Oman - Country history and economic development

1921. Treaty of Sib is signed, which marks the British takeover of the government of Oman. A council of Ministers governs with British advisers and the British take control of customs revenue. Also during this time, new Western strategic interests develop in Oman in the form of air routes and oil prospecting.

1951. British recognize Oman as an independent state.

1962. Oil is discovered.

1967. Oil production starts.

1970. Sultan Sa'id is overthrown by his own son, Qa-boos Bin Sa'id, in a palace coup. Sultan Qaboos liberalizes the political system, and starts many development projects. Oman is plagued by civil war.

1980. Military agreement signed with the United States which reflects the Western strategic interest in Oman for the planning of rapid deployment force capabilities to secure Western access to gulf oil.

1981. Oman forms the Gulf Cooperation. This agreement is signed between the 6 conservative monarchies of the Gulf: Saudi Arabia, Bahrain, United Arab Emi-rates, Kuwait, Oman, and Qatar to coordinate their economic, political, cultural, and security policy.

1991. Sultan Qaboos expands and restructures Oman's consultative council.

1994. Oman joins the International Labor Organization (ILO).

1999. Oman is included in the International Finance Corporation's emerging market index. Electronic trading is introduced.

2000. Oman becomes a member of the World Trade Organization.

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