effectively compete with other countries while ensuring that each country increased trade with each other. GAFTA has had a long history with formal existence commencing on January 1, 1998. The most important aspect of the agreement was that over 10 years (to 2008) each member country would seek to carry out a 10% reduction in customs fees per annum as well as the gradual elimination of trade barriers. In March 2001, the member countries decided to reduce the period over which the reductions in tariffs could be made to speed up the process. In January 2005 the elimination of most tariffs among GAFTA members was enforced.

  • GCC and European Free Trade Association (EFTA): This agreement was signed on June 22, 2009. The provisions contained in this agreement are applicable to both the trade in goods and services. In doing so the signatories to the FTA seek to liberalise their markets. The non-trade aspects seek to enhance the economic relations between the member countries. While EFTA member states (Norway, Switzerland, Iceland and Lichtenstein) are far removed from Oman and there is no considerable trade between the countries, it may promote further trade in future.

  • GCC-Singapore Free Trade Area (GSFTA): GSFTA negotiations were concluded on January 31, 2008 and the agreement entered into force on January 1, 2009. The GSFTA is a comprehensive FTA between Singapore and the GCC states that includes the trade in goods and services under the articles GAT and GATS. The agreement also includes provision to foster greater investment between the signatories. In the case of trade, the rules of origin and customs procedures for goods between the countries have been simplified. Furthermore, the agreement seeks to create a level playing field as far as government procurement is concerned. Singapore is one of Oman's major non-GCC import suppliers and, therefore, Oman has benefitted from tariff eliminations on 99% of Singaporean domestic exports to the GCC.

  • Oman-United States FTA: The Oman-United States FTA, which entered into force on January 1, 2009, builds on existing FTAs to promote economic reform and openness. The United States is one of Oman's top trade partners. The FTA entered into force in January 2009 and has resulted in bilateral trade in industrial and consumer products, with the exception of certain textile and apparel products, now being duty free. Oman provided duty free access on virtually all products in its tariff schedule and will phase out tariffs on the remaining handful of products within a few years. The Oman-United States FTA also promotes the policy of advancing labour and economic reforms in the Middle East. Oman and the United States have provided each other with immediate duty-free access on virtually all products in their tariff schedules and aim to phase out tariffs on the remaining handful of products within 10 years of the commencement of the agreement (2009).

Under Negotiation

  • Australia-GCC FTA: FTA negotiations with the GCC commenced in July 2007. These negotiations were preceded by bilateral FTA negotiations with the United Arab Emirates, which were abandoned following a decision by GCC ministers to only negotiate FTAs as a group. To date, there have been four rounds of Australia-GCC FTA negotiations, with the last one held in June 2009. Australia and the GCC share a significant economic relationship, encompassing trade and investment across a broad range of goods and services. The GCC is a key market for agricultural exports such a livestock, meat, dairy products, vegetables, sugar, wheat and other grains. The agreement provides an opportunity to address a range of tariff and non-tariff barriers. An FTA would provide an opportunity to reduce barriers to trade in mineral commodities and automotive parts. Provisions on investment would both encourage inward investment from the GCC, as well as enhance security for Australian investments in GCC countries themselves, including in areas such as mining or the development of educational campuses.

  • China-GCC FTA: China and the GCC are negotiating a trade agreement. In July 2004, China and the GCC announced the launch of China-GCC FTA negotiations. Thus far, the two parties have held five rounds of negotiations and have reached agreement on the majority of issues concerning trade in goods. Negotiations on trade in services have also been launched. Greater trade liberalisation will help develop the industrial and service sectors.

  • India-GCC FTA: The GCC and India are negotiating an FTA. The agreement is expected to remove restrictive duties, push down tariffs on goods and pave the way for more intensive economic engagement between the nations. More than 50% of India's oil and gas come from the GCC states.

