New report to map out Oman’s plans for diversifying economy

‘The Report: Oman 2022’ will highlight the Sultanate’s plans to enhance its business environment and diversify the economy, in line with the targets outlined in its Vision 2040 roadmap, which has sustainable development at its core

MUSCAT: Oman’s efforts to attract investment for key sectors of the economy identified as ripe for growth will be explored in a forthcoming report by the global research and advisory company Oxford Business Group (OBG).

The Report: Oman 2022 will highlight the Sultanate’s plans to enhance its business environment and diversify the economy, in line with the targets outlined in its Vision 2040 roadmap, which has sustainable development at its core.

There will be in-depth coverage of the areas of the economy earmarked for expansion, with logistics, mining, fisheries, agriculture, manufacturing and the shift to a knowledge-based innovative society among those set for analysis.

The report will also look in detail at Oman’s bid to nurture its downstream industries and broaden the energy mix, as part of the country’s diversification strategy and drive to ensure new growth is sustainable.

OBG has agreed to a first-time memorandum of understanding (MoU) with the Ministry of Commerce, Industry and Investment Promotion (MOCIIP) as it begins work on The Report: Oman 2022. Under the agreement, MOCIIP will team up with OBG to produce the Group’s first post-pandemic analysis of Oman’s investment opportunities and economic development, and other related content.

The MoU was agreed upon by Dana Carman Agarbicean, Country Director OBG, and Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, and formally signed at the ‘New Energy in Oman’ conference held at Mansion House, London on July 27, under the auspices of Abdulsalam Al Murshidi, Chairman of the Oman Investment Authority. The event highlighted opportunities for expanding trade and investment ties between the UK and Oman, particularly in the areas of renewable energy and clean energy solutions.

Commenting after the signing Asila Al Samsami, Undersecretary, Investment Promotion, Ministry of Commerce, Industry &

Investment Promotion said “The potential to strengthen trade and investment links with the UK is clear, and I encourage British companies looking to expand their market reach in the Gulf to strongly consider Oman as a base for their operations. Indeed, given our improved fiscal position, world-class infrastructure, seamless access to regional markets, and educated, multi-lingual talent, we have a lot to offer.”

Speaking from the sidelines of the conference, Al Yousef said this was an ideal time to highlight investment opportunities in Oman as a GCC-UK Free Trade Agreement (FTA) edges closer to completion.

“The UK–GCC Free Trade Agreement will deepen the historic business ties we already enjoy with the UK, unlocking significant opportunities for the Sultanate of Oman’s ambitious business community. It will help enhance our competitive position in the UK market as well as boost growth across goods, services and investment.

It will also present opportunities in renewable energy, manufacturing, logistics, tourism, mining, fisheries and education. Sectors important to the success of Oman Vision 2040 and areas where the UK is a global leader”.

Dana, on behalf of OBG, said she looked forward to teaming up with the MOCIIP for the Group’s first post-pandemic report on Oman, adding that it came at a key juncture in the sultanate’s economic development plans.

“Oman’s efforts to diversify its economy and highlight the new investment opportunities emerging in nascent sectors through the recovery period and beyond are gaining momentum,” she said. “MOCIIP is spearheading the national drive to develop the sultanate’s business ecosystem and boost private-sector participation in key areas of the economy with significant growth potential. I’m delighted that we will benefit from its input as we begin the research for this highly anticipated report.”

The Report: Oman 2022 will mark the culmination of more than a year of field research by a team of analysts from Oxford Business Group. It will be a vital guide to the many facets of the country, including its macroeconomics, infrastructure, banking and other sectoral developments. OBG’s publication will also contain contributions from leading representatives across the public and private sectors.