Summit highlights Oman's growth in line with Oman Vision 2040
MUSCAT: The 16th OER Business Summit, held at the Sheraton Oman Hotel on April 30, brought together government and industry leaders to address the economic and human resource agenda of the country in line with Oman Vision 2040.
The Summit was attended by Shaikh Salim bin Mustahail al Mashani and graced by HH Sayyid Mohammed bin Thuwaini al Said as Chief Guest. Organised by UMS Events, this year's edition was specifically about HR development—highlighting its central role in enabling Oman's long-term economic ambitions.
In his opening statement, UMS Deputy CEO Said al Maashani said the Omani GDP would grow by 3.4 per cent in 2025 and surpass the majority of regional economies' performance. The growth reflects the realisation of the immediate implications of existing fiscal reforms and structural diversification on which Oman Vision 2040 stands.
GDP is set to grow by 1.9 per cent at constant prices by Q3 2024, according to the National Centre for Statistics and Information (NCSI). Revenue has already recorded a rise to RO 12.67 billion—15.1 per cent over budgeted RO 11.01 billion—placing a forecast surplus of RO 0.54 billion in place of the initial forecast deficit of RO 0.64 billion.
In addition to supporting international trust in the path of Oman, S&P Global Ratings recently improved the Sultanate's credit rating to 'BBB' with a stable outlook. Foreign direct investment also jumped to RO 26.6 billion as of Q3 end 2024, marking an increase of 16.2 per cent year on year.
The Summit featured insightful keynote addresses from leading voices in finance, investment, and human capital, including Alkesh Joshi, EY Oman Tax Partner and MENA Sustainability Tax Leader; Reem al Taie from the Oman Investment Authority; and Wisal al Rashdi, HR Manager at WUJHA Development. Their contributions shed light on the strategic shifts taking place across sectors to align with the Oman Vision 2040 pillars of economic diversification, private sector empowerment, and workforce development.
A high-level panel discussion titled 'Unlocking the Potential of Oman's Renewed Renaissance' brought together top executives and government officials from key institutions such as the Ministry of Energy and Minerals, ASYAD, Invest Oman, Jindal Steel Sohar, and Crowe Oman. Moderated by UMS Group Editor Mayank Singh, the dialogue reinforced how collaborative public-private action and talent development are essential to realising Oman Vision 2040's transformative goals.
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