Manufacturing activity has undergone a significant expansion in Oman since the turn of the century, with further growth targeted in a number of strategically identified segments to boost self-sufficiency and aid the economic diversification agenda. The Covid-19 pandemic demonstrated the importance of self-sufficiency, particularly in relation to food and medical supplies. Industrial, free and special…
Construction activity will be key to realising the objectives of Oman Vision 2040, which prioritises diversifying the economy away from a reliance on hydrocarbons revenue. Public-private partnerships present an opportunity to accelerate progress towards strategic goals such as affordable housing while also preserving public finances. Matching real estate supply with the precise demands of the residential…
Broad digital transformation is at the heart of Oman Vision 2040, the government’s long-term economic development blueprint. In the years leading to the Covid-19 pandemic the sector’s governance structures were overhauled to improve efficiency, while private investment in ICT activities had already been growing. To support this, the authorities have prioritised deepening the local tech talent pool,…
Oman Vision 2040, the national plan to diversify the sultanate’s economy and put it on a more sustainable footing, is the most important driver of change in the utilities sector. In March 2019 the Oman Power and Water Procurement Company forecast the share of renewables in the energy mix would reach 30% by 2030, compared to Vision 2040’s initial projection of 20%. Following the country’s announcement…
As Russia’s invasion of Ukraine and climate change continue to disrupt market dynamics, the transition to cleaner sources of energy has never been in sharper focus. Oman’s policy response is guided by Oman Vision 2040, which aims to put the economy on a more diversified and sustainable footing, while protecting the environment and improving livelihoods. Other notable initiatives include the country’s…
Oman’s capital markets are positioned to play a crucial role in achieving Oman Vision 2040’s objectives, having made great strides in the wake of the Covid-19 pandemic. Oman is currently undergoing a period of wide-ranging reforms and strategic changes designed to accelerate private sector growth and enhance resilience. This has opened up new opportunities in the kingdom’s capital markets, which…
Recent years have been challenging for insurers worldwide as they grappled with the impact of the Covid-19 pandemic, supply chain disruptions, turbulent oil and gas prices, and uncertainties concerning economic growth. Despite these challenges, Oman’s insurance sector has demonstrated robust growth. Looking ahead, recovery in the wider economy, regulatory improvements and signs of market consolidation…
Oman has successfully stabilised public finances by implementing cost-saving measures and reforms while benefiting from higher oil prices. Additionally, the government is focusing on enhancing oversight and consolidating public sector entities to enhance efficiencies, improve the business environment and attract greater foreign direct investment over the long term. As a result, Oman’s sover
As a cornerstone of the economy, Oman’s banking sector experienced significant growth and development between 2012 and 2022. While the disruption caused by the Covid-19 pandemic – and in particular its knock-on effects on global energy markets, supply chains and inflation – has weighed on the pace of expansion, Omani banks’ strong performance and stability in the years preceding the health…
Due to the hydrocarbons-focused nature of its economy, the sultanate was not immune to the global economic shocks of the past decade. The government is therefore pursuing broad economic diversification, with specific sectors strategically targeted for development. While this is a familiar narrative across the GCC, motivated in large part by the global transition to clean energy, the need for diversification…
