Standard & Poor’s Credit Rating Agency has a positive outlook about the growth of the Omani economy in the coming period.

In a new published report, the Agency forecasted that the performance of the Omani economy will improve due to the oil production stability and the growth of non-oil sector by 3% in 2018 after it reduced by 0.3% in 2017.

The agency forecasted that the Sultanate will be less exposed to fluctuation due to oil price hike and production stability. “Although 30% of the Sultanate’s revenues from the hydrocarbon sector, still it makes great efforts to diversify its economy through many initiatives such as the establishment of Special Economic Zone in Duqm (SEZD).

The government is converting this area into a maritime and tourism port and an industrial hub. The government announced the Railway project which has been designed to connected the three main ports in the Sultanate namely Salalah, Sohar and Duqm”, the report added.

“The foreign direct investment (FDI) and private investment portfolios investments in stock markets also witnessed an increase in 2017”, the reports noted.