  • Japan-GCC FTA: Japan and the GCC are negotiating an FTA. This agreement will seek to reduce tariffs and the liberalisation of services trade and investment. Japan mainly imports aluminium, natural gas, liquid natural gas and petroleum products from the GCC, while Japan mainly exports electronics, vehicles, machinery and other industrial products to the GCC.

Sources: WTO Regional Trade Agreements database, USTR, Fitch Solutions

7. Investment Policy

7.1 Foreign Direct Investment

Graph: Oman FDI stock
Graph: Oman FDI stock
Graph: Oman FDI flow
Graph: Oman FDI flow

Source: UNCTAD
Date last reviewed: November 28, 2018

7.2 Foreign Direct Investment Policy

  1. The Foreign Capital Investment Law (Royal Decree No 102/94) provides the legal framework for foreign direct investment (FDI) in Oman. The main barrier to investment in Oman stems from restrictions on foreign ownership, with the current investment code imposing a minimum of 30% local ownership (exceptions exist). The introduction of a new investment code is expected to reduce restrictions on foreign ownership.

  2. The Public Authority for Investment Promotion and Export Development (PAIPED) is tasked with attracting foreign investors and facilitating the smooth operation of business formation and private sector development. It is also worth noting that PAIPED provides prospective foreign investors with information on government regulations. The organisation has representatives in a range of countries including the United Arab Emirates, mainland China, Australia, the United States, Germany and Hong Kong who can provide potential investors with advice on developing businesses in Oman.

  3. Existing regulations impose a minimum of 30% local ownership for the majority of investments in the country. Exceptions exist in the banking sector, where 100% foreign ownership is allowed, while in other sectors it is possible to obtain special authorisation for 100% foreign ownership. These restrictions do not apply to GCC nationals. With 70% of ownership available to foreign investors, Oman has been attracting a large amount of foreign investment. As with other GCC countries, Oman has seen a number of significant developments in the real estate and tourism sector, including the establishment of several integrated tourism complexes and an increase in the number of tourism-related projects (eg, golf courses and hotels).

  4. Legislative procedures have been amended through the issuance of Sultani Decree 99/2011 which gives Shura and the State Councils the right to review any draft laws and provide comment. It is envisaged that the Foreign Capital Investment Law will, once issued, permit better ownership and control of companies which are incorporated in Oman by local investors. Foreigners are allowed to purchase residential property, but only within designated tourist complexes (with extensive visa restrictions). GCC companies may hold a more preferential position, as GCC nationals (and joint stock companies with a minimum of 51% Omani shareholding) may own land under certain circumstances.

  5. Another key law which may further encourage foreign investment and assist foreign investors to exercise more direct control through their investments is Ministerial Decision Number 95/2017 issued by the Minster of the Ministry of Housing which regulates the conditions of ownership in real estate investment funds (the 'Ministerial Resolution') and came to force on November 16, 2017. Real Estate Investment Funds (REIFs) will be regulated and licensed by the Capital Market Authority and will take the form of a closed fund with fixed share capital. REIFs may own properties necessary for the conduct of its licensed activities. In particular, the Ministerial Resolution has provided an alternative structure for local investors and extended the very limited rights of non-GCC (foreign) nationals and/or entities to own real property in Oman, albeit only in respect of developed land.

  6. There are no controls on foreign exchange transactions in Oman and no restrictions on remittances. In terms of portfolio investment, there are no restrictions on the flow of capital and the repatriation of profits. Foreigners may invest in the Muscat Securities Market (MSM) as long as they do so through an authorised broker.

  7. Income derived by investment funds established in Oman and by funds established outside Oman dealing in Omani securities listed in the MSM is exempt from tax. These exemptions are for indefinite periods.

  8. The SEZs in Oman, most notably that at Duqm, highlight the successful implementation of SEZs to catalyse economic transformation. Combining a strategic geographical position outside of the Strait of Hormuz that serves to mitigate the risks associated with a prominent global flashpoint with the aforementioned regulatory and tax incentives, infrastructure investment continues to pour into Oman's SEZs at Salalah, Duqm, Sohar and Al Mazunah. The development of free trade zones (FTZs) and SEZs is in line with the spirit of Vision 2020, which is the country's national development plan that aims to reduce the oil sector's contribution to Oman's GDP. The country has attracted significant investment pledges since 2017, the majority of which are orientated around industrial operations destined for export and based in SEZs.

