Oman Risk Management Report: Weekend moved to Friday/Saturday to facilitate business

Oman has spent heavily since 2011, especially on job creation and welfare packages intended to offset social unrest exacerbated by the Arab Spring. Infrastructure has also been a priority, and there is a pressing need to diversify the economy away from oil, reserves of which could run out within less than two decades. Muscat has also increased defence spending: according to the International Institute for Strategic Studies, Oman’s military spending rose by 58% in 2012 to $6.7bn, equivalent to 8.4% of GDP or $2,178 per capita. The budget for 2013 has a big spending target of OR12.9bn ($33.5bn), with revenues estimated at OR11.2bn, up 27% from the previous year (although actual revenues in 2012 were around OR14bn).