Oman has achieved remarkable economic transformation in 2024, establishing itself as a hub for investment and fiscal sustainability. Guided by Oman Vision 2040, the Sultanate of Oman has attracted significant attention from both foreign and local investors. An economic expert, speaking to the Observer, highlighted some of the key landmarks and milestones that have reshaped Oman’s economy this year.

Sultan Haitham City, a key urban development initiative, has emerged as a centrepiece of investment. The city secured RO 500 million in foreign direct investments and over RO 1 billion in local real estate projects. With its integrated residential neighbourhoods, Sultan Haitham City is set to become a vibrant economic hub.

Strategic investments have propelled Oman into high-value industries, reinforcing its global competitiveness. Oman’s acquisition of stakes in Angola’s Catoca and Luele diamond mines has opened a lucrative pathway into the diamond trade, positioning the country as a serious player in this exclusive market. Likewise, Oman’s investment in Elon Musk’s xAI marks a significant step into the realm of artificial intelligence, establishing Oman as a regional leader in digital innovation. Additionally, the Oman Future Fund, with an initial portfolio of RO 830 million, demonstrates a strong commitment to impactful, sustainable projects.

Oman’s focus on strengthening international partnerships has also yielded impressive results. The Sultanate of Oman has partnered with Turkey to establish a $500 million joint investment fund. This collaboration not only deepens bilateral ties but also expands Oman’s access to global opportunities.

Fiscal discipline has been a cornerstone of Oman’s economic progress. Public debt has decreased by over RO 1 billion, bringing it closer to safe thresholds. This reduction has generated savings of RO 85 million, reflecting prudent financial management. Efforts to optimise state finances have resulted in the recovery of RO 178 million by the treasury. Furthermore, Oman achieved a financial surplus exceeding RO 500 million, demonstrating its fiscal resilience.

Foreign direct investment in Oman has reached unprecedented levels. By mid-2024, FDI had climbed to RO 25.981 billion, reflecting a 17.4 per cent increase. This growth underscores the government’s dedication to fostering a business-friendly environment attractive to global investors.

Economic diversification efforts have also seen tangible success. Industrial license applications have risen by 77 per cent across the governorates, showcasing Oman’s commitment to building a robust industrial base.

The Oman Investment Authority has expanded its total assets by over RO 1 billion, bringing its portfolio to RO 19.2 billion. This expansion strengthens the authority’s ability to support transformative, long-term projects both locally and internationally.

The year 2024 marks a turning point for Oman’s economy. Through strategic investments, fiscal discipline and a focus on Oman Vision 2040, the Sultanate of Oman has solidified its status as a global investment destination and a beacon of growth, innovation and resilience.

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