MUSCAT: The Sultanate of Oman was ranked among the most economically free Arab countries for the year 2022, in the new US Heritage Foundation’s Index of Economic Freedom in the World.
The Sultanate came with the UAE, Qatar, Bahrain, Jordan, Morocco and Kuwait as the best Arab country in the Index of Economic Freedom. The Heritage Foundation said the Omani economy gained strength from 2017 to 2018, turned negative growth in 2019, and contracted further in 2020, but growth returned again in 2021.
The index pointed out that the most important strengths of the Sultanate of Oman in the index of economic freedom lie in the protection of property rights and freedom of criticism.
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The modernisation of the Commercial Companies Law, the Foreign Capital Investment Law, the Privatisation Law, the Public-Private Partnership Law, and the Bankruptcy Law improved the business climate in the Sultanate of Oman and opened more sectors to private sector competition.
The index stated that the increasing efforts being made to increase transparency and simplify the investment framework, stressing that the Muscat Securities Market (the Muscat Stock Exchange) is an active market and is open to foreign investors.
