Oman Focus on Non-Oil Sector

Oman’s government is focusing on non-oil sector as part of its economic diversification program, which is evident from the Ninth Five-Year Plan, Albawaba reported. A less oil-dependent Oman is emerging from the plan as the oil contribution to the gross domestic product is expected to decline from 44% in the Eighth Five-Year Plan to 33% in the current five-year plan. This was mentioned in the sultanate’s Ninth Five-Year Economic Development Plan (2016-2020), which was recently released by the National Program for Enhancing Economic Diversification. Even the contribution of natural gas to the national GDP is expected to go down to 2.4% compared to 3.6% from the previous plan.