Oman has been actively seeking to attract foreign investment in its non-oil sectors through various strategies and initiatives. The country’s Vision 2040 development strategy aims to modernize agriculture, foster technology and startup ecosystems and establish free industrial zones— with the objective of increasing the non-oil sector’s share of total GDP to over 90 percent.
Additionally—Oman’s Public Authority for Special Economic Zones and Free Zones is actively promoting industrial zones, offering investment opportunities in various sectors. The government has also enacted laws to facilitate investment, such as the Foreign Capital Investment Law and Privatization Law, and has introduced long-term residence visas for foreign investors in key sectors.
Furthermore— Oman offers incentives for foreign investment and pursues an Export Development Strategy to attract and support investors. These efforts, combined with the country’s strategic location, modern infrastructure and educated workforce, make Oman an attractive destination for foreign investment in its non-oil sectors.
Streamlining bureaucratic procedures, simplifying rules and regulations, and enhancing legal protections for investors are ways Oman is making the investment climate more conducive. Special economic zones with world-class infrastructure like Duqm are being developed to provide plug-and-play facilities for businesses. In these zones, efforts are ongoing to invest in transportation and digital networks.
Oman is also offering incentives targeted at priority sectors showing promise. This includes manufacturing industries, renewable energy given the country’s natural resources, tourism, and knowledge-based sectors. Additionally, the nation is conducting international marketing campaigns, easing visa norms, and inking double taxation treaties to promote opportunities abroad.
By taking a holistic approach that improves both the short-term business environment and long-term competitiveness of its locations and sectors— Oman aims to diversify its economy and attract greater foreign capital to offset oil dependence over time. However— successfully implementing all these strategies countrywide remains crucial to their effectiveness.