Oman

Phone Code: 00968

Root-level Domain Code: .om

CIA Info

Background: The inhabitants of the area of Oman have long prospered on Indian Ocean trade. In the late 18th century, a newly established sultanate in Muscat signed the first in a series of friendship treaties with Britain. Over time, Oman's dependence on British political and military advisors increased, but it never became a British colony. In 1970, QABOOS bin Said al-Said overthrew the restrictive rule of his father; he has ruled as sultan ever since. His extensive modernization program has opened the country to the outside world while preserving the longstanding close ties with the UK. Oman's moderate, independent foreign policy has sought to maintain good relations with all Middle Eastern countries.

Economy Overview: Oman is a middle-income economy in the Middle East with notable oil and gas resources, a substantial trade surplus, and low inflation. Sustained high oil prices in recent years have helped build Oman's budget and trade surpluses and foreign reserves. Oman joined the World Trade Organization in November 2000 and continues to liberalize its markets. It ratified a free trade agreement with the United States in September 2006 and, though the Gulf Cooperation Council, seeks similar agreements with the European Union, China and Japan. To reduce unemployment and limit dependence on foreign labor, the government is encouraging the replacement of foreign expatriate workers with local workers. Oman actively seeks private foreign investors, especially in the industrial, information technology, tourism, and higher education fields. Industrial development plans focus on gas resources, metal manufacturing, petrochemicals, and international transshipment ports.

Geography Note: strategic location on Musandam Peninsula adjacent to Strait of Hormuz, a vital transit point for world crude oil

Location: Middle East, bordering the Arabian Sea, Gulf of Oman, and Persian Gulf, between Yemen and UAE

Natural Resources: petroleum, copper, asbestos, some marble, limestone, chromium, gypsum, natural gas

Geographic Coordinates: 21 00 N, 57 00 E

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