Oman tries to diversify its economy away from oil

Omani Minister of Trade and Industry Maqboul Bin Ali Bin Sultan said on Wednesday that Oman is trying to diversify its economy, which is primarily based on oil, whose prices were reduced in the course of the recession in world oil prices.

In a statement to the United Arab Emirates daily al-Bayan, the Omani minister said his government pursues a long-term economic plan in order to combat the negative consequences of instability in oil prices and for developing and strengthening the economy through maintaining further reliance on the trade, industry and tourism.

The sharp reduction in oil prices led to a total reduction in the GNP in Oman at a rate of 8.5% in the first nine months of 1998 to US $10.4 billion.