The expansion of non-oil businesses by 4.2% boosts Oman’s economic prospects.

As part of the ambitious Oman Vision 2040, Oman has made further strides toward economic and financial sustainability under the Tenth Five-Year Plan (2021–2025).

Muscat: The country’s attempts to improve its financial situation, driven by favorable oil prices, proactive debt repayment, and the substitution of expensive loans, were underlined by Dr. Nasser bin Rashid Al Maawali, Undersecretary of the Ministry of Economy. Oman’s credit rating has been raised to investment grade as a result of this strategy, increasing its global competitiveness and drawing in more foreign investment. Foreign direct investment increased from RO 17.8 billion in 2021 to RO 26 billion by the middle of 2024. As Oman shifts to diversification, non-oil activity increased by 4.2% in the first half of 2024, accounting for 72.2% of the GDP at constant prices. This change is best illustrated by notable projects such as the integrated economic zone in Al Dhahirah, the Duqm Refinery, and green hydrogen projects.

Infrastructure improvement, the creation of new metropolitan centers, and industrial and free zones continue to be the main priorities of development spending. With a focus on parks, tourism, and business centers, the Governorates Development Program has carried out 606 projects around Oman, encouraging decentralization and local economic empowerment.

Dr. Al Maawali pointed out that because of measures to control fuel prices and increase social assistance, Oman’s inflation rate is still among the lowest in the world.

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