Capital city: Muscat
Currency: Rial (OMR)
GDP: USD$71 billion
GDP per capita: USD$16,049
Oman is an Arab absolute monarchy country on the southeastern coast of the Arabian Peninsula (bordered with United Arab Emirates, Saudi Arabia and Yemen). A vast gravel desert plain covers most of central Oman, with mountain ranges along the north and southeast coast.
The Sultan Qaboos bin Said al Said has been the hereditary leader of the country since 1970 and is the longest-serving current ruler in the Middle East. The Sultan opened up the country, embarked on economic reforms, and modernised the country (by markedly increasing the spending on health, education and welfare).
A 2009 free-trade agreement with the United States has eliminated tariff barriers (on all consumer and industrial products) and provides vital protection for foreign businesses investing in Oman.
Oman has a personal tax rate of 0%, and a company tax rate of 15% (this was also 0% before 2017).
"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2