Oman to boost FDI in conjunction with growth of knowledge-based economy

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MUSCAT: Oxford Business Group (OBG) and Oman’s Ministry of Commerce, Industry and Investment Promotion (MCIIP) have renewed their long-standing partnership through a memorandum of understanding (MoU) to collaborate on upcoming annual economic reports, staring with The Report: Oman 2024. This three-year partnership aims to provide in-depth analysis of Oman’s business environment, focusing on key sectors and initiatives aligned with the national vision to create a competitive business hub underpinned by strong regulation and sustainability principles.

The ministry is committed to raising export levels, enhancing e-commerce, attracting foreign direct investments (FDI) and improving the ease of doing business, with a focus on the Special Economic Zone at Duqm, free zones at Salalah, Sohar and Al Mazuna and the upcoming integrated economic zone in Al Dhahirah in partnership with Saudi Arabia. These efforts are part of a broader strategy to create a more attractive business ecosystem, encouraging both local and international investments in line with the sustainable development goals of Oman Vision 2040.

The collaboration will highlight Oman’s progress in leveraging artificial intelligence and advanced technologies to transition towards a knowledge-based economy. Additionally, diversification within the oil and gas sector, particularly the expansion into downstream industries and green hydrogen capabilities, will be explored.

Qais Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, expressed the ministry’s commitment to fostering a dynamic and diversified economy.

“The ministry’s renewed partnership with Oxford Business Group reflects our dedication to showcasing Oman’s outstanding business potential to the global investment community. By highlighting the exciting opportunities in manufacturing, mining, logistics, tourism, fisheries and more we aim to attract investment that will drive sustainable economic growth in communities right across Oman,” he stated.

Dana Carmen Agarbicean, OBG’s Country Director for Oman, underscored the significance of the partnership in providing valuable insights for international investors.

“This collaboration with MCIIP is pivotal in delivering comprehensive analysis for The Report: Oman 2024. Our joint efforts will ensure that we convey the significant business opportunities available in Oman, particularly in emerging sectors such as manufacturing, tourism, mining, logistics and ICT” she commented.

The Report: Oman 2024 will be the result of extensive research conducted by OBG’s team, featuring exclusive interviews with key stakeholders from government entities, chambers of commerce, and leading corporations. The publication will provide a thorough examination of Oman’s economic landscape, focusing on priority sectors identified in Oman Vision 2040, such as industry and manufacturing, mining, fisheries, agriculture and health.