Oman’s Economy on Growth Path: What It Means for Investors and Business Owners
Muscat: The Sultanate of Oman is experiencing robust economic progress, having successfully moved from a recovery phase to a period of sustained growth and expansion.
Dr. Said bin Mohammed al Saqri, Minister of Economy, stated in a recent radio interview that the average growth rate at current prices reached approximately 10 percent. Both oil and non-oil sectors have outperformed their targets.
He highlighted the government’s commitment to fostering a conducive business environment and attracting foreign investment by streamlining procedures, offering competitive incentives, and reinforcing collaborations with investors. These measures are expected to unlock new opportunities and promote the development of promising sectors within a stable and attractive economic landscape.
Under the national diversification program, five critical sectors have been prioritized: manufacturing, mining, tourism, transport, and logistics. The current and forthcoming five-year plans emphasize the manufacturing sector. Efforts are also underway to localize the renewable energy industry, including the production of solar cells, wind turbines, and electrical transformers. These sectors are anticipated to play a significant role in job creation. Additionally, the tourism sector continues to experience sustainable growth, supported by skilled human capital, comprehensive legislation, and ongoing infrastructure modernization.
The “Governorate Development” program serves as a key initiative designed to allocate development budgets to sectors requiring enhancement, as well as to identify related opportunities within Oman’s governorates. This program has successfully invigorated various economic activities and generated entrepreneurial ventures for local businesspeople.
The Ministry of Economy focuses on identifying and addressing challenges faced by economic diversification sectors. This ongoing effort involves collaboration with other economic entities to attract direct investment and leverage opportunities through the National Program for Economic Diversification.
Development budgets are strategically allocated to strengthen productive sectors and reduce the economy’s reliance on oil activities.
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Oman’s transition from recovery to robust economic growth, driven by over 10% expansion and strategic diversification beyond oil, signals a strong opportunity for businesses to tap into emerging sectors like manufacturing, mining, tourism, and renewables. Smart investors and entrepreneurs should closely monitor government incentives and the Governorate Development program, which together create a fertile environment for innovative ventures and regional projects, reducing oil dependency and fostering sustainable employment growth.
