Question

Q 1) what is the Oman vision 2020?
(Most important plan, improvement, diversification)


Q 2) Discuss the Corporate Social Responsibility (CSR) in GCC?
(Definition, internal, external with example from GCC)


Q 3) Ongoing reforms happening at law and impact the business in GCC?
(GCC growth, example tax rising, law change in human rate)
(How it impact, Foreign Direct Investment Law, diversification)



Q 4) Discuss the organization culture and how its impact in the economy? (Changes in economy, internal& external, employee)
(How, when, what)

Q 5) Lapur law or policy of the ministry of Manpower?
What is impact in the labor law, some employee not having skilled..,
Raise the licenses of foreign workers and benefit, challenges,
Impact in labor law”Omanization’’ need to write number/figures of Omanization.

Answer 1

Answer 1)

Plan: Oman Vision 2020 is an ambitious plan designed to steer the Sultanate toward a more sustainable and diversified economy by using oil revenues to boost investments in health, education, and social services, better train citizens, and raise living standards across the board.

Improvement: Tourism will facilitate economic diversification, the preservation of cultural integrity and the protection of the environment of the Sultanate. According to the latest statistics, tourism contributes approximately 2.4 percent to Oman's GDP and is expected to increase to 3 percent by 2020.

Diversification: Oman focuses on diversification and infrastructure investment, located in the south-eastern quarter of the Arabian Peninsula, Oman is the only member of the GCC situated outside of the Gulf. Leveraging its strategic location, Oman has invested in infrastructure with the goal of becoming a global logistics centre. While the country is less hydrocarbons-rich than its GCC neighbours, diversification efforts are a driving force behind Oman’s economic growth.

Answer 2)

Definition: Corporate social responsibility (CSR) is a self-regulating business model that helps a company be socially accountable to itself, its stakeholders, and the public. CSR is the corporations in the GCC are mostly family-owned which characteristically allows family values to influence the way in which the businesses are run. These organisations may often take stakeholder interests into consideration when making business decisions.

Most common examples of CSR in GCC:

1. Reduce carbon footprints to mitigate climate change

2. Improve labor policies and embrace fair trade

Engage in charitable giving and volunteer efforts within your community

3. Change corporate policies to benefit the environment

4. Make socially and environmentally conscious investments.

Answer 3)

Growth is projected to slow to 1.2% in 2019 as Oman's commitment to the December 2018 OPEC+ output cut constrains oil production. There will be a one-off spike in growth to 6% in 2020 as the government plans to significantly increase investment in the Khazzan gas field. The potential boost from the diversification investment spending would continue supporting growth in 2021 and the medium term. The report commends ongoing reforms made towards improving the business environment in the region. However, to achieve more sustainable growth, the GCC countries need to support fiscal consolidation, economic diversification, and increase private sector-led job creation, especially for women and young people.

Tax reform in the GCC should introduce modern and efficient tax systems to the region.

Existing tax systems are characterized by very low rates and narrow bases. Dating back to the mid-20th century, GCC taxation systems are not very efficient and generate persistently low revenues. Tax reforms will help mobilize tax revenues, provide the region with the opportunity to modernize tax laws and institutions, and create the foundations for financing the provision of government

services when oil reserves dwindle. In addition to encouraging greater accountability, these systems will help promote equity and perceptions of fairness, while aligning GCC countries with international practices.

Answer 4)

Organizational culture is defined as the underlying beliefs, assumptions, values and ways of interacting that contribute to the unique social and psychological environment of an organization. There are 4 types of culture as the Clan Culture, the Adhocracy Culture, the Market Culture, and the Hierarchy Culture.

Culture impacts how employees are best managed based on their values and priorities. It also impacts the functional areas of marketing, sales, and distribution. It can affect a company's analysis and decision on how best to enter a new market.

Culture affects economic activity through the choices that people make about how to allocate scarce resources. In other terms, while culture may be a fundamental determinant of economic activity, it acts through proximate factors like the accumulation of capital, the adoption of technology, or labor market participation decisions.

Answer 5)

Lapur law also known as labour law or employment law mediates the relationship between workers, employing entities, trade unions and the government. Collective labour law relates to the tripartite relationship between employee, employer and union.

The claim that labour regulation imposes costs on firms and distorts market outcomes, resulting in growing unemployment and an increase in the size of the informal sector, has influenced World Bank policy for much of the past two decades, and has been influential at national level in a number of countries.

The Omanization plan, implemented in 1988, strives to reduce the country’s dependence on expatriate manpower by substituting Omani nationals for foreign labor.

Impact of Omanization - Since 1995, the policy of Omanization has reduced the share of expatriate workers in both the public and private sector. Between 1995 and 1998, the share of expenditure in public sector employment decreased from 22.3% to 20.8% and in private sector employment declined from 85.2% to 81.6%.