  9. The government has outlined initiatives to modernise the local economy and privatise state utilities. A significant increase in government spending and FDI has led to the development of a wide range of non-oil sectors.

  10. For Omani proprietorships ('establishments') and limited liability companies (LLCs) that meet certain requirements, a 3% tax rate is effective and is coupled with a requirement for small- and medium-sized enterprises (SMEs) to file income tax returns. The key requirements are that the entity has registered capital that does not exceed OMR50,000 at the beginning of the tax year, gross income that does not exceed OMR100,000 for any tax year and an average number of employees during the tax year that does not exceed 15. Furthermore, these firms must be involved in taxpayer activities that do not include air/sea transport, extraction of natural resources, banking, insurance, or financial services, public utility concessions, or other special activities that are to be decided by the Minister of Finance after approval by the Council of Ministers.

  11. Special provisions are applicable to the taxation of income derived from the sale of petroleum. The tax rate specified for such companies is 55%. However, the tax rates are applied on income as determined by the individual Exploration and Production Sharing Agreement entered into between the government of Oman and the company engaged in the sale of petroleum. Under these agreements, the government pays the company's share of income tax from amounts withheld from the government's share of production. Consequently, the income tax is not actually carried by the company.

  12. Omani companies and sole proprietorships engaged in shipping are exempt from tax. Foreign shipping and aviation companies are also exempt from tax in Oman if the Omani shipping and aviation companies enjoy similar reciprocal treatment in their respective foreign countries.

  13. Tax holidays are available to companies engaged in industrial activities. The exemption is restricted to five years, subject to the fulfilment of certain conditions.

Sources: PwC, WTO – Trade Policy Review, ITA, US Department of Commerce, Fitch Solutions

7.3 Free Trade Zones and Investment Incentives

Free Trade Zone/Incentive ProgrammeMain Incentives Available
Ten major industrial estates in key locations including Rusayl, Salalah, Sohar, Sur, Nizwa and BuraimiIndustrial estates benefit from solid supporting infrastructure, including transport and utility connections which make them attractive to potential investors.
Sohar FTZThe Sohar FTZ provides facilities to attract investors in the metal and steel, food and logistics sectors. The zone is home to around 14 foreign companies, ranging from metals and minerals to logistics and food processing.

The FTZ offers close proximity to Sohar Industrial Estate and the Port of Sohar. The incentives available include a tax exemption for up to 25 years, full exemption of customs duties on goods imported into the FTZ and full foreign ownership of the business.

Omani authorities have started planning the second phase of the Sohar FTZ expansion, developing an area of around 1,000 hectares.
Salalah FTZInvestors in the chemical and material processing, manufacturing, and assembly and logistics sectors can benefit from the Salalah FTZ.

Salalah FTZ boasts competitive costs in terms of labour, utilities and infrastructure compared to other regions in the country. The FTZ offers tax and commercial incentives which include income tax exemption for up to 30 years, full exemption of customs duties, no minimum capital, full foreign ownership and a 10% Omanisation rate.

The zone is connected to a southern port with connections to a range of key trading markets in Asia, Africa and Europe.

The Salalah FTZ was recently ranked as the fifth best port zone globally, reflecting its strong transport connectivity and developed infrastructure.
Al-Mazunah Free Zone (AMFZ)The AMFZ, in the Dhofar region in the south-west, attracts investors in the trading, light industry and assistant services sectors.

This zone is located along the border with Yemen and was set up in 1999 to facilitate cross-border trade and greater access to regional labour markets. Yemeni nationals are allowed to work in the zone without visas or work permits.

