BankDhofar Financial Performance and Strategic Outlook
Overview of Sultanate of Oman
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Overview
Oman 2nd largest country in the GCC with an area covering approximately 309,500
km². Strategically placed on the Arabian Gulf, Oman is divided into 11 main governorates
and shares borders with Saudi Arabia and UAE.
Stable Political System - smooth transition of power to His Majesty Haitham bin Tariq Al
Said in January 2020. In his opening speech, His Majesty promised to uphold his
predecessor's peace-making foreign policy and to further develop Oman's economy
Population of ~4.5mn - predominantly represented by Omani Nationals account for 61% of
the total population
Resilient and Solid Economy focus on long-term planning with the implementation of a
five-year economic development strategy plan.
Real GDP growth is projected to reach 4.3% in 2022 (IMF)
"Vision 2040" government led programme, aimed at creating wealth through economic
diversification and private sector partnership, building world-class infrastructure, and
preserving environment sustainability
"Medium Term Fiscal Plan (MTFP) 2020-24" MTFP has borrowed the four objectives from
Vision 2040 to articulate the MTFP. These objectives included economic diversification,
creating investment chain value, governance of state-owned entities and social well being.
Real GDP Growth2
Saudi
Arabia
UAE
Key Figures
Key Indicators
Sovereign Ratings
Dec-21
(Moody's/S&P / Fitch)
Gross Domestic Product
Ba3/B+/BB
USD 85.87bn¹
Gross Domestic Product Per
Capita
USD 15,743¹
Oman
Inflation
1.50%
Yemen
Population
1. Source: 1. IMF World Economic Database 2. Trading Economics
GDP Composition (March 2022)3
4.5 million
0.9%
2018
2.0%
4.3%
-0.8%
2019
-2.8%
2020
2021
2022F
2. Source: IMF Staff Report - October 2022
36%
41%
■ Petroluem Activities
■Construction
5
بنك ظفار
■ Wholesale & Retail Trade
■ Public Adminstration &
Defence
6%
8%
9%
■ Other Activites
3. Source: National Centre For Statistics & Information (NCSI)
BankDhofar
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