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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2006 MUSCAT SECURITIES MARKET ECONOMIC AND POLITICAL DEVELOPMENTS Introduction The Sultanate of Oman has three governorates–Muscat, Dhofar and Musandam. The governorate of Muscat is Oman's political, economic and administrative center. Integration into the World Economy: Oman has a liberal economy and over the years has succeeded in boosting its own potential as well as its ability to respond to developments in the region and beyond. As a member of the WTO, Oman aims to strengthen its economic relations with other economic power and blocs, through the Arab Gulf Cooperation Council (AGCC), the Arab League or the Indian Ocean Rim Association for Regional Co-operation (IORARC), as well as on a bilateral basis. At the same time active steps are being taken to implement the policy of privatization and open up the electricity sector, as well as communications, ports, industry, tourism and other areas to increased foreign investment. Oman and the World (Foreign Policy) The main principle of Omani foreign policy include respect for the national sovereignty of other countries, noninterference in the internal affairs of other states and the fostering of neighborly relations, including cooperation for the sake of common interests. It is these principles that determine and guide the country’s approach to developments in the Gulf, as well as the broader Arab and international arenas. Oman was the first Arab country to establish diplomatic contact with the US in the first half of the 19th century and the bicentennial of the treaty relationship with Britain was celebrated in January 2000. In recent years the Sultanate’s relations with the US and the countries of Europe have gone from strength to strength. Balanced, Growth-Oriented Budget for 2006 The excess of planned aggregate expenditure of US$ 11 billion over budgeted revenue receipts of US$ 9.317 billion, is estimated to leave a higher deficit of US$ 1.688 billion in 2006, as against a deficit of US$ 1.403 billion on estimated in the previous budget. The oil revenue was calculated on the basis of a price of US$ 32 per barrel, with an average production of 746,000 barrels a day. The deficit, according to preliminary estimates, constitutes 6% of the GDP. Oman’s defense budget has been raised 8.5% to US$ 3.234 billion as against US$ 2.982 billion budgeted for 2005. The budget reveals that the nation is to boost spending on education in a budget flagged as a boost for social and economic development. The budgeted revenue for the year 2006 shows an increase of 14% over last year. Oil (US$ 6.543 billion) and gas (US$ 1.023 billion) revenues for 2006 constitute 81% of total revenues, and current and capital revenues (US$ 1.751 billion) constitute the remaining 19%. More precisely, oil revenue will contribute 70% to the total revenues, while gas revenue will contribute 11%. Total expenditure of US$ 11 billion for the fiscal year 2006 is US$ 1.447 billion or 15% more than the previous year’s budget. Current expenditure for the government civil ministries and units is estimated at US$ 3.64 billion, constituting nearly 33% of the total public expenditure. This will cover basic and operational expenditure of government services, ministries and units. Preliminary estimates indicate the GDP at current prices is expected to register an average growth rate of 8.7% during the Sixth Plan period. During this period, the economy registered low inflation rates, with an annual rate, not exceeding 0.3% despite increase in prices in 2005 on fall in dollar exchange rate. Price increase in the international market has also affected the price trends in Oman. In addition, the balance of payments position witnessed an improvement. The current account balance registered surpluses of an annual average of US$ 1.442 billion. Non-oil activities witnessed a recovery during the plan period. On