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the diversification in oman's economy

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INTRODUCTION

Today Oman stands as a leading economy in the world with one of the highest per capita GDP. The prosperity of the country draws thousands of visitors every year as the county provides some royal and memorable experiences to tourists. The driving force behind the country's economic growth has been the oil and gas sector. Today the oil sector alone contributes to more than a quarter of the country's total GDP.
The country is trying to diversify its economy to decrease the high dependence on a single product. The heavy reliance on the oil sector has made the country face many economic shocks, especially in recent times, when global oil prices have faced multiple fluctuations.
You might be wondering how the economic diversification in Oman affects your trip and why explorers and tourists need to be aware of such a thing. A simple answer to this question is that as the economy of Oman starts to get some new changes, a new wave of tourism and business opportunities will arrive in the country, turning the country into an even more tourist-friendly destination with a lot of business opportunities as well.
Read the complete article to learn what economic diversification in Oman provides tourists and how it will open a new possibility for foreign businesses and ventures.

READ ALSO: MULTIPLE AND SINGLE ENTRY VISAS FOR OMAN

HOW TOURISTS WILL BENEFIT FROM DIVERSIFICATION

As a tourist, you might be wondering how the economic diversification in Oman will turn the country into your next travel destination and what more would be there for the tourists to enjoy and experience in the country. If these questions are arising then we guess you are unaware of the fact that the government is looking at the tourism sector as the most potent and reliable substitute for transit from the oil sector. The tourism sector in the country is about to witness some major development that will make sure that the time spent by tourist in this beautiful country become even more memorable.

NEW THEME PARKS 

Oman is already home to some great amusement and theme parks. Wadina Water Park, Marah Land, and Al Naseem park are some of the most popular theme parks in the country. But the Omani authorities are determined to provide moments of absolute enjoyment to the visitors and in this step, the country is constructing some new theme parks that will provide the visitors with an even more involving experience.
One such park is the Hayya Al Sharq Park which is expected to open for visitors in 2024. The parks will be constructed in line with the international standard and will be Oman’s first leisure and entertainment park with hotels, residential clusters, and a wide array of dining and leisure options.

Oman Botanical

Projected to be constructed just outside Muscat in Al Khoudh village, the garden will be spread at a location of 430 hectares and house the native plant species in a naturally safe and regulated environment. The under-construction project once completed will make the visitors to experience carefully created, naturalistic habitats from the dry deserts to rich cloud monsoon forests, all in one place.

READ ALSO: OMAN- A HAVEN FOR ADVENTURE LOVERS

NEW WAVE OF BUSINESS OPPORTUNITIES IN OMAN

The major part of the economic diversification in Oman is the reduction of the role of the state and government in the country’s economy and the creation of space for fresh private investment. As per the new economic policies of the government, now 100% foreign ownership in various sectors is allowed. The complete ownership of a business will motivate investors and entrepreneurs to explore the market of Oman.
The government has announced various perks and incentives for aspiring entrepreneurs:

  • The companies that started between January 2021 and December 2022 will be provided with a 5-year exemption from income and dividend taxes.
  • The government has announced a reduction in land rents and license fees for the industrial activities

THE FACE OF SUSTAINABLE TOURISM

Today the whole world is realizing the immensity of climate change, As a result, now consumers are looking to support brands and products that are sustainable and don,t come at the cost of the environment. At such a time, Oman has decided to promote sustainable tourism in the country and balance the environment and economy. The country has decided to invest $1 billion in sustainable tourism development. 
All these development projects sound so exciting. If you want to witness Oman during these times of change then you must visit the country. Apply for an Oman visa now and plan your next trip to Oman.

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Frequently Asked Questions

To transit from an oil-dependent economy, the Omani government is investing heavily on tourism and developing various ventures to boost tourism. 

 

Now the Omani government has allowed 100 percent foreign ownership in various sectors where foreign investment was either restricted or not allowed earlier. The Government has also provided various taxation reliefs for businesses. 






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