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OMAN Tenders




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Capital Muscat
ISO 3166 Code OM
Population 4,099,904
Area, Sq KM 309,500
Currency Rial
Official Language Arabic
GDP, Billion USD 79,656
GDP Growth Rate, % 3.4
Inflation, Avg CP, % Chng N/A
Interest Rates, % N/A
Unemployement Rate, % N/A
Exchange Rate, 1 USD Equals 0.39
International dial code 968
Time Zone GMT+04:00
Internet TLD .om

Oman is an Arab country which is located in the southeastern coast of the Arabian Peninsula. It holds a strategically essential position at the mouth of the Persian Gulf. This country shares its borders by Saudi Arabia to the west, United Arab Emirates to the northwest and Yemen to the southwest. The marine borders of Oman are shared with Pakistan and Iran. The coast is formed by the Gulf of Oman on the northeast and Arabian Sea on the southeast. The Omani Sultanate was a powerful empire from the late 17th century. During 19th century, Oman’s influence extended to modern day Pakistan and Iran along with as far south as Zanzibar is which a part of Tanzania, today. However, since 20th century, the power started to decline and the sultanate came under the influence of the United Kingdom. Oman is known to an absolute monarchy and the country’s human rights record has been the subject of criticism. Unlike its neighbors that are rich in resources, Oman has modest oil reserves which helped the country to earn 25th rank globally. However, in year 2010 the UNDP ranked Oman as world’s most improved nation in terms of development during the preceding 40 years. The country is also categorized as a high-income economy and is considered 59th most peaceful country in the world as per the Global Peace Index. In terms of regional standards, Oman has a relatively diversified economy. However, it remains dependent to a great extent on the oil exports. Tourism is considered to be the fastest-growing industry in this country. Other sources of income such as industry and agriculture are quite small in comparison and comprise less than 1% of the exports of the country. The government sees diversification as a priority. Since 1998, the oil prices have declined which in turn made Oman formulate plans to focus on a few aspects of the industry which includes infrastructure and tourism and diversify the economy. In the year 2009, a free-trade agreement with the United States came into the picture which eliminated the tariff barriers on all the industrial products and consumer along with providing strong protections for foreign businesses investing in the country. The foreign workers who work in Oman are believed to send an estimated amount of $30 billion US dollars yearly annually to their homes. The largest foreign community is mainly from the south Indian states of Tamil Nadu, Kerala and Karnataka and even from Maharashtra, Punjab and Gujarat. They actually represent more than half of the total workforce of the country.

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