Oman is planning to supercharge its economy

19/05/22

The Sultanate of Oman recently unveiled several mega construction projects as part of the Vision 2040. The developments offer new investment opportunities for national and international investors in line with the mandate of the Oman Investment Authority.

The Public Establishment for Industrial Estates (Madayn) announced it will build 40 industrial cities across the country. The construction works have already started at Khasab, Ibri, Thumrait, Shinas and Al Mudhaibi. Additional locations will include Musandam, Al Dhahirah, Al Sharqiyah North, Al Batinah North and Dhofar.

Madayn’s total investment will be OMR 7 billion (USD 18.2 billion) across 2,300 local projects. The Omanisation rate in these projects exceeds 38% of the total workforce in the industrial cities, which in turn exceeds 63% of the total workforce in the industrial sector.

In order to support the investment climate in the country, Madayn has introduced a package of incentives and exemptions. Furthermore, the Industrial Innovation Academy of Madayn was announced to promote and support a diversified and sustainable economy based on technology, knowledge and innovation.

In efforts to maximise the limitless potential of Oman’s tourism sector, the Oman Tourism Development Company (OMRAN) revealed the Sustainable City – Yiti near Muscat. OMRAN will partner with Diamond Developers on the project.

With an investment value of OMR 385 million (USD 1 billion), the city will be built over an area of 1 million square metres and will be developed within phase one of the Yiti Integrated Tourism Development Masterplan. The project which is scheduled for completion in 2025 will be one of the region’s most sustainable cities and aims to be carbon net zero by 2040.

Smart innovation will be a key theme and the project will feature 1,657 residential units including 300 eco-friendly and energy-efficient villas in car-free districts. Yiti will produce 100% of its energy requirements from renewables including solar power and biogas. It will also recycle its waste water and use it for irrigation.

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

Other News

News 30 - Thumb

Oman’s Sur Oasis Incubator welcomes entrepreneurs

Sur Oasis Incubator in Sur Industrial City has welcomed its first cohort of entrepreneurs, innovators and inventors most recently.

The incubator accepted start-ups...

Read more
News 29 - Thumb

Oman records energy driven budget surplus

Oman recorded a budget surplus of OMR 784 million (USD 2 billion) in the first half of 2022 according to data provided by Oman News Agency (ONA).

The country’s total revenue in the first six months...

Read more
News 27 - Thumb

More GCC tourists and high hotel occupancy in Oman

The Sultanate of Oman is witnessing a surge of tourists from GCC countries according to the National Centre for Statistics and Information (NCSI).

The increase was most obvious during the months of...

Read more
News 26 - Thumb

Oman passes regulations for household businesses

Oman`s Ministry of Commerce, Industry and Investment Promotion (MoCIIP) has issued a ministerial decision concerning income generating household businesses.

As a result, the new measures will legalise...

Read more
News 25 - Thumb

Oman promotes investment in green energy sector

Oman Investment Authority (OIA) recently hosted the Renewable Energy Conference to present green energy investment opportunities to the international market.

The conference was jointly organised by...

Read more
News 24 - Thumb

Oman’s Ibri Industrial City attracts new projects

Madayn, Oman’s Public Establishment for Industrial Estates, has announced the Ibri Industrial City project completion rate has surpassed 27%.

Phase one of the project is being developed in the Wilayat...

Read more
News 23 - Thumb

Oman plans smart cities in Suhar, Nizwa and Salalah

The Sultanate of Oman`s Ministry of Housing & Urban Planning has launched an innovative initiative to develop three smart cities in different parts of the country.

It has invited international urban...

Read more
News 22 - Thumb

Key enablers to ramp up Oman’s attractiveness

The Sultanate of Oman is introducing a wide range of innovative incentives to attract foreign direct investment and to boost exports to third countries in the region and beyond.

There are 135 new initiatives...

Read more

Page Break