Page 142 - Aamir Rehman - Dubai & Co Global Strategies for Doing Business in the Gulf States-McGraw-Hill (2007)

126 Dubai & Co.

efforts are under way. One creatively named project in the tourism
sector is called “Omagine”—a beachfront complex designed to mix
cultural, tourist, commercial, educational, and residential elements.
Stimulating the economy is a crucial priority: unemployment is
31
15 percent and demographic pressures threaten to drive the figure
even higher if Oman cannot create more jobs for locals.
Tourism is a high-potential sector for Oman due largely to the
quality and diversity of the country’s tourist attractions. Oman has
the benefit of having a long history, and it has wisely preserved
many historic sites. Along the Batinah coast, one finds towns
in which ancient forts are still standing. Muscat itself has Qasr
al-Hosn—the fort from its ancient days as a walled city. In Salalah,
another port town that is quickly being developed as a tourist des-
tination, there are ancient ruins and a tomb said to house the
Prophet Job. The city of Sohar boasts its own ancient castle. Oman’s
terrain offers mountains, dunes, beaches, coral reefs, and wadi
oases that attract visitors from around the world.
While Oman’s relatively modest wealth puts it somewhat on
the periphery of the GCC states, the Sultanate does have features
that its neighbors might do well to emulate. Oman has built a fairly
diversified—albeit by necessity—economy, and it has a substantial
middle class of Omani citizens. Oman has also preserved its
heritage and historical sites in a manner that gives the place a sense
of authenticity sometimes missing from the sleek, modernist envi-
rons of its neighbors.

KEY LESSONS

● Don’t let the newness of sleek cities of the GCC states fool
you: the Gulf is a place with a long history and that values its
traditions. Knowing the background of each country is
important.
● Within the GCC, the UAE is the trailblazer, quickly
establishing itself as the region’s commercial hub largely
through its open-for-business environment.
● Saudi Arabia is the core market, representing 70 percent of
the region’s population and some 50 percent of the total
GDP.