Monday, 20 Mar 2023
Nearly half of business executives in Oman positive for next 12 months

Nearly half of business executives in Oman positive for next 12 months

It was performed by the international analysis and advisory firm Oxford Business Group (OBG).
It asked about 100 C-suite executives from across the sultanate’s industries a series of wide-ranging concerns on a face-to-face basis aimed at gauging business sentiment.

Low development forecasts for the existing year weighed somewhat on sentiment amongst executives interviewed for the 2019 edition of the ‘Business Barometer: Oman CEO’ survey carried out by OBG. A bigger section of organizations remained upbeat about the sultanate’s prospects, reflecting the significantly much more promising outlook than each the World Bank and IMF have indicated for 2020.

OBG, nevertheless, mentioned that positivity is down from 80 per cent discovered in its December 2018 survey.
Considerably much more business leaders responded favourably to Oman’s existing tax atmosphere (business and individual), nevertheless, with 74 per cent describing it as competitive or extremely competitive on a international scale.

On a separate concern, much more than a single third (35 per cent) of these interviewed described Oman’s efforts to enhance the ease of carrying out business as great, suggesting that the Royal Decrees issued in July approving new laws on foreign capital investment, privatisation, bankruptcy and public-private partnerships will be welcomed by the broader business neighborhood.

In a sign that business leaders in Oman are struggling with the extension of a ban on recruiting foreigners for important roles, 59 per cent of these surveyed cited reforms to labour laws, as they felt that the legislative adjustments would be most successful in advertising financial development.
Leadership (35 per cent) and engineering (22 per cent) ranked very first and second respectively as the expertise executives believed had been most required to help development, in yet another indication of the challenges recruiters face stemming from the country’s Omanisation quota and a longstanding preference amongst locals for operating in the public sector.

Regional political volatility remains the leading external occasion that interviewees think could effect the nearby economy in the brief to medium term beyond the movements in commodity costs, selected by 64 per cent of interviewees, even though there had been also indicators of the expanding effect that China is getting on the nearby economy.
Demand in development from the Asian giant was the response offered by 12 per cent of executives to this query, ahead of protectionism in trade (ten per cent).

Commenting in his weblog, Billy FitzHerbert, OBG’s regional editor for the Middle East, mentioned that whilst Oman, and the area as a entire, are nevertheless recovering from the crash in oil costs 5 years ago, there are a number of vibrant spots to draw on.
“The imposition of fiscal reforms in the shape of the so-called sin tax that came into effect in June and the value-added tax, which is now likely to be implemented in 2020, bode well for government efforts to broaden revenue streams, and feed into the government’s wider goals of economic sustainability and a reduced reliance on hydrocarbons revenues.”
FitzHerbert mentioned executives’ recognition of China’s expanding function in Oman’s improvement reflected broader financial activity, most notably the investments becoming produced by the Asian powerhouse beneath its Belt and Road Initiative.

Turning to business leaders’ evident aggravation at some of the country’s labour laws, he acknowledged that the challenge presented each financial and social considerations. “The authorities are well aware of the need to better align public sector compensation with that of the private sector if this tendency is to be successfully curbed,” he mentioned.

Information Source: Muscat Daily

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