This is boswellia sacra (sacred frankincense) and thought by many to be the most precious of frankincense types. The differences in frankincense trees depend upon where they are grown, either Africa, Middle East or India. They have similar characteristics and properties but because of the region/conditions they grow in, there are variations in fragrance and their chemical make-up. Generally, frankincense is great in skincare, used historically to heal wounds as it speeds up cellular regeneration. It slows and deepens the breath making it valuable for mediation and prayer.
This particular sacred frankincense grows only in Oman and the production of it is controlled and limited by the royal family making it more difficult to obtain and subsequently more costly. It has more alpha-pinene making it extra good in skincare.
Another difference is the fragrance: Initially there is quite a peppery kick but then the balsamic, resinous, woody layers come and give a warm enveloping hug. I also find this one more earthy than say the popular boswellia carterii.