Latest news with #Renaissance2.0
Observer
03-05-2025
- Business
- Observer
Oman's strategic vision drives diversification and global investment appeal
MUSCAT: The Sultanate of Oman is making confident strides toward a comprehensive economic transformation, guided by Oman Vision 2040—its national roadmap to diversify the economy, attract foreign investments, enhance governance, and promote sustainability. A recent Oxford Business Group (OBG) report highlights the tangible progress being made across key sectors, positioning Oman as a rising regional and global economic force. Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, emphasized that Oman's investment strategy is built on modernizing the business environment, developing human capital, fostering innovation, and accelerating digital transformation. These pillars are the foundation of 'Renaissance 2.0,' Oman's bold economic transformation plan targeting emerging sectors such as manufacturing, logistics, mining, tourism, agriculture, fisheries, and renewable energy. Al Yousef also underscored Oman's strategic geographic advantage—serving as a trade gateway between Asia and Africa—supported by modern infrastructure, including efficient ports, highways, and industrial zones. According to World Bank reports, Oman leads the GCC in terms of fast-tracking import-export procedures, reducing shipping times by up to 40 per cent compared to regional peers. Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion. Innovation is driving this transformation. Oman is advancing major initiatives such as green hydrogen production in Duqm, precision agriculture in Najd, AI-powered logistics, and smart tourism platforms—all hallmarks of its shift toward a diversified, knowledge-based economy. Ibtisam bint Ahmed al Farooji, Under-Secretary for Investment Promotion, noted that Oman is increasingly attractive to foreign investors. Ranked fourth globally for foreign direct investment (FDI) appeal in 2023, Oman's FDI inflows grew by 19.3 per cent between Q1 2023 and Q1 2024. Key investment partners include China—with RO 1.4 billion invested in 2023—alongside India, Japan, South Korea, and Denmark, which is partnering with Oman on the $6 billion Amnah Green Hydrogen project. Oman's economic diversification is further bolstered by the Oman Industrial Strategy 2040, which aims to double the manufacturing sector's contribution to RO 10.8 billion and attract annual investments exceeding RO 1.9 billion. The industrial sector alone recorded GDP of RO 3.8 billion in 2023, while FDI in this sector surpassed RO 2.2 billion in early 2024. Ibtisam bint Ahmed al Farooji, Under-Secretary for Investment Promotion. The logistics and transport sector is a major growth driver. Key projects—like the Oman-Etihad Rail, Khazaen Economic City, and air/sea connectivity expansions—leveraged Oman's strategic location to boost GDP contributions to RO 1.7 billion in the first nine months of 2024. By 2040, this is expected to rise to RO 13.8 billion, creating around 300,000 jobs. Reforms such as a new maritime law and the adoption of smart systems like the Port Community System have dramatically cut shipment processing times. Meanwhile, Oman is advancing toward food security. By 2040, the goal is full self-sufficiency, with strong performance already in fish (162%), fresh milk (97%), and eggs (92%). The agriculture and fisheries sectors now employ over 139,000 people and are tapping into 1.4 million hectares of land using smart technologies and integrated approaches. The mining sector is also gaining momentum, with GDP reaching RO 229.3 million in 2023 and mineral exports rising by 71 per cent. Oman is developing high-value projects such as a titanium dioxide plant and an aluminum wheel factory, while opening 110 new mining blocks. The sector benefits from robust legislation and infrastructure, encouraging both local and foreign investment. Tourism, another pillar of diversification, recorded a 12 per cent increase in visitors in Q1 2024 compared to 2023. Oman aims to welcome 11 million annual visitors by 2040 through expanded visa access, strategic partnerships (e.g., with Saudi Arabia), and investment in ecotourism, culinary experiences, and heritage development—including plans to open 25 heritage sites for investment by 2025. Urban development complements tourism growth. Oman's real estate and city planning strategies include 18 initiatives tied to 16 priorities and 32 indicators. These aim to build sustainable, digitally integrated urban spaces that cater to rising populations and modern lifestyles. While oil remains a vital part of the economy—contributing RO 7.2 billion to GDP in Q2 2024—Oman is investing heavily in renewable energy. Through Hydrom, the country targets green hydrogen production of 1 million tons by 2030, scaling up to 8.5 million tons by 2050. This output is equivalent to 80% of Oman's current LNG exports. Finally, digital transformation is a cornerstone of Oman's future. With significant progress in 5G, cloud computing, and data infrastructure, Oman is positioning itself as a regional tech hub. These advancements support the digital economy's growing contribution to GDP and align with Vision 2040's broader goal of sustainable, innovation-led growth. — ONA
