Oman ranks 21st to do business, investments

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Muscat – Oman has been ranked 21st globally in the 2024 list of World’s Best Countries to Invest In or Do Business compiled by CEOWORLD magazine.

The ranking underscores Oman’s strategic efforts to foster a business-friendly environment and highlights the initiatives that have positioned the country as a prime destination for international investment.

Oman’s standing is a testament to its commitment to Oman Vision 2040, which aims to diversify the national economy, reduce dependency on oil revenues and create a sustainable, innovation-driven future.

The Ministry of Commerce, Industry and Investment Promotion (MoCIIP) has been instrumental in driving reforms, providing a solid framework for enhancing economic growth, promoting the private sector and boosting investor confidence.

Through Invest OMAN, the government’s dedicated arm for large-scale investments, the sultanate continues to streamline the investor journey, offering a comprehensive suite of services that guide investors from inquiry to project realisation.

The report by CEOWORLD magazine – a New York based business publication providing insights and rankings related to global economic trends – highlights key metrics contributing to Oman’s success. The country has an economic stability score of 92.12 and received commendable ratings for its government policies (92.36) and skilled labour force (92.75). These factors, coupled with Oman’s institutional framework rating of 92.34, underscore its attractiveness for foreign investment and entrepreneurship.

Additionally, Oman’s infrastructure development – from free zones to special economic zones, such as Duqm and Sohar – further enhances its ability to attract foreign direct investment.