Background:
In 1970, QABOOS bin Said Al Said ousted his father and has ruled as sultan ever since. His extensive modernization program has opened the country to the outside world and has preserved a long-standing political and military relationship with the UK. Oman's moderate, independent foreign policy has sought to maintain good relations with all Middle Eastern countries.

Economy - overview:
Oman is a small, well-off middle Eastern economy with large oil and gas resources, a substantial trade surplus, and low inflation. The government is moving ahead with privatization of its utilities, the development of a body of commercial law to facilitate foreign investment, and increased budgetary outlays. Oman continues to liberalize its markets and joined the World Trade Organization (WTO) in November 2000. In order to reduce unemployment and limit dependence on foreign countries, the government is encouraging the replacement of expatriate workers with local people, i.e., the process of Omanization. Training in information technology, business management, and English support this objective. Industrial development plans focus on gas resources.

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