AMFZ provides tax and commercial incentives including an income tax exemption for up to 30 years, full exemption of customs duties, no minimum capital, full foreign ownership and 10% Omanisation rate.
Knowledge Oasis MuscatA technology park, dedicated to developing Oman's technological business economy.
Duqm Special Economic Zone (DSEZ)Located in the Al Wustah region in the centre of the country, DSEZ is around 500km south of the capital, Muscat, and will be one of the largest special zone projects in the MENA region. Its 1,777sq km total area is bordered by an 80km coastline. Located on the Arabian Sea coast, DSEZ will become a key hub and gateway not only to Oman, but also to the rest of the Middle East, North and East Africa and South Asia.

DSEZ attracts local and foreign investors of various sectors. It is a model of an integrated economic development comprising several zones, namely: port and the dry dock, fishing port and fisheries industries, industrial areas, logistics services, commercial businesses centre, tourism area and spas, educational towns, filters and petrochemicals complex, New Duqm Town and Duqm Airport. In addition to the facilities provided, DSEZ also offers various incentives including competitive land lease rates, a 30-year income tax exemption, customs duty exemption and allowance of full foreign ownership of the business.

The USD1.5 billion dry dock is the second largest in the Middle East and is providing a significant boost to import and export times and costs as ships from non-Gulf countries can save 1.5 days on transit times to Dubai's ports.

Sources: US Department of Commerce, Fitch Solutions

8. Taxation – 2018

NIL

9. Foreign Worker Requirements

9.1 Localisation Requirements

The government's 'Omanisation' initiative, a non-codified quota system mandating hiring of specified percentages of Omani citizens, is a high priority for the government. Organisations with more than 50 employees are expected to set aside the following 'Omanised' positions for citizens: HR manager, security officers, secretarial or administrative clerks, public relations officers and drivers.

Omanisation requirements increased after 'Arab Spring' protests in 2011 and included an obligation to provide a minimum wage and more training programmes for Omani employees. Omanisation targets were again increased as of March 1, 2014. The state is authorised to impose fines on companies that do not achieve targets. These fines can reach up to 50% of the average of total non-Omani salaries making up the difference between target and actual Omanisation rates, though they are rarely enforced if the company is attempting to recruit Omanis. In addition, strict penalties, including deportation, are applicable for transferring employment visa sponsorship from one individual to another or working under tourist visa status.

9.2 Foreign Worker Permits

Employers must obtain employment visas for any foreign employees aged 21 or older for entry into Oman. This is the standard visa for employers to sponsor a foreign national for work in Oman. The employment requires the approval of the Directorate General of Labour Affairs. The employment visa requires the employer to have labour clearance from the Ministry of Manpower. The employee must satisfy approval criteria to be eligible for an employment visa, including Omanisation quotas for the minimum level of Omani nationals employed in the company.

The duration of the employment visa is limited to two years from the date of entry. Even after entry, the employee is not allowed to work until all the necessary applications are processed, including the residence permit. Employees holding employment visas must not exit Oman for longer than six months, unless they are family members. Family members may apply for a family joining visa, allowing the employee's family to reside in Oman but these family members may not work for the duration of the visa.

9.3 Visa/Travel Restrictions

Citizens of member nations of the GCC and New Zealand may travel to Oman without visa limits. Nationals of 66 other countries are granted visa-free access on arrival to Oman for a period of 30 days. All visitors must hold a passport that will be valid for six months.

