
Digital economy to spearhead Oman's economic diversification
The digital economy is at the forefront of Oman's economic diversification plans, according to a new report by the Ministry of Transport, Communications and Information Technology (MoTCIT).
In the Digital Economic Diversification Operandum Framework, Dr Ali bin Amer al Shaithani, Under-Secretary of the Ministry of Transport, Communications and Information Technology for Communications and Information Technology, highlighted the role of digital transformation in shaping Oman's future.
'Guided by Oman Vision 2040, the country is leveraging digital tools and technologies to drive economic diversification, improve government efficiency, and enhance citizens' quality of life. The economic diversification and industry innovation theme leveraging digital transformation to reduce dependency on oil revenues, fostering growth in sectors such as logistics, tourism, energy & minerals, agriculture & fisheries, and manufacturing. The digital tools are driving innovation in traditional industries like oil and gas through automation, AI, and data analytics with the government objectives of supporting entrepreneurship and the growth of tech startups, creating an innovation-driven ecosystem. The digital transformation journey underscores its commitment to becoming a regional leader in technology and innovation,' Dr Al Shaithani stated.
According to the Under-Secretary, the National Digital Economy Programme aims to achieve 80 per cent digital transformation in the economic diversification sector by the end of 2030.
'This target fulfilment is achieved by aligning investments, policies, and talent development with Oman Vision 2040 goals, Oman is poised to create a resilient, diversified, and knowledge-driven economy. Continued focus on inclusivity, sustainability, and innovation will be key to unlocking its full potential in the digital era.' As a result the framework identified several key initiatives to achieve this. The first of which is the digitalisation of key economic sectors by 80 per cent by 2030, in an effort to increase efficiency and productivity. The targeted sectors include energy and minerals, manufacturing, logistics, tourism and agriculture and fisheries. The initiative incorporates the use of artificial intelligence, automation and big data analysis into these industries.
Examples include the use of automation and robotics in the manufacturing sector, the implementation of smart tourism solutions within the tourism sector, and the adoption of aquaculture technologies within the fisheries sector.
Furthermore, another identified initiative is the establishment of a smart government by automating 80 per cent of government core services by 2025. In 2021, the Government unveiled The National Government Digital Transformation Programme 'Tahawul', with the aim of simplifying procedures, achieving digital integration and creating shared digital platforms. As of November 2024, the Ministry reported a completion rate of 73 per cent.
Moreover, another initiative is the export of digital economy services. According to the framework the government aims for digital economy services to account for 25 per cent of total service exports by 2035. The Ministry has released several programmes under its digital economy programme highlighting key industries including space, artificial intelligence, cybersecurity, financial technologies, e-commerce and digital industry.
2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


The National
2 days ago
- The National
'Trumped' again: Taking stock of Tesla's market ups and downs
Tesla Motors' stock price is taking a beating again, this time because of the very high-profile squabble between chief executive Elon Musk and US President Donald Trump. Its 15 per cent decline on Thursday reflects the volatility that shadows the company's shares, which remain vulnerable to everything from market trends to short tweets, especially from Mr Musk. Now, with his increasingly bitter fight with Mr Trump, Mr Musk might find himself on the short end of the stick: once a trusted adviser, he has now fallen out of favour with his blitz of criticism over Mr Trump's "big, beautiful" budget bill. Mr Musk derided it as a "disgusting abomination". His gripes won't surely sit well with a "very disappointed" Mr Trump, who is notorious for getting back at his critics. Mr Musk curried favours during his time in the US administration, securing contracts and deals for his companies. Those favours are now likely up in the