Zawya
28-04-2025
- Business
- Zawya
‘Oman offers investors stability, sustainability, and global reach'
MUSCAT: In a world facing growing uncertainty and conflict, Oman is offering investors a rare combination of consistency, openness and long-term opportunity, according to H E Qais bin Mohammed Al Yousef, Minister of Commerce, Industry, and Investment Promotion. Speaking at the opening of the Advantage Oman Forum 2025 at the St. Regis Al Mouj Muscat, Al Yousef told a gathering comprising global CEOs that Oman remains a trusted and stable partner at a time when more than 50 active conflicts are destabilising the global landscape. 'In such a world, Oman offers a rare value — consistency, openness, and reliability,' Al Yousef said. Reflecting on Oman's long history of international engagement, he recalled how Oman sent the first Arab ambassador to the United States in 1844, and continues to act as a quiet but effective bridge between different parts of the world. The minister said Oman's current transformation, driven by Vision 2040 and what he termed as Renaissance 2.0, is firmly focused on building a diversified, future-ready economy. He said the country is working towards becoming one of the world's leading green hydrogen producers, aiming to be the sixth largest by 2030. He also pointed to positive economic indicators, including a GDP growth rate of 3.4 per cent projected for 2025, higher than the global average, and a steady rise in foreign direct investment at an annual growth rate of 18 per cent over the last five years. Al Yousef said Oman's success is backed by strong governance, transparent policies and a legal system that supports the private sector and protects investments. The minister noted that Oman's sovereign credit rating has been upgraded by S&P Global to BBB- with a stable outlook, underlining growing international confidence in the country's economic fundamentals. Highlighting Oman's open trade policies, Al Yousef said the country remains committed to expanding international economic partnerships even as protectionism rises elsewhere. He emphasised the value of Oman's Free Trade Agreement (FTA) with the United States, offering investors a powerful platform to access one of the world's largest markets from a secure and strategically located base. He said Oman's young, ambitious and globally minded workforce is a key advantage for investors looking at long-term opportunities. 'Our true advantage lies not only in our infrastructure or policies, but in our people,' he said. © Muscat Media Group Provided by SyndiGate Media Inc. (
Observer
27-04-2025
- Business
- Observer
Renaissance 2.0: Oman showcases new era of growth
MUSCAT: Oman's sweeping economic transformation, dubbed "Renaissance 2.0," took centre stage as Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, welcomed delegates from more than 30 countries to the inaugural Advantage Oman Forum in Muscat. In his opening remarks, Al Yousef positioned Oman as a resurgent force in the global economy, offering an inviting mix of traditional strengths and bold new strategies. Against a backdrop of volatile global markets and shifting economic power centres, Oman, he stressed, is charting a path of resilience and innovation underpinned by the ambitious Oman Vision 2040. 'We have reimagined the economic possibilities, streamlined and digitised procedures, and built an enterprise-driven environment underpinned by strong legislation," said Al Yousef. "This ensures that businesses are empowered to prosper, grow, and expand." Describing Oman's strategy as 'bold but calculated,' Al Yousef introduced Renaissance 2.0 as a sweeping renewal of the Sultanate of Oman's economic foundations. Under the leadership of His Majesty Sultan Haitham bin Tarik, the government has unleashed major reforms, particularly targeting infrastructure, trade, finance, and emerging industries. The Minister pointed to Oman's significant investments in national infrastructure — modern highways, deep-water ports, airports, free zones, and industrial estates — which together position the country as a gateway connecting Africa, Asia, and global markets. Oman's network of free trade agreements with the United States, Singapore, and others further strengthens this advantage, offering investors access to over one billion consumers. Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion. 'Our strategic location, exceptional infrastructure, and private-public partnership culture are designed to offer a compelling value proposition to global investors," Al Yousef added. A major highlight of the forum was Oman's green hydrogen ambitions. Thanks to its abundant natural resources — solar radiation, wind, and available land — Oman aims to become a top global exporter of green hydrogen. According to Al Yousef, production is forecast to reach one million tonnes annually by 2030, scaling up to 8.5 million tonnes by 2050. 'This positions Oman among the world's top five hydrogen producers by 2030,' Qais said. 'We are embracing the future with open arms, building new industries that are not only sustainable but also highly competitive.' The forum also spotlighted the Sultanate of Oman's macroeconomic resilience. Qais cited the projected GDP growth of 3.4% for 2025 — outpacing many major economies — and foreign direct investment (FDI) inflows that have surged to between $77 billion and $80 billion by the end of 2024, representing a 17% increase over the past two years. Global rating agencies have taken notice. S&P Global Ratings upgraded Oman's sovereign credit rating to BBB- with a stable outlook last September, marking the sixth upgrade in just two years. Supporting the investment environment, the government has launched initiatives like the Oman Investment Authority's Future Fund Oman and expanded financing solutions through the Development Bank, offering highly competitive rates to entrepreneurs and enterprises alike. Capping his remarks, Qais reflected on the spirit of exploration that has long defined Oman, invoking the boldness of ancient Omani navigators who ventured into uncharted waters. 'As our ancestors taught us, success lies in embracing innovation and taking calculated risks," Al Yousef said. "Through this Advantage Oman Forum, we offer a splendid showcase for the opportunities flourishing in this New and Renewed Renaissance – our Renaissance 2.0.' The Advantage Oman Forum marks a milestone moment for Oman's positioning on the global investment map, signaling the country's readiness to lead in a world shaped by resilience, sustainability, and innovation.
Times of Oman
27-04-2025
- Business
- Times of Oman
‘Oman offers investors stability, sustainability, and global reach'
MUSCAT: In a world facing growing uncertainty and conflict, Oman is offering investors a rare combination of consistency, openness and long-term opportunity, according to H E Qais bin Mohammed Al Yousef, Minister of Commerce, Industry, and Investment Promotion. Speaking at the opening of the Advantage Oman Forum 2025 at the St. Regis Al Mouj Muscat, Al Yousef told a gathering comprising global CEOs that Oman remains a trusted and stable partner at a time when more than 50 active conflicts are destabilising the global landscape. 'In such a world, Oman offers a rare value — consistency, openness, and reliability,' Al Yousef said. Reflecting on Oman's long history of international engagement, he recalled how Oman sent the first Arab ambassador to the United States in 1844, and continues to act as a quiet but effective bridge between different parts of the world. The minister said Oman's current transformation, driven by Vision 2040 and what he termed as Renaissance 2.0, is firmly focused on building a diversified, future-ready economy. He said the country is working towards becoming one of the world's leading green hydrogen producers, aiming to be the sixth largest by 2030. He also pointed to positive economic indicators, including a GDP growth rate of 3.4 per cent projected for 2025, higher than the global average, and a steady rise in foreign direct investment at an annual growth rate of 18 per cent over the last five years. Al Yousef said Oman's success is backed by strong governance, transparent policies and a legal system that supports the private sector and protects investments. The minister noted that Oman's sovereign credit rating has been upgraded by S&P Global to BBB- with a stable outlook, underlining growing international confidence in the country's economic fundamentals. Highlighting Oman's open trade policies, Al Yousef said the country remains committed to expanding international economic partnerships even as protectionism rises elsewhere. He emphasised the value of Oman's Free Trade Agreement (FTA) with the United States, offering investors a powerful platform to access one of the world's largest markets from a secure and strategically located base. He said Oman's young, ambitious and globally minded workforce is a key advantage for investors looking at long-term opportunities. 'Our true advantage lies not only in our infrastructure or policies, but in our people,' he said.
