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Agriculture and fishing technologies boost Oman’s food security
OBG
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With 3200 km of coastline and swathes of cultivated land, agriculture and fisheries are key economic activities across the sultanate, providing employment opportunities, and supporting the country’s economic diversification and food security efforts. These were vital industries prior to the discovery of hydrocarbons, particularly for coastal communities. The climate allows for year-round fishing,…

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How Oman upgrades transport infrastructure to support diversification
OBG
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Oman’s geographic location and positive regional diplomatic relations offer multiple strategic opportunities that, if skillfully harnessed by the government, could see the sultanate become a regional and global transport and logistics centre. Indeed, strengthening transport capacities and capabilities is central to Oman Vision 2040, the government’s overarching socio-economic development plan. Significant…

Overview

Untapped resources: Plans to expand the mining sector through regulatory changes
OBG
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With mineral mining a major focal point of the Omani government’s plans to diversify the country’s economy, the sector has seen revitalised interest in recent years, from both domestic and foreign investors. The sector’s newly adopted strategy to develop through comprehensive, large-scale concession agreements is opening up more territory and streamlining the business side. New geological surveys…

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How Oman’s industrial zones leverage technology to boost investment
OBG
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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…

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How foreign ownership to reshape Oman’s real estate sector
OBG
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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 (PPPs) 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…

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How ICT sector to become larger part of Oman’s economy
OBG
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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 was 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,…

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How green energy to help Oman’s utilities reduce emissions
OBG
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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 country’s utilities sector. In March 2019 the Oman Power and Water Procurement Company (OPWP) forecast the share of renewables in the energy mix would reach 30% by 2030, compared to Vision 2040’s initial projection of 20%. Following…

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How Oman’s energy sector is transitioning to clean fuels
OBG
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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…

Overview

Oman’s capital markets target growth
OBG
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Oman’s capital markets are positioned to play a crucial role in achieving the Oman Vision 2040 objectives, having made great strides in the wake of the Covid-19 pandemic. With the country in the middle of a period of wide-ranging reforms and strategic changes designed to accelerate private sector growth and enhance resilience, new opportunities are opening up to invest in Oman’s capital markets…

Overview

How digitalisation is driving growth for Oman’s insurance sector
OBG
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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…