Oman diversifies with research, development and innovation

02/09/21

The Sultanate of Oman is diversifying its economy away from hydrocarbons to ensure more sustainable economic growth. The International Monetary Fund (IMF) believes that GDP of the GCC countries will rebound by 2.1 percent in 2021 (supported by non-oil growth).

Oman is expected to introduce a new five-year plan which will build on existing policies and strategies to increase the investment in tourism, science and technology, agriculture and financial services. The country is developing and implementing green energy projects such as solar and wind power plants. The national energy company known as OQ is investing in alternatives like hydrogen and biofuels.

The Oman “Tawazun” (Offset) Program is an important tool to diversify the economy. It has launched 16 projects designed to promote and support the workforce development, the private sector and the safety and security sectors.

An example is the collaboration and cooperation of the Ministry of Finance (MoF) with Ericsson to establish a “Centre of Excellence” to boost the development and implementation of 5G and the internet of things (IoT).

The tie up will see Ericsson provide technical support and training programs. It will target participants from telecommunications, commercial and industrial institutions as well as students, researchers and innovators.

The Centre of Excellence will be supported by key stakeholders such as the Ministry of Higher Education, Scientific Research & Innovation (MoHESRI) and Omantel.

Please click on the link and reach out to learn more about the latest developments in research, development and innovation in the Sultanate of Oman as well as the initiatives of Business Start Up Oman.

Other News

News 23 - Thumb

Oman unveils OMR 500 million waterfront project in Muscat

Oman’s Ministry of Housing and Urban Planning (MoHUP) has announced plans for a reimagined waterfront project in the capital covering 3.3 million square metres.

Termed as the Al Khuwair Muscat Downtown...

Read more
News 22 - Thumb

Oman`s National Finance continues to support SMEs

Oman`s National Finance Company has further strenghtened its commitment to local enterprises by extending its collaboration with Sharakah.

Sharakah is an organisation...

Read more
News 21 - Thumb

Oman Free Zones attract massive green industry investments

Oman's Public Authority for Special Economic and Free Zones (OPAZ) has revealed total invested capital has exceeded OMR 17 billion (USD 44 billion) as of Q2 2023.

Several contributing factors include...

Read more
News 20 - Thumb

Oman Vision 2040 implementation progress impresses IMF

Oman has made substantial progress in diversifying its economy and implementing its Vision 2040, according to the International Monetary Fund (IMF).

The IMF has recognised the Oman governments decisive...

Read more
News 19 - Thumb

Omans 2024 budget targets priority sectors and social welfare

Oman’s state budget for 2024 aims to maintain spending levels in essential sectors including education, health and housing. In addition, it prioritises the development and investment in strategic projects...

Read more
News 18 - Thumb

Oman attracts foreign direct investment worth USD 59 billion

Omans foreign direct investment (FDI) reached almost OMR 23 billion by the third quarter of 2023 according to preliminary data from the National Centre for Statistics and Information (NCSI).

The oil...

Read more
News 17 - Thumb

Oman boosts local products with 'Made in Oman' campaign

Omani products have significantly benefitted from the recent 'Made in Oman' campaign which took place across the Sultanate. The campaign played an important role in enhancing public awareness of purchasing...

Read more
News 16 - Thumb

Oman`s oil and gas investment reaches OMR 2.25 billion

Oman`s total investment in the exploration, production and development of oil and gas during the first half of 2023 reached OMR 2.25 billion (USD 5.84 billion).

According to figures from the [Ministry...

Read more

Page Break