Country Rankings - Oman
Apr 11, 2013 Oman: humming alongWhile Egypt seems to be splintering in front of our eyes, the members of the neighbouring Gulf Cooperation Council (GCC), that's Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman, are hoovering up FDI at a great rate. Some of these countries have their unpleasant aspects, and are emerging from the Arab Spring with tarnished democratic credentials, if they had any in the first place, but economically speaking they are doing well, making good use of their oil wealth and even spreading some of it around their own citizenry. They are also and not coincidentally mostly free of individual income tax, while corporate taxes are absent or quite low. The GCC has been droning on about creating a VAT for more than five years now, but there are no signs that it is imminent. Between 2003 and 2011, the GCC countries scooped up over 60% of all FDI into the Mid-East, with USD40bn in 2012 alone. Egypt actually saw negative FDI in 2011, although 2012 figures appear to have shown something of a recovery.