Solar energy is a growing sector in Oman's economy.
Oman’s economy was traditionally based on fisheries, agriculture and trade before the discovery and development of its oil and gas reserves.
Overlooking the Strait of Hormuz, the entrance to the Gulf, the source of two-thirds of the world’s oil exports, Oman sits on key East-West trade routes, ensuring easy access to markets in the Middle East, India, South East Asia, Africa and Europe.
While the country’s oil revenues have contributed towards Oman’s rapid economic growth, the government has actively pursued a development plan focused on diversification, industrialisation and privatisation of the economy with the aim of reducing the dependency on the oil industry’s contribution to GDP.
The launch of the Oman 2040 Vision marks an important new phase in the development journey of Oman.
Oman Vision 2040 (see right) is the Sultanate’s gateway to overcome challenges, keep pace with regional and global changes, generate and seize opportunities to foster both economic competitiveness and social well-being, while stimulating growth.
Oman has potential in many industries such as tourism, fisheries, logistics, mining, creative and technology services and manufacturing. The Omani government actively encourages foreign direct investment, and has used the proceeds from oil and gas to develop the country’s infrastructure and human resources.
The government has consciously fostered the country’s growth while preserving its culture and heritage, developed the national economy on the principles of justice and the free market, and is investing heavily in growing the country’s business base.
Through significant investments in infrastructure and ensuring easy access to both domestic and international markets, Oman continues to attract new businesses operating in many sectors from green energy and logistics to tourism.
The implementation of a Medium Term Fiscal Plan MTFP ( see right) since October 2020 and improving oil prices have resulted in several upgrades from the international ratings agencies.
Oman is committed to economic programmes to improve the business environment and stimulate investment, as well as the introduction of a social safety net that will reduce the impact of economic changes on low income families.
