GENERAL

Official Name

Sultanate of Oman

Capital

Muscat

Area

309,500 Sq Km

Weather (in ºC)

Temperature during summer may exceed 50 ºC. The average monthly maximum temperature in the capital Muscat varies between 40 °C in June and 25 °C in January.

Population

5.17 Million (November 2023)

Forest Cover (% of total area)

Negligible (0.006 %)

CO2 Emissions

17.9 in tons per capita in 2021

Tourist Arrivals

2.9 million (2022)

Age Profile

0-14 years: 30.15% (male 561,791/female 533,949)

15-24 years: 17.35% (male 331,000/female 299,516)

25-54 years: 44.81% (male 928,812/female 699,821)

55-64 years: 4.02% (male 77,558/female 68,427)

65 years and over: 3.68%  (male 64,152/female 69,663)

(2020 est.)

Life Expectancy

72.5 (2021)

Languages (with %age of speakers, if available)

Arabic (official), English, Baluchi, Swahili, Urdu, Indian dialects

Ethnic Groups

Arab, Baluchi, South Asian (Indian, Pakistani, Sri Lankan, Bangladeshi), African

Main Religions (with %, if available)

Muslim 85.9%, Christian 6.5%, Hindu 5.5%, Buddhist 0.8%, Other 1%

Internet Penetration

95.2%

Mobile Phones

5.86 Million subscribers

Urbanization

86.3% of total population (2020)

ECONOMIC & COMMERCE

Currency

Omani Rial (OMR)

Exchange rate with US$

2.6  USD

Exchange rate with INR

222.12 (February 2024)

GDP

US$ 114.67 billion (WB, 2022)

GDP Growth (annual%)

4.3 % (WB, 2022)

Major Sectors (%of GDP,

2023

(Source :  NCSI, Oman)

Petroleum Activities – 34%

Construction – 6%

Wholesale & Retail Trade – 8%

Public Administration & Defence – 8%

Other Activities – 43%

Unemployment Rate (%)

2.3% (2022, WB)

Inflation. Consumer prices (annual%)

2.8% (2022, WB)

GDP per Capita

25,056.8 USD (2022,WB)

Total Trade ( Goods & Services)

90.90 USD Billion (2021, OEC World)

Exports (Goods & Services)

56.90 USD Billion  (2021, OEC World)

Imports (Goods & Services)

34.00 USD Billion  (2021, OEC World)

Balance of Trade

22.9 USD Billion  (2021, OEC World)

POLITICAL

Political Structure

Absolute Monarchy headed by Sultan

Head of State (President)

His Majesty Sultan Haitham Bin Tarik

Sultan of Oman is the Head of State

Head of Government (Prime Minister)

His Majesty Sultan Haitham Bin Tarik

Sultan of Oman is the Head of Government

Minister of Foreign Affairs

H.E. Sayyid Badr bin Hamad bin Hamood Albusaidi

Foreign Minister

Political Issues

1. Economic diversification.

2. Employment for youth.

3. Concerns related to regional security and ongoing war in Yemen.

BILATERAL

Bilateral Trade

US$ 12.388 billion 2022-2023 (DoC, India)

Indian Exports

US$ 4.477 billion 2022-2023 (DoC, India)

Imports into India

US$ 7.911 billion 2022-2023 (DoC, India)

Major items of Export and Import

Export from India

Mineral fuels, machinery & mechanical appliances, electrical machinery & equipment, ships & boats, iron & steel products, synthetic fiber & yarn, textile and apparels, cereals, plastic products, ceramic products etc.

Import to India

Petroleum, petrochemical products, fertilizers, cement, aircraft parts, ships & boats etc.

