Oman to cut reliance on oil exports, plans to diversify

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Oman plans to drastically reduce its reliance on oil exports and double its income from industrial activities in the coming decade as the Gulf strives to diversify away from crude export revenues.

The non-Opec oil exporter aims to reduce the contribution of the oil sector to its gross domestic product to nine per cent by 2020 from 41.5 per cent in 2007, according to an official planning document from the Ministry of National Economy.

"The economy would no longer be oil-reliant in 2020. It is envisaged to be a diversified economy with higher levels of savings and investment," the document said.