The economy of Oman is mainly centered around its oil sector, with fishing and trading activities located around its coastal regions.

Given that it accounts for half of the Sultanate of Oman's GDP, the petroleum products industry is one of the most significant in the Omani economy.

[20] Oman liberalised its markets in an effort to accede to the World Trade Organization (WTO) and gained membership in 2000.

[21] The government also undertook some important policy measures during 2018 with the establishment of a commercial arbitration center, the adoption of a new commercial companies' law, and a further streamlining of licensing processes through Invest Easy in order to improve the business and investment climate and promote private sector-led growth in the Sultanate.

Natural gas reserves, which increasingly provide the fuel for power generation and desalination, stand at 18 trillion ft³ (510 km3).

The Oman LNG processing plant located in Sur was opened in 2000, with production capacity of 6.6 million tons/YR, as well as unsubstantial gas liquids, including condensates.

[28] Notably, with Khazzan phase-I becoming operational, the natural gas under the petroleum sector is also emerging as a significant contributor to the Omani economy, with BP committing to invest US$16 Billion developing the field.

[29] Meanwhile, the Special Economic Zone Authority of Duqm (SEZAD) attracted $14.2 billion worth of investments in the form of usufruct agreements signed till the end of 2018.

[31] On the fiscal front, government expenditure also increased noticeably in 2018 due to higher spending on oil & gas production, defence, subsidies and elevated interest payments.

The state has allotted subsidies for companies to hire local employees not only to gradually reduce reliance on foreign workers but also to overcome an overwhelming employment preference on the part of Omanis for government jobs.

Since April 1998 a 'green card' has been awarded to companies that meet their Omanisation targets and comply with the eligibility criteria for labour relations.

Academics working on various aspects of Omanisation include Ingo Forstenlechner from United Arab Emirates University and Paul Knoglinger from the FHWien.

Studies reveal that an increasing number of the job openings in the private sector pay the official minimum salary for nationals, which is an unattractive employment prospect for the locals.

In January 1996, a major step forward in the training of Omanis in the hotel industry came with the opening of the National Hospitality Institute (NHI).

[citation needed] The stock market capitalisation of listed companies in Oman was valued at $15,269 million in 2005 by the World Bank.