MUSCAT: Oman's business climate received a positive boost in February 2024 with a significant rise in its expat workforce. Data published by the National Centre for Statistics and Information (NCSI) revealed a notable 3.9% year-on-year increase, reaching a total of 1.8 million expat workers. This growth signifies a growing demand for skilled labour across various industries, suggesting a healthy and expanding Omani economy.
The private sector emerged as the biggest beneficiary, with its expat talent pool expanding by 4%, reaching over 1.4 million workers. Conversely, the government sector witnessed a 4.8% contraction in its expat workforce, indicating ongoing efforts to streamline operations.
A deeper dive into the data reveals interesting demographic shifts. Bangladesh emerged as the leading source of expat labour, exceeding 700,000 workers, followed by India and Pakistan. Notably, Myanmar saw a staggering 109% surge in its expat workforce to over 26,000.
Muscat, Oman's commercial hub, unsurprisingly houses the largest expat population, with a slight increase of 1.6% year-on-year. Dhofar Governorate also witnessed a notable rise, due to ongoing tourism and infrastructure projects in the region.
Looking ahead, Oman has a unique opportunity to leverage its growing expat workforce for sustained economic growth. Formulating effective integration strategies that foster social cohesion will be crucial. Policymakers could explore innovative solutions to channel outward remittances back into the Omani economy, potentially through targeted investment initiatives.
By implementing proactive policies to manage this demographic shift, Oman can maximize the benefits of its diverse workforce and solidify its position as a key player in the region's economic landscape. This latest data underscores Oman's growing appeal as a business destination.
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