THE BUSINESS YEAR: OMAN 2023

The Business Year has charted the course of the Omani economy for a decade, and this year we focused on the Sultanate’s diversification plan and its sustainable agenda. While the country is less hydrocarbons rich than its GCC neighbors, infrastructure and renewable energy development, as well as green hydrogen, could be driving forces for growth in the years to come. Both the public and private sectors closely follow the tenets of Vision 2040, a wide-ranging blueprint for growth the kind of which has become ubiquitous across the region.

Elsewhere, the impact of FIFA World Cup Qatar 2022 has left a legacy for the region with travelers from previously uninterested markets now more likely to travel to the region. Leading hotel operators in the Sultanate of Oman and Omran Group, the government-owned company mandated to drive investment, growth, and development in the tourism sector, have expressed optimism for better tourist inflows and higher revenues during the ongoing holiday season and in the months ahead.

Looking further ahead, Oman could become one of the most ideal countries in the Middle East to serve as a hub for the production and export of green hydrogen. The abundant availability of the main components for green hydrogen production, such as solar energy, wind energy, and extensive land, are positive indicators for Oman to become one of the world’s leading producers of this source of energy.

In this race to become a regional leader, Oman’s ports are witnessing an increase in both commercial and energy stream activities. The government remains focused on making the main Omani ports pivotal export centers in the region. To do so, it has signed agreements with international companies to manage and operate the main ports to benefit from its global experience in attracting international shipping lines and investments aimed at boosting exports.✖