Economy
Muscat's economy, like that of Oman, is dominated by trade. The more traditional exports of the city included dates, mother of pearl, and fish. Many of the souks of Muttrah sell these items and traditional Omani artefacts. Petroleum Development Oman (PDO) has been central to Muscat's economy since at least 1962 and is the country's second largest employer, after the government. PDO's major shareholders include Royal Dutch/Shell, Total, and Partex and its production is estimated to be about 720,000 barrels per day (114,000 m3/d). Muscat also has major trading companies such as Suhail Bahwan Group, which is a trading partner for corporations such as Toshiba, Subaru, Seiko, Hewlett Packard, General Motors, RAK Ceramics; Saud Bahwan Group whose trading partners are Toyota, Daihatsu,KIA and Hertz Rent-a-Car; and Zubair Automotive whose trading partners include Mitsubishi, and Chrysler brands such as Dodge. The private Health Care sector of Muscat,Oman has numerous hospitals and clinics.
The Muscat Securities Market is the principal stock exchange of Oman. It is located in Central Business District of Muscat and it was established in 1988, and has since distinguished itself as a pioneer among its regional peers in terms of transparency and disclosure regulations and requirements.
Mina Sultan Qaboos, Muscat's main trading port, is a trading hub between the Persian Gulf, the Indian subcontinent and the Far East with an annual volume of about 1.6 million tons. However, the emergence of the Jebel Ali Free Zone in neighboring Dubai, United Arab Emirates, has made that port the premier maritime trading port of the region with about 44 million tons traded in cargo annually. Many infrastructural facilities are owned and operated by the government of Oman. Omantel is the major telecommunications organization in Oman and provides local, long-distance and international dialing facilities and operates as the country's only ISP. Recent liberalization of the mobile telephone market has seen the establishment of a second provider — Nawras.
The airline Oman Air has its head office on the grounds of Muscat International Airport.
Read more about this topic: Muscat, Oman
Famous quotes containing the word economy:
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
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—Jane Jacobs (b. 1916)