Oman - Fishing

Growth Funds   Corporate Bond   Mortgage Securities   Municipal Bonds   Zero Coupon   Treasury Securities   Life Insurance   Barron's Business   

Historically, fishing was second only to farming as an economic activity in pre-oil Oman. Both the Gulf of Oman and the Arabian Sea offer a variety of catch, including sardines, bluefish, mackerel, shark, tuna, abalone, lobsters, and oysters. Fishermen harvest their catch in the waters near the coast, using the traditional, small seagoing canoe, to which an outboard motor has been added.

The fishing sector (along with agriculture) is considered one of the most promising areas for commercial attention and accounts for the highest non-oil export revenue. However, sales in 1990 totaled RO17.3 million, dwarfed by oil export earnings of RO1.9 billion. The GCC provided the largest fish export market. The fishing sector also provided employment opportunities to 19,296 fishermen registered in 1990, of whom 18,546 were employed in traditional fisheries and 750 in industrial fisheries. Like agriculture, fishing has been affected by the diminishing number of people employed in the sector. As increasing numbers of fishermen turn to more remunerative employment, there has been a gradual decrease in the amount of fish caught.

The government has stressed modernizing and expanding the fishing industry and developing its export potential. The Joint United States-Oman Commission funded the Oman Fisheries Development and Management Project to strengthen the technical, administrative, and management skills of the Directorate General of Fisheries Resources (DGFR). In strengthening the DGFR, the government hopes to increase private-sector confidence in the fishing industry and, in the long term, to create private-sector- led development of the industry.

The government is following a dual strategy--internally, to improve the capacity of the DGFR to manage Oman's fishing resources and, externally, to provide incentives for fishermen to remain in their occupations. The government provides subsidies to purchase fiberglass boats and outboard engines to construct workshops, cold storage facilities, and jetties along the coastline and to establish companies to market fish both domestically and internationally.

Data as of January 1993


Next Page    Prev Page    Index Page    

Other Links:  MarketSigns.com  Bonds  IRS Procedures  IRS FAQ's  IRS Tax Info  Employer's Guide for Tax  Individual Federal Tax    
Countries  Chile  China  Colombia  Comoros  Cyprus  DominicanRepublic  Ecuador  Egypt  ElSalvador