Indian Investments in the country

Indian firms have invested heavily in Oman in various sectors like iron and steel, cement, fertilizers, textile, cables, chemicals, automotive, etc.  Indian entities comprise the largest foreign investors in Sohar, with an estimated total Indian investment of over US$2 billion in projects from Larsen and Toubro, Jindal Shadeed Iron & Steel, Indsil Ferrochrome, Metkore Alloys & Industries, Moon Iron & Steel Company and SV Pittie Sohar Textiles, etc,. Sohar Port and Freezone and Madhav Surfaces (a JV between Al Khanjar Commercial Agencies, a subsidiary of Khimji Ramdas and Madhav Ashok Ventures Private Limited (MAVPL) based in India) signed a land lease agreement for establishment of a quartz manufacturing plant with total investment of US$ 10 million.  In Salalah, Indian investments are in manufacturing projects like TVS Chennai’s Dunes Oman LLC (automotive), Oswal Group’s Saltic FZCO (Chemicals), Hind Aluminium (Cables), Kailash Group’s guar processing unit, Nagarjuna Fertilizer plant,  Future Bio Organics, Deepak Nitrate, Petiva Sugar factory, etc. In Duqm Special Economic Zone also, an Indo-Oman JV Sebacic Oman has undertaken a US$ 62.7 million project for setting up the largest Sebacic acid plant in Middle-East.  “Skyline Dqum (previously known as ‘Little India’) a tourism complex project in Duqm, worth US$ 748 million on completion, has also been undertaken by the same Indian company.  ACME India Ltd has signed a deal to invest US $ 3.5 billion over the next three years to build a green hydrogen and green ammonia production complex at the port of Duqm in Oman. This will make ACME the first company to produce green hydrogen commercially in Oman. A MoU to set up the facility to produce 2,200 metric MT of green ammonia per day has been signed by the company with The Oman Company for the Development of the Special Economic Zone at Duqm (Tatweer). Jindal Shadeed Group announced to establish a manufacturing facility in Duqm to produce green steel, the factory will also utilize renewable energy sources in its manufacturing operations. The project is proposed to be built over an estimated area of 2 sq. kilometers in the concession zone at the Port of Duqm with an investment value estimated at 3 billion USD.  Company’s goal is to produce 5 million metric tons of green steel on an annual basis that will create over $800M per annum in-country value addition. Tata Steel Mining is planning to invest approximately USD 50 million in the mining sector for exploration of 5 to 6 million tonne of limestone per annum near Salalah region. Out of total production,  around 4.5 million tonne of finished product will be exported to India and remaining will be used either locally or exported to other countries.

Oman's Investment in India

(i) The OIJIF has invested USD 100 million in India in Tranche I of investment.  Under second tranche an amount of USD 220 million in projects has been invested in India. After successful utilization of funds under Tranche I and II, 3rd Tranche of OIJIF worth USD 300 million was announced during the State visit of His Majesty Sultan Haitham Bin Tarik to India in Dec. 2023.

(ii) Raysut Cement company, Oman’s largest cement manufacturer, plans to invest about $ 700 million (nearly Rs. 5000 crore) in India of which $ 200 million has been earmarked to acquire majority stakes in two Indian cement producers.

(iii) Towell Engineering International LLC has state of art manufacturing unit at Indapur MIDC, Pune with a total area of 20 acres and a covered shed of 10,000 m2. It is a 100% subsidiary of Towell Engineering Oman.

Indian Origin / PRs/ Indian Students

As per the latest data provided by Oman Government there are 1864 OCI card holders (November 2023). About 550 Indian students are studying in various Universities/colleges in Oman.

Indian diaspora

(composition and any pertinent information that may be of interest)

Indian diaspora is the second largest diaspora in Oman after Bangladesh. Approximately 6.8 lakh Indian-origin community members live in Oman. The majority of them are blue collar workers (both unskilled and semi-skilled). A small percentage comprises of professionals like doctors, engineers, chartered accountants, teachers, managers, businessmen etc. At the end of November 2023, there were 527,108 Indian workers in Oman (as per NCSI data).

There are 21 CBSE affiliated Indian Schools in Oman. 40535 Indian students are studying in these schools.

Indian Organizations

Indian financial institutions such as State Bank of India, Bank of Baroda, HDFC Ltd and ICICI Securities operate in Oman. Public Sector Undertakings such as Life Insurance Corporation (LIC), New India Assurance Co., Telecommunications Consultants India Ltd. (TCIL), Engineers India Ltd.(EIL), Engineering Projects India Limited (EPIL), OMIFCO, BEL, Wipro, Jindal Shadeed Iron & Steel, L&T and National Building Construction Company (NBCC)  have presence in Oman.