According to Times of Oman, S&P’s predicts that Oman will effectively perform to improve its economy mainly due to stable oil output and steady rise of non-oil sector by three percent this year. In 2017, its non-oil sector was lowered by 0.3%.

The agency’s new published report said: 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 foreign direct investment (FDI) and private investment portfolios investments in stock markets also witnessed a rise in 2017.”