Sources: Government websites, Fitch Solutions

10. Risks

10.1 Sovereign Credit Ratings


Rating (Outlook)Rating Date
Moody's
Baa3 (Negative)16/03/2018
Standard & Poor'sBB (Stable)10/11/2017
Fitch RatingsBBB- (Negative)26/06/2018

Sources: Moody's, Standard & Poor's, Fitch Ratings

10.2 Competitiveness and Efficiency Indicators


World Ranking
201620172018
Ease of Doing Business Index
69/18966/19071/190
Ease of Paying Taxes Index
10/18912/19011/190
Logistics Performance Index
48/160N/A43/160
Corruption Perception Index
64/17668/180N/A
IMD World CompetitivenessN/AN/AN/A

Sources: World Bank, IMD, Transparency International

10.3 Fitch Solutions Risk Indices


World Ranking
201620172018
Economic Risk Index Rank143/202
Short-Term Economic Risk Score46.54545.6
Long-Term Economic Risk Score51.946.444.2
Political Risk Index Rank78/202
Short-Term Political Risk Score79.879.878.5
Long-Term Political Risk Score64.968.968.9
Operational Risk Index Rank42/201
Operational Risk Score62.462.862.8

Source: Fitch Solutions
Date last reviewed: November 24, 2018

10.4 Fitch Solutions Risk Summary

ECONOMIC RISK
Oman's real GDP growth rate will accelerate in Q418 and 2019, mainly on the back of stronger hydrocarbon production. Non-oil growth will also rise on higher oil prices, although tighter government finances will keep growth moderate. Looking ahead, Oman's continuing dependence on hydrocarbons for the majority of its economic output constitutes the most pressing economic risk. Although the government has been investing in the non-oil sectors over the past decade, the economy has remained highly reliant on oil resources. Therefore, any disruption to oil production and any shocks to oil prices can threaten the country's near-term economic outlook. Reforming the state finances to foster revenue sources outside of oil will remain one of the main economic priorities for Omani policymakers over the coming years, particularly given the ongoing slump in crude prices. Further momentum in job creation, underlined by the government's successful creation of 25,000 jobs for Omanis over the past few months, will support stability.

OPERATIONAL RISK
Oman remains an attractive prospect for investors, with particular reference to endeavours that can maximise the potential of Oman's low taxation and crime levels, high-quality infrastructure, reliable and accessible fuel and electricity provision and relatively smooth bureaucratic mechanisms. The major risks to investors stem from limited skills development, consequent labour pool limitations and decreasing utility subsidies. In particular, pressures from the recent slump in global oil prices are impacting the Omani investment environment negatively in the short term, but may galvanise further diversification away from hydrocarbon production in the future. Lastly, the relatively neutral position Oman has adopted in regional and international conflicts has contributed to its reputation as a stable jurisdiction for investment.

Source: Fitch Solutions
Date last reviewed: November 24, 2018

10.5 Fitch Solutions Political and Economic Risk Indices 

Graph: Oman short term political risk index
Graph: Oman short term political risk index
Graph: Oman long term political risk index
Graph: Oman long term political risk index
Graph: Oman short term economic risk index
Graph: Oman short term economic risk index
Graph: Oman long term economic risk index
Graph: Oman long term economic risk index

100 = Lowest risk, 0 = Highest risk
Source: Fitch Solutions Political and Economic Risk Indices
Date last reviewed: November 24, 2018

10.6 Fitch Solutions Operational Risk Index


Operational RiskLabour Market RiskTrade and Investment RiskLogistics RiskCrime and Security Risk
Oman Score62.851.059.866.476.0
MENA Average47.649.3
48.148.844.1
MENA Position (out of 19)4
6
6
4
1
Global Average49.750.050.049.349.9
Global Position (out of 201)4560604530

100 = Lowest risk, 0 = Highest risk
Source: Fitch Solutions Operational Risk Index

Graph: Oman vs global and regional averages
Graph: Oman vs global and regional averages
Country
Operational Risk Index
Labour Market Risk Index
Trade and Investment Risk IndexLogistics Risk IndexCrime and Security Risk Index
UAE72.8
67.8
79.668.6
75.3
Qatar66.2
63.9
63.1
71.5
66.5
Bahrain64.6
58.468.571.4
60.1
Oman62.851.059.866.476.0
Saudi Arabia61.563.061.862.658.6
Jordan58.254.959.159.060.0
Kuwait55.152.351.752.464.1
Morocco
52.839.862.054.854.6
Egypt
48.546.046.456.445.3
Tunisia
46.242.352.447.342.8
Iran
43.248.738.350.835.1
Lebanon42.947.950.041.332.4
Algeria
 41.6 44.031.742.947.9
West Bank and Gaza 34.0 46.436.831.621.2
Libya
 28.2 44.426.029.213.4
Syria 28.2 42.930.027.012.7
Iraq
 27.2 43.725.228.611.3
Yemen 22.0 30.623.018.5
16.1
Regional Averages
47.6
49.3
48.1
48.8
44.1
Emerging Markets Averages46.8
48.0
47.5
45.7
46.0
Global Markets Averages49.6
49.8
49.9
49.1
49.8

