Advantage Oman 2025: Forging global partnerships for enduring prosperity
This landmark event has ignited a robust catalyst for future economic expansion, positioning Oman as a vibrant and stable hub for global investment. Against the backdrop of Oman Vision 2040 under His Majesty Sultan Haitham bin Tarik's leadership, the forum showcased remarkable progress and vast potential for international collaborators seeking sustainable growth and mutual prosperity.
The palpable energy, tangible outcomes, and clear strategic direction underscore a pivotal moment in Oman's journey towards economic diversification, global integration, and a prosperous future, extending a compelling invitation to the global community to participate in Oman's unfolding success story built on stability, strategic foresight, and mutually rewarding partnerships.
In the five years leading up to Advantage Oman 2025, strategic groundwork by the Ministry of Commerce, Industry and Investment Promotion, with domestic and international partners, cultivated an attractive ecosystem for foreign investment. This forward-thinking approach is validated by robust economic indicators: foreign investment surged 75.7% (RO 20.6 billion in 2019 to RO 36.2 billion by end-2023), with FDI, the engine of sustainable growth, increasing by 90.3% (RO 13.4 billion in 2019 to RO 25.5 billion by end-2023, projected to reach RO 30 billion by end-2024). This over 100% FDI growth within five years underscores strong investor confidence in Oman's resilience and future. Annual FDI inflows also steadily climbed (RO 718 million in 2019 to RO 4.5 billion in 2023, projected RO 5 billion for the current year). Advantage Oman 2025 effectively highlighted these achievements and the compelling narrative driving Oman's economic growth.
A closer examination of Oman's increasingly diverse economic sectors, a central focus of discussions at Advantage Oman 2025, reveals a landscape brimming with untapped opportunities for strategic investment and sustainable engagement.
Oman's strategically vital agri-food & fisheries sector demonstrates a commitment to sustainability and burgeoning potential as a regional and global provider. Sustainable fishing practices have yielded growing exports, reaching $489 million in 2023. The modernising agricultural sector contributed $1.4 billion to the national economy. Oman aims for 100% food security by 2040, a key pillar of national resilience. Oman's global ranking of 17th in the 2024 Global Fisheries Index underscores its commitment and presents attractive investment opportunities in sustainable aquaculture, advanced food processing, and agricultural technology.
In the crucial logistics sector, Oman stands as a regional leader in trade compliance, a result of streamlined processes and advanced infrastructure. With world-class deep-water ports, modern international airports, and a growing national rail network, Oman is strategically positioned as a global logistics hub. This vital sector aims to contribute $36 billion to the national GDP by 2040, aspiring to be a top-10 global logistics center, offering compelling investment prospects in advanced warehousing, transportation infrastructure, and logistics management.
Oman's strategically important mining sector presents significant untapped opportunities for international investors. As a leading global exporter of gypsum and the GCC's foremost producer of ferrochrome, the sector is undergoing modernisation, encompassing a diverse array of metals and minerals, with a target of contributing nearly $800 million to the national GDP by 2030. The forum highlighted the progressive regulatory framework and attractive investment incentives designed to foster sustainable development in this resource-rich sector.
Oman's commitment to a sustainable future is evident in the dynamic renewables sector. With abundant solar and wind resources and vast suitable land, Oman aims to become a global leader in renewable energy generation and export, targeting 100% clean power by 2050 and producing over 8.5 million tonnes of green hydrogen annually by mid-century. The forum showcased Oman's ambitious green hydrogen projects and the significant investment opportunities within this transformative sector.
Oman's rapidly expanding tourism sector, attracting increasing numbers seeking authentic and responsible travel experiences, welcomed 4 million visitors in 2023 and aims for 11.7 million annually by 2040. Strategic investments are being made in diverse tourism offerings, including luxury accommodations, adventure tourism, and eco-friendly options, targeting the GCC region, India, and Europe, presenting compelling investment opportunities across the tourism value chain.
The diverse geographical origins of Oman's FDI, a key topic at Advantage Oman 2025, illustrate a growing network of international partnerships. While the United Kingdom and the United States remain crucial partners, the increasing presence of China, Kuwait, and the UAE underscores Oman's expanding global appeal. This diverse investor base injects crucial capital, expertise, and innovation, further enriching Oman's resilient economic landscape. The forum provided an invaluable platform to strengthen these relationships and foster new collaborations for future growth.
The profound impact of foreign investment in Oman extends beyond economic gains, significantly contributing to job creation for the national workforce. In 2023 alone, 500,000 new job opportunities were created, demonstrating the direct correlation between FDI inflows and national development. The Advantage Oman Forum highlighted this mutually beneficial interplay, showcasing how investors can contribute to and benefit from Oman's sustainable economic growth.
In conclusion, the Advantage Oman Forum 2025 served as a powerful catalyst, illuminating the Sultanate of Oman's compelling value proposition as a premier destination for global investment. Robust economic indicators, a clear strategic focus on diversification, and a commitment to an investor-friendly environment underscore the immense opportunities awaiting strategic international partners. As discussions fade and connections mature into collaborations, Oman stands poised for sustained economic growth, enhanced global integration, and shared prosperity. The resounding message from Advantage Oman 2025 is clear: Oman is actively shaping the future of opportunity, inviting the world to join its promising success story.
Dr Yousuf Hamed al Balushi
The writer is founder and CEO - Smart Investment Gateway, economists, board adviser & business transformation mentor.
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