Putting comparisons of its fellow GCC members’ banking magnitude aside, the bite-sized banking sector of Oman is performing exceptionally well. Oman acts as a front-runner in attracting foreign direct investment (FDI), as the financial sector is determined to renovate the Omani economy from a mainly oil-producing and exporting economy to one of a diversified, non-oil based nature. Diversification of its economic base is one of Oman’s great successes, as its Seventh Five-Year Development Plan aims at sustaining long-term development, enhancing contribution to GDP of the non-oil sectors, and improving employment opportunities for Oman’s fast growing population. Although oil production has been declining, recent economic growth is still accredited to high oil prices. The sultanate’s Ministry of Information (MOI) believes “apart from phenomenal growth in oil income, a strong local demand and improvement in non-oil exports contributed to the better performance of the economy.” The ministry predicts a 5.5% growth in