100 = Lowest risk, 0 = Highest risk
Source: Fitch Solutions Operational Risk Index
Date last reviewed: November 24, 2018

11. Hong Kong Connection

11.1 Hong Kong’s Trade with Oman

Graph: Major export commodities to Oman (2017)
Graph: Major export commodities to Oman (2017)
Graph: Major import commodities from Oman (2017)
Graph: Major import commodities from Oman (2017)

Note: Graph shows the main Hong Kong exports to/import from Oman (by consignment)

Graph: Merchandise exports to Oman
Graph: Merchandise exports to Oman
Graph: Merchandise imports from Oman
Graph: Merchandise imports from Oman

Note: Graph shows Hong Kong exports to/import from Oman (by consignment)
Exchange Rate HK$/US$, average
7.76 (2013)
7.75 (2014)
7.75 (2015)
7.76 (2016)
7.79 (2017)
Sources: Hong Kong Census and Statistics Department, Fitch Solutions
Date last reviewed: November 28, 2018


2017
Growth rate (%)
Number of Omani residents visiting Hong Kong1,213-22.5

Source: Hong Kong Tourism Board


2017Growth rate (%)
Number of GCC residents visiting Hong Kong38,629-22.7

Source: Hong Kong Immigration Department
Date last reviewed: November 28, 2018

11.2 Commercial Presence in Hong Kong


2016
Growth rate (%)
Number of Omani companies in Hong KongN/AN/A
- Regional headquarters
- Regional offices
- Local offices

Source: Hong Kong Census and Statistics Department

11.3 Treaties and Agreements between Hong Kong and Oman

Oman and China have a double tax agreement which was signed in March 2002 and became effective in 2003.

Oman and China have a bilateral investment treaty which came into force in August 1995.

Sources: Investment Policy Hub, Secretariat General for Taxation

11.4 Chamber of Commerce (or Related Organisations) in Hong Kong

The Arab Chamber of Commerce and Industry
The Arab Chamber of Commerce and Industry (ARABCCI) was established in Hong Kong in 2006 as a leading organisation at promoting commercial ties between Hong Kong/mainland China and the Arab World.

Address: 20/F, Central Tower, 28 Queens Road, Central, Hong Kong
Email: info@arabcci.org, secretariat@arabcci.org
Tel: (852) 2159 9170
Fax: (852) 2159 9688

Source: The Arab Chamber of Commerce and Industry, Hong Kong

Omani Consulate in Hong Kong
Address: 19/F, Gee Chang Hong Centre, 65 Wong Chuk Hang Road, Hong Kong
Email: omanhk@biznetvigator.com
Tel: (852) 2873 0888
Fax: (852) 2873 6168

Source: Protocol Division Government Secretariat, Hong Kong

11.5 Visa Requirements for Hong Kong Residents

Hong Kong residents only require a visa on arrival and the maximum duration of stay is 30 days. Oman has a Joint Tourist Visa Facility with the Emirate of Dubai and with Qatar. Hong Kong residents, who are arriving from Dubai or Qatar and who have a tourist entry visa from these countries are not required to obtain a separate visa for Oman, provided they have travelled directly from Dubai or Qatar.

Source: Sultanate of Oman
Date last reviewed: November 28, 2018

Content provided by Picture: Fitch Solutions – BMI Research
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