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12 clusters · 24 sources · 65 days · First seen · Last updated

Oman economic diversification and development initiatives

Overview

Oman is pursuing economic diversification and infrastructure development through various regional initiatives and long-term strategic planning. In the Dhofar Governorate, Oman and Bahrain have strengthened bilateral trade through the ninth Bahrain–Oman Products Exhibition in Salalah. Concurrently, the Oman Chamber of Commerce and Industry organized a Food Security Forum to highlight investment opportunities in the agricultural, livestock, and fisheries sectors. Expanding on these efforts, Oman has announced the development of four new industrial cities as part of its 11th Five-Year Development Plan (2026-2030) and Oman Vision 2040. Managed by the Public Establishment for Industrial Estates (Madayn), these integrated cities will be located in the Musandam, North Al Batinah, North Al Sharqiyah, and Dhofar Governorates. Manufacturing’s contribution to GDP reached 869 million Omani Rials in the first quarter of 2026, with a target of 10.702 billion Omani Rials by 2040. To further attract investment, the Sultanate is establishing the National Programme for Enhancing the Business Environment to Attract Investment to streamline government services and simplify trade procedures. Recent economic indicators show significant upward momentum. S&P Global Ratings has increased Oman’s 2026 economic growth forecast from 1.6% to 3.5%, a figure consistent with previous Standard Chartered projections. This revision is attributed to rising hydrocarbon production and Oman’s role as a strategic bypass for trade disrupted near the Strait of Hormuz. Recent efforts have expanded into clean energy and urban tourism. The Public Authority for Special Economic Zones & Free Zones (OPAZ) is planning solar and wind manufacturing facilities in the SOHAR Freezone and Duqm to help reach a 30% renewable energy share by 2030. In Muscat, the municipality has unveiled 12 development opportunities, including waterfront projects in Qurum, Muttrah, Seeb, and Qurayyat.

Entities

Oman · Ministry of Commerce, Industry and Investment Promotion · Madayn · Ministry of Housing and Urban Planning · Oman Chamber of Commerce and Industry

Timeline

  1. [BUSINESS] 3 sources
    Inspire Oman Summit to focus on green economy and sustainability

    The Inspire Oman Summit will address the Sultanate’s green economy, sustainability goals under Oman Vision 2040, and opportunities in waste management and renewable energy.

  2. [BUSINESS] 3 sources
    Oman expands clean energy manufacturing and urban development projects

    Oman is driving economic growth through new clean energy manufacturing plans in SOHAR and Duqm, alongside 12 major urban and waterfront development projects in Muscat.

  3. [BUSINESS] 3 sources
    Oman growth forecast raised to 3.5% by S&P Global Ratings

    S&P Global Ratings raised Oman’s 2026 growth forecast to 3.5%, citing increased hydrocarbon production and the nation's role as a strategic trade bypass for the Strait of Hormuz.

  4. [BUSINESS] 4 sources
    Oman implements economic reforms and green building priorities

    Oman is launching initiatives to boost non-oil trade and investment through business environment reforms and a strategic focus on sustainable, green building practices under Oman Vision 2040.

  5. [BUSINESS] 3 sources
    Oman GDP projected to grow 3.5% through 2027 by Standard Chartered

    Standard Chartered forecasts 3.5% GDP growth for Oman in 2026 and 2027, driven by non-oil sectors, increased fiscal surpluses, and declining public debt under the Oman Vision 2040 framework.

  6. [BUSINESS] 2 sources
    Al Suwaiq Industrial City begins construction on new projects in Oman

    Al Suwaiq Industrial City in Oman has commenced construction on new projects, bringing cumulative investment volume to over US $5.2 million across various manufacturing sectors.

  7. [BUSINESS] 2 sources
    Oman trade surplus rises 51 percent to $12.23 billion

    Oman’s trade surplus grew 51 percent to $12.23 billion by June 2026, driven by rising oil, gas, and non-oil exports. The UAE remains a primary partner for Omani non-oil goods.

  8. [BUSINESS] 2 sources
    Orascom and Muriya advance tourism investments in Oman

    Orascom Development and Muriya are advancing tourism projects in Oman, having invested over US$750 million in destinations like Hawana Salalah and As Sodah Island to support Oman Vision 2040.

  9. [BUSINESS] 2 sources
    Oman unveils RO 1.95 billion investment opportunities in Dhofar

    Oman has announced RO 1.95 billion in investment opportunities in Dhofar, headlined by the RO 1.9 billion Future Salalah City project to drive urban and economic growth.

  10. [BUSINESS] 3 sources
    Oman industrial sector sees rapid growth and qualitative investment

    Oman's industrial sector is transitioning toward high-tech integration under its Industrial Strategy 2040, targeting a manufacturing GDP contribution of over 10 billion Omani Rials by 2040.

  11. [BUSINESS] 5 sources
    Oman to develop four industrial cities under 2026-2030 plan

    Oman will develop four new industrial cities in Musandam, North Al Batinah, North A’Sharqiyah, and Dhofar under its 2026-2030 development plan to support economic diversification and Vision 2040.

  12. [BUSINESS] 2 sources
    Oman hosts economic initiatives in Salalah to boost SME trade and food security

    Oman and Bahrain are strengthening economic ties through an SME products exhibition in Salalah and an upcoming national food security forum focused on agricultural investment and technology.

Sources

arynews.tv · bierun.com · bigprojectme.com · businesstoday.me · cbnlb.com · contigoeconomia.com · economymiddleeast.com · emirates247.com · evere.co · floraldaily.com · gulfnews.com · hortidaily.com · ien.sa · leaders-mena.com · madhyamamonline.com · meconstructionnews.com · meobserver.org · mid-east.info · newspaceeconomy.ca · novumpr.nl · rock967online.com · sadanews.ps · thearabianstories.com · worldstopexports.com

This summary has been updated 10 times: see revision history