Tuesday, December 07
04:24 PM

Extraordinary economic progress

17 Nov 2021 By OUR CORRESPONDENT

Muscat – Over the past five decades, Oman has made extraordinary progress – thanks to the government’s focus on careful economic planning, reforms and infrastructure development. The sultanate’s business leaders say it is on the right track to achieve a developed, diversified and sustainable economy in the next five decades.

Tariq al Farsi
CEO, National Finance Company

Oman as a country has been working on major long-term initiatives – from developing its infrastructure, healthcare, and educational systems to various income-generating sectors including tourism, fisheries, and agriculture. In an attempt to decrease the country’s dependence on oil, the country has been focusing on income diversification, industrialisation, developing natural gas production, and privatisation.

When it comes to securing future economic growth through increasing trade and investment, Oman is equally a competitive destination for doing business and international trade. Creating a strong administrative and regulatory framework that facilitates job creation, along with investment and business growth are central to building a new sustainable infrastructure.

Oman’s future economic outlook continues to improve. It is imperative that the banks and financing companies in Oman have a key role to play in achieving Vision 2040. Strategic financing of national projects, supporting SMEs with