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 10 - Thumb

Madayn establishes Centre for Innovation and Entrepreneurship

The Public Establishment for Industrial Estates (Madayn) and the Oman Indian Fertiliser Company (Omifco) recently signed an agreement to establish the Omifco Centre for Innovation and Entrepreneurship...

Read more
News 9 - Thumb

Salalah Free Zone records OMR 727 million of investment

Salalah Free Zone has signed five new land lease agreements worth a total investment of OMR 727 million (USD 1.88 billion) during the first half of 2023.

Furthermore, the free zone located in Dhofar...

Read more
News 8 - Thumb

Oman committed to renewable energy to meet demand

Oman is inviting procurement targetting solar and wind capacity to secure at least 30 percent of its electricity from renewable sources...

Read more
News 7 - Thumb

Oman updates Labour Law to align with Vision 2040

Oman recently announced a major overhaul of the Sultanates labour laws as the government seeks to align its labour market with the Oman Vision 2040.

The...

Read more
News 6 - Thumb

Oman targetting tourism and real estate to diversify economy

Oman`s Ministry of Heritage and Tourism has approved 19 integrated tourism licences as the Sultanate progresses with plans to invest OMR 4.4 billion (USD 11.4 billion) in...

Read more
News 5 - Thumb

Oman launches Sultanates first private cloud data centre

Oman’s first private cloud data centre has been launched in coordination with the Ministry of Transport, Communications and Information Technology (MTCIT).

Consequently [Oman based global integrated...

Read more
News 4 - Thumb

Oman`s Sohar Freezone facilitating investment

Oman`s Sohar Freezone has extended its competitive rates for businesses seeking to obtain a General Trade License (GTL). This initiative will drive growth by encouraging global enterprises to base themselves...

Read more
News 3 thumb

Oman planning huge IPO listings over next five years

Oman`s Muscat Stock Exchange (MSX) is planning to list 35 state-owned enterprises over the next five years, with several oil companies expected to list this year.

Furthermore [recent interest in the...

Read more

Page Break