Oman launches Vision 2020 plan
Oman, a country that enjoys a good degree of political stability and economic prosperity, has launched its Vision 2020 national development plan with total investments of US $106 billion.
Construction projects valued at $63 billion are already underway along with $40 billion transport projects, including an ambitious 2,200 km railtrack project. Expansion work has begun in the country’s three main ports (Salalah, Duqm and Sohar) and an industrial park will be built in Sohar, where the Freezone offers companies exemption from corporate tax for up to 25 years.
Another segment the government is focusing on is that of tourism, which is expected to see its contribution to GDP rise from 2.6% to 6% by 2025. The number of tourists visiting the country annually grew by 500,000 between 2014 and 2015 (from 2 to 2.5 million) and are expected to reach 11 million per year by 2040, in response to which the government is planning to increase the number of rooms available from the current 18,000 to more than 80,000.