Oman: GDP expected to grow by 3.4% this year
MUSCAT: HH Sayyid Shihab bin Tarik al Said, Deputy Prime Minister for Defence Affairs, presided over the opening of the first international investment forum 'Advantage Oman', organised by the Ministry of Commerce, Industry and Investment Promotion.
The two-day event, held at the St Regis Al Mouj Resort in Muscat, brings together over 250 prominent figures, including senior officials, decision-makers, and regional and international investors, highlighting Oman's position as a promising investment destination.
Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, emphasised that this forum marks a first-of-its-kind strategic event for Oman, attracting top decision-makers, business leaders, and investors across key sectors. The forum comes as Oman experiences significant growth in economic and investment fields, supported by rising international indicators.
He noted that the forum coincides with a period of increasing momentum in Oman's economic and investment sectors. Foreign direct investment (FDI) inflows grew by 16.2 per cent in Q3 2024 compared to the same period in 2023. Additionally, Oman's credit rating was upgraded to BBB with a stable outlook by Standard & Poor's.
The minister said that Oman's GDP is expected to grow by 3.4 per cent this year, outperforming many global economies - a testament to the resilience of the national economy and international market confidence. The first day of the forum featured five key sessions addressing major global economic trends. The first session explored future outlooks and transformative shifts, focusing on the impact of advanced technologies like artificial intelligence, climate tech and hyper connectivity on the global economy, while stressing innovation and sustainability as pillars of competitiveness. The second session, 'The Risk-Reward Equation in a Changing World,' highlighted the importance of calculated risks in institutional success, emphasising risk culture, psychological safety, and examples of bold decision-making during times of change.
The third session, 'Business Decisions – Environmental Challenges and Corporate Responsibility,' discussed corporate accountability for climate change and biodiversity loss, proposing solutions like the circular economy and green technologies.
2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).
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