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.
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
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The IMF has recognised the Oman governments decisive...Read more
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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
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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
Oman and the United Kingdom are consolidating an economic and military partnership in a bid to boost trade.
The UK minister for international trade, recently met with his Omani counterpart and their...Read more