With the increasing ramification of economic changes Oman fisheries have been coming up with various business policies and measures to encounter all the negative impact of economic changes. UAE and Oman are accompanied by several demographics and socioeconomic condition which vary from country to country. However, in order to identify the most economic difference between these two countries there could be following examples such as country size, gross national income, annual growth rate and economic development of country. Oman is a country in the Middle East. As per the World Bank record current GDP of Oman is 15,645.08 USD (2015). In addition to this, throughout the time, Oman has shown 3.5% annual growth rate and gross national income is 167.6 billion PPP dollar which have been observed by evaluating past 5 years data (Niblock, 2015). Oman fisheries have been operating its business on international level. It is Oman based joint venture Company engaged in processing, packaging and marketing fish products in domestic and international market. It is exporting its fisheries goods and services to UAE with a view to grab international market. Oman fisheries have started its business on international level with a view to increase its products demand. With a view to make effective economic development Oman fisheries have made investment in its research and development department and focused on effective infrastructure which includes fishing ports in every costal town from Oman and UAE. There are following six examples which could be used by Oman fisheries for taking its business on international level (Belwal, et al, 2014).
Economic Scale of Business
It is the full capacity production (Optimum level of production) of Oman fisheries which is used by it to decrease its overall cost of production. It is evaluated that Oman fisheries has limited demand of its products if it sell its products and service in Oman. Nonetheless, If Oman fisheries sell its fisheries products in UAE market then it will not only increase its total revenue but also increase its overall economic conditions on domestic and international level.
Product Differentiation and Market Development
It is evaluated that UAE region is accompanied by various countries and providing wide range of demand of fish products. Oman fisheries could penetrate the UAE market with its high quality products. It is analyzed that financial services sector of UAE has witnessed rapid growth in past few years. If Oman fisheries set up its new ventures in UAE then it could easily grab international funds and money for expanding its business in other countries. On the other hand, doing business in Oman will curb its growth and production scale to the particular extent (Bait, and Hossain, 2016).
Cost Differentiation
Oman fisheries could grasp various high tech technologies which are available in UAE. However, due to its limited business in Oman, Oman fisheries have been facing high cost in selling and buying of fishes. It is evaluated that tapping into UAE market will not only in infrastructure development but also provides effective level of cost leadership in market. For instance, company by introducing new machineries and plan could increase its overall production and satisfy people’s demand and need in domestic and international market.
Distribution of Business System
Oman fisheries have been following single line value chain system for distributing its products and services in Oman. However, economics of UAE has wide range of distributions channels. Oman fisheries could expand its distribution of business system in UAE by adopting new high tech and hiring talented people in its business system.
Nature of Demands
It is analyzed that Oman fisheries could increase its production capacity by adopting new high tech and hiring talented people in its business system new high tech and hiring talented people in its business system. It is evaluated that due to less number of people in Oman, Oman fisheries had to restrict its production. Therefore, by expanding its business in UAE, and as per the demand of UAE economic, Oman fisheries could deploy its full production capacity and reduce its overall cost of production.
Infrastructure Development
The economic development of Oman is not proposing effective development throughout the time. Oman fisheries by making investment in its research and development department and focused on effective infrastructure fishing ports in every costal town from Oman and UAE could enhance its business and tap into UAE market. However, due to its complexity and new economic policies, Oman fisheries needs to evaluate its existing and proposed plan (Al-Busaidi, Jukes and Bose 2016).
Now in the end, it could be inferred that Oman and UAE has wide range of differences in Economic scale of business, cost of products and economic policies.
References
Al-Busaidi, M.A., Jukes, D.J. and Bose, S., 2016. Seafood safety and quality: An analysis of the supply chain in the Sultanate of Oman. Food Control, 59, pp.651-662.
Bait, N.O. and Hossain, I., 2016. Economic projects in the Sultanate of ?man: investment and development. Economics, (11), pp.34-40.
Belwal, R., Belwal, S., Al-Jabri, O. and Al-Shizawi, F., 2014. Fishermen on Oman’s Batinah Coast: A Lookout for Policy Interventions. Asian Business and Management Practices: Trends and Global Considerations: Trends and Global Considerations, p.159.
Niblock, T., 2015. Social and Economic Development in the Arab Gulf (RLE Economy of Middle East). Routledge.