air. Mr Trump had already suggested that one way to save "billions and billions" is to "terminate" Mr Musk's government subsidies and contracts. It's a spectacular U-turn for the once allies; Mr Trump said he even bought a Tesla to show his support for Mr Musk. Losing the White House's support would be "terrible for Tesla, which is being eaten alive in Europe and Asia by Chinese competition, and Elon Musk's irritating involvement in politics", said Ipek Ozkardeskaya, a senior analyst at Swissquote Bank. She pointed out that Mr Musk would need the President's support, especially for Tesla's self-driving cars and Robotaxis, which "need friendly legislation to thrive". "Legislation is Trump. The hype around Tesla is not looking good," she added. Tesla's shares were up nearly 5 per cent in premarket trading on Friday amid reports of a scheduled call between Mr Trump and Mr Musk to end the spat. While Tesla's stock still remains slightly above its level when Mr Trump won his second presidency in November – Mr Musk splashed $250 million to help ensure that – it's now uncertain how the Musk-Trump clash will affect its share price moving forward. Here are some of the biggest movements in Tesla's stock history. July 24, 2024: Competition heat Tesla's stock dove 12 per cent to $215.99 after its second-quarter financials disappointed, with revenue sliding 7 per cent. The EV maker began feeling the heat from intense competition, most notably from China, as BYD famously overtook it as the world's biggest EV maker in the fourth quarter of 2023 and, subsequently, for the entirety of 2024. October 24, 2024: 22% blitz After solid third quarter financials that saw Mr Musk boldly projecting up to 30 per cent more sales in 2025, Tesla's stock rocketed nearly 22 per cent, putting investors at ease. This was the biggest single-day gain in more than a decade, which also added $150 billion to the company's market value. November 11, 2024: Tesla gets 'Trumped' Tesla gained nearly 9 per cent to $350 as investors expected the alliance between Mr Musk and the then president-elect Mr Trump to further boost its stock. The world's wealthiest person threw in about $250 million into Mr Trump's campaign to help the latter recapture the White House earlier that month. January 2, 2025: New Year's peeve After a series of highs, Tesla came back down, starting the new year with a more than 6 per cent drop to $379.28 after deliveries posted their first decline in a decade. This was also the first time the stock went below the $400 level in nearly a month. February 11, 2025: BYD strikes again After the previous coups, BYD once again hit Tesla, this time as it partnered with fellow Chinese company DeepSeek – famous for putting a dent into the auras of OpenAI and Nvidia – to utilise artificial intelligence in autonomous vehicles. That caused Tesla's stock to shed 6.3 per cent to $328.50. March 10 to April 9, 2025: Tariff see-saw The beginning of the Trump tariff effect: on March 10, Tesla's stock slid more than 15 per cent to $222.15, amid concerns and uncertainty around Mr Trump's planned tariffs. It didn't last long, as the company's share price worked its way back up, peaking – for this period – at $288.14 on March 25, as Mr Trump signalled he might scale back some of the levies. Mr Trump unveiled his Liberation Day tariffs on April 2. By April 8, investors were now raising concerns on how the company would cope with them: that combination pulled down Tesla's shares nearly 5 per cent to $221.86, its lowest since the March 10 slide. This time, it seemed like a blip: the following day, April 9, Tesla shares soared more than 22 per cent after Benchmark Company analyst Mickey Legg dismissed the sell-off as 'overblown'. April 21, 2025: Dogged by Doge Tesla shares gave up almost 6 per cent analyst fears that there was an 'continuing brand erosion' stemming from Mr Musk's role in the Trump administration. Mr Musk and Tesla had already been feeling the backlash: consumers and the general public, particularly those incensed by his federal job and budget cutting, have protested outside Tesla stores and vandalised its EVs, in addition to Tesla owners "rebranding" their cars out of protest. May 14, 2025: Tariff reprieve Tesla gained more than 9 per cent to $347.68 from the close on May 12 – the day the US and China agreed to temporarily halt their tit-for-tat tariffs. The company's stock would then remain largely steady, until Mr Musk departed from his role in the US government – leading to the public squabble with Mr Trump.


