Beautiful Oman. With its idyllic corniches and pristine waters. Oman might be known as one of the prettiest destinations within the GCC, but behind its reputation as a tourism hotspot also beats a fast-moving economy.
Oman’s GDP has seen growth every year for the past 50 years. The 60s were a particularly thrilling ride with GDP skyrocketing at a rate of over 1,300% a year. While things might have calmed down a bit, growth continues apace. The 90s, for instance, saw GDP growth notch up a 34% yearly increase.1
The country’s economy is 60.7% services, 37.2% manufacturing, and 2.1% agriculture. Despite a drawdown in oil reserves, the energy sector remains a critical industry. However, the country is already pivoting to a post-oil future by creating a diversified economy.
This diversified economy needs talent. And this talent comes to the country from around the world. Oman’s current population is in the vicinity of 4.6 million people2 – around 45% of whom are expatriates.3 And of course, these expatriates need robust, transparent and secure channels to send money back home.
Luckily, Oman shares the GCC’s liberal financial markets when it comes to remittances. It’s as easy to send money home from Oman as from any other GCC country. Xpress Money has a long association with Oman, and is part of the community there. With over 269 locations across the country, we’ve created an easily accessible network that helps us deliver financial empowerment to our communities.
Oman is a net outward sender of remittances. In fact, outward remittances from the country as a fraction of total GDP are amongst the highest in the world. According to 2016 World Bank figures, aggregate outward remittances from Oman represent 12.6% of the country’s GDP. And while Oman is taking steps to encourage local investment by expatriates, these outflows of money have some advantages. They keep local inflation in check, for instance. They also demonstrate economic robustness, and Oman’s ability to attract a global workforce.
So to all our communities and customers in Oman, good luck! We hope that beautiful Oman continues to treat you well. And remember, Xpress Money is always at hand to make transfers to and from Oman a snap.