Economy
From The Report: Oman 2025
View in Online Reader

Oman is becoming a more attractive destination for foreign investment due to sound economic policies, rising hydrocarbons prices and strategic development initiatives. The country benefits from strong regional and global relations, a stable domestic environment and a strategic location along key trade routes. Building on long-standing efforts to diversify the economy, Oman is now seeing tangible progress, particularly under the ongoing implementation of its Oman Vision 2040 development plan. A key milestone in this effort is the launch of a multi-billion-dollar investment fund in 2024, aimed at boosting private sector activity green energy, manufacturing, maritime resources, technology and tourism. These initiatives highlight Oman’s commitment to sustainable growth and its proactive role in the global shift towards cleaner energy sources.

This chapter contains interviews with Hussain Al Lawati, CEO, Development Bank; and Sultan Al Wahaibi, CEO, Oman Broadband Company.

Articles from this Chapter

Overview

Firm focus: New financing mechanisms and a growing non-oil economy are supporting progress towards sustainable development targets
OBG
plus

Sound economic management, a revival in hydrocarbons prices and a series of new development plans are combining to make Oman an increasingly attractive destination for foreign investment in the Gulf region. Growth is robust, while the sultanate’s excellent relations with its neighbours and global powers are boosting its international trade. Oman’s geostrategic location helps with this, as it borders both the Gulf and the Indian Ocean. Domestic stability is also strong, under the leadership of Sultan Haitham bin Tariq Al Said, who is building on the policies of Sultan Qaboos bin Said Al Said. Central to that was diversification, with Oman now…

Interview

Sustainable development: Hussain Al Lawati, CEO, Development Bank, on how lenders are driving financial inclusion for smaller companies and the prospects for eco-friendly financing
OBG
plus

Interview: Hussain Al Lawati, CEO, Development Bank, on how lenders are driving financial inclusion for smaller companies and the prospects for eco-friendly financing How do banks, commercial lenders and government stakeholders enhance financial inclusion for underserved segments? HUSSAIN AL LAWATI: Oman has made significant headway in advancing financial inclusion. Notable milestones have been achieved through the effective use of technology, strong collaboration among policy banks, government…

Interview

Boosting connectivity: Sultan Al Wahaibi, CEO, Oman Broadband Company, on how expanding infrastructure can help attract investment, bridge the digital divide and maintain global competitiveness
OBG
plus

Interview: Sultan Al Wahaibi Where has the growing demand for digital infrastructure contributed to economic diversification? SULTAN AL WAHAIBI: High-speed broadband connectivity has become a key enabler for multiple sectors, including logistics, tourism, health care and education. Reliable digital infrastructure supports the expansion of digital businesses, facilitates e-commerce, and boosts the competitiveness of small and medium-sized enterprises (SMEs), all of which contribute to economic growth. However,…

Analysis

Encouraging results: Localisation policies across the GCC are critical in creating sustainable employment opportunities for nationals
OBG
plus

GCC countries have been actively pursuing workforce nationalisation policies to reduce their reliance on expatriate workers and create sustainable employment opportunities for their growing local populations. Notably, Saudi Arabia has set ambitious workforce nationalisation targets as part of Vision 2030 and for socio-economic transformation. By the first quarter of 2022 the Kingdom had achieved a localisation level of 23%, with the goal of reaching 30% by 2025. To meet these numbers, the country has introduced significant changes to its labour laws. In August 2024 the Council of Ministers approved amendments granting the Ministry of Human Resources…