an average, non-oil activities, at current prices, grew by 9.2% annually. Natural gas-based industries registered a high annual growth of about 36.8% during the plan period. The non-oil merchandise exports, including the reexports increased during the Plan period from US$ 2.405 billion in 2000 to US$ 4.906 billion in 2005, registering an annual average growth of 15.3%. Tourism sector witnessed remarkable growth during the plan period. On an average, its value addition, at current prices, grew by 6.7% annually. The capacity of the sector (number of rooms) increased by 8.8%. The total number of hotel rooms increased from 5,312 rooms in 2000 to 8,082 in 2005. Source: Muscat Securities Market. Key Information Contacts Ministry of National Economy www.moneoman.gov.om Capital Market Authority www.cma-oman.gov.om Oman Chamber of Commerce and Industry www.cbo-oman.org Financial Corporation www.fincorp.org National Bank of Oman www.nbo.co.om PAGE 116
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2006 MUSCAT SECURITIES MARKET OMAN MAJOR ECONOMIC & SOCIAL INDICATORS Unit Change % 2004 (1) 2003 2002 (03/04) A- ECONOMIC INDICATORS - Gross Domestic Product at Current Prices RO millions 13.7 9,527.1 8,375.9 (1) 7,815.1 - Gross National Income (GNI) RO millions 15.8 9,014.1 7,782.9 (1) 7,334.1 - GNI per Capita RO 11.7 3,731.0 3,339 (1) 2,890.0 - % of Domestic Saving to GDP % -3.2 33.1 34.2 33.1 - % of Private Capital Formation to GDP % 40.4 6.7 4.8 3.8 - % of Private Capital Formation to Total Gross Capital Formation % 17.0 35.6 30.5 30.4 - Total Government Revenue RO millions 22.2 4,040.2 3,305.3 3,009.5 - Oil & Gas Revenue as a % of Total Government Revenue % 7.4 78.1 72.7 75.7 - Total Government Expenditure RO millions 19.5 3,809.9 3,188.9 2,939.5 - Average Daily Production of Oil (000) BBL -4.9 780 820 897 - Average Oil Price US$ 23.6 34.42 27.84 24.29 - Total Merchandise Exports RO millions 14.7 5,145.0 4,486.6 4,295.6 - Of which Non-Oil Exports (Omani origin) RO millions 38.2 420.3 304.1 261.6 - Total Recorded Merchandise Imports RO millions 29.3 3,381.9 2,615.0 2,420.8 - General Price Index % 0.1 97.0 96.9 97.3 B- SOCIAL INDICATORS - Total Population No. (000) 3.2 2,416.0 2,341 2,538 (2) - Omani No. (000) 1.2 1,803.0 1,782 1,870 - Expatriate No. (000) 9.7 613.0 559 668 - Crude Birth Rate per 1,000 Population -1.6 24.0 24.4 25.6 - Infant Mortality Rate per 1,000 Live Births ... 10.3 10.3 16.2 - Hospitals No. ... 57 57 56 - Health Centers (with beds) No. 1.5 67 66 60 - Health Centers (without beds) No. 7.5 57 53 58 - Extended Health Centers No. 20.0 12 10 10 - Bed/1,000 Persons No. -3.6 2.15 2.23 2.04 - Doctor/1,000 Persons No. 0.6 1.60 1.59 1.39 - Nurse/1,000 Persons No. -1.4 3.62 3.67 3.25 - Life Expectancy at Birth No. 0.1 74.3 74.26 73.80 - Males No. 0.1 73.2 73.14 72.20 - Females No. ... 75.4 75.40 75.40 - Schools No. 2.5 1,217 1,187 1,187 - Students No. -0.3 626,157 628,110 628,971 - Teachers No. 6.5 38,098 35,786 33,614 - Civil Government Employees No. (000) 3.3 127 123 119 - Omanis Registered with The Public Authority for Social Insurance (on-job) No. 16.4 87,064 74,816 65,879 - Expatriate Employees in the Private Sector No. (000) 4.2 424 (3) 407 (3) 547 - Asphalted Roads Km. 18.7 14,681 12,365 10,930 - Fixed Telephone Lines No. 1.3 239,262 236,178 233,897 - Mobile (GSM) No. 9.2 257,287 235,662 220,410 - Prepaid Card (Hayyak) No. 53.4 548,993 357,791 243,450 - Internet No. -6.0 48,657 51,769 48,232 - No. of Hotels No. 9.8 146 133 124 - Electricity Production GW\H 7.3 11,499 10,714 10,331 - Electricity Distribution GW\H 6.4 10,959 10,303 9,851 - Water Production from Desalination Plants & Wells million gallons 9.2 26,195 23,978 22,724 - Water Distribution million gallons 9.1 26,140 23,951 22,855 (1) Provisional (2) Mid-year estimates (3) Expatriate data refers to those who hold valid labour cards only Source: Muscat Securities Market PAGE 117
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