Tourism Breaking News
2 days ago
- Tourism Breaking News
Oman hospitality sector welcomed 820,365 guests in 2024 : OMRAN
Post Views: 47 The Oman Tourism Development Company (OMRAN Group) announced that the hospitality sector welcomed 820,365 guests across its hotel portfolio in 2024 — a 6% increase compared to the previous year. The portfolio achieved an average occupancy rate of 45%, marking a 2.6% increase year-on-year. A major milestone was achieved with the official opening of JW Marriott Muscat, further enriching the luxury hospitality landscape in the Sultanate of Oman. As part of its efforts to position Oman as a premier luxury tourism destination on the global map and to attract the world's leading hospitality brands, OMRAN Group announced several strategic projects, most notably the Middle East's first Club Med Resort that will be developed in Musandam, and the signing of a strategic partnership with Santani Wellness Resorts to introduce wellness tourism in Al Dakhiliyah Governorate. The Oman Tourism Development Company (OMRAN Group) has announced strong financial and operational results, underscoring the Group's sustained efforts and corporate excellence in advancing tourism development and supporting sustainable economic growth in the Sultanate of Oman, in close collaboration with key stakeholders. In 2024, the Group recorded a net profit of OMR 25.2 million and total revenues exceeding OMR 58.3 million, reflecting operational efficiency and the high standards of excellence embraced across its business operations. These achievements were presented during the Group's recent Board of Directors meeting, where the Board reaffirmed its continued commitment to reinforcing the Group's role in advancing economic diversification and amplifying its impact as a key catalyst for tourism development and investment in the Sultanate. Demonstrating its ability to attract high-quality investments, OMRAN Group secured over OMR 156 million in Foreign Direct Investment (FDI) during 2024. This achievement aligns with Oman Vision 2040 and the national efforts to boost FDI inflows and enhance the contribution of various economic sectors to the GDP. Reinforcing its commitment to sustainability and local value creation, the Group achieved a 40% In-Country Value Index in 2024, with total spending exceeding OMR 19 million in support of SMEs, which accounted for 34.7% of overall procurement spending. Furthermore, the Group created 370 new job opportunities for local talents, achieving an Omanisation rate of 94% within Oman Tourism Development Company SAOC and 53% across the Group, highlighting its dedication to empowering national talent and supporting the local economy. In line with its vision to enhance corporate governance practices, OMRAN Group launched its Environmental, Social, and Governance (ESG) Framework during the year, reinforcing its commitment to global sustainability standards, transparency, and excellence across all its operations and projects. The positive results achieved by OMRAN Group in 2024 reaffirm its leading role as a catalyst for tourism development in the Sultanate of Oman. Through pioneering projects, strategic partnerships, and innovative initiatives, the Group continues to strengthen its position and contribute to Oman's journey towards a diversified and sustainable economy.


Zawya
3 days ago
- Zawya
Calls for Omanisation freeze counterproductive
While relevant authorities are working to employ, train, and qualify Omanis for work in various available economic sectors, and to raise the percentage of "Omanisation" among qualified personnel in required specialties, today we find some countries attempting to distort this national and sovereign demand by proposing the idea of freezing "Omanisation" in some companies established through foreign investments. For more than three weeks, numerous messages and appeals have been circulating in the social media from citizens addressing government officials not to accept any condition restricting the employment of national workers in these companies in the event of bilateral trade agreements. This would lead to a doubling of the number of foreign employees in commercial establishments operating in the Sultanate, which would increase their control over the fate of Omanis and their ability to decide. This will also lead to a decline in the qualification opportunities for Omanis in these institutions. And ultimately will lead to an increase in annual remittances of expatriates to their home countries, thereby reducing liquidity in the domestic market. Many people view this country's request to freeze the "Omanisation" policy in the free trade agreement as a form of guardianship over the Omani labour market. When a country seeks to permanently guarantee its labour in vital sectors in another country, this sets a dangerous precedent that undermines the sovereignty of national decision-making. We know that foreign investment in any country seeks economic freedom, even in hiring its own workers, to reduce the final cost of any product or service. However, each country has its own laws, particularly regarding the employment of a certain percentage of national workers in these institutions, and Oman is no exception. However, I do not believe that the goal of freezing Omanisation will create chaos in the Omani market, as some suggest. However, there is a possibility that this could lead to some diplomatic tensions in specific commercial areas, which could be avoided by clarifying the country's policies. The world has experienced some problems resulting from the presence of its workers in other countries over the past decades. In certain cases, the issue of national labour or economic policies was used as a means to strain relations or improve a particular domestic situation. In international relations, there are solutions to resolve such disputes, and countries work to resolve them diplomatically to avoid escalation. We must view these issues and matters objectively, because governments typically seek to protect their national interests, and disputes related to labour and economic policies are often resolved through dialogue and agreements. The volume of Oman's foreign trade with countries around the world is increasing annually, and the quality of foreign investment projects is also increasing. Oman imports numerous products and goods, from around the world. And any demand to freeze the "Omanisation" policy will lead to a decline in demand from these countries. Furthermore, such a demand will lead to a decline in demand for joint big projects from such countries. All of these projects are part of efforts to enhance economic cooperation between countries, especially since recent years have witnessed an increase in the volume of investments and joint projects between Oman and these countries. Therefore, the presence of national labour alongside expatriate labor is a matter of sovereignty, and no country can propose a vision that excludes national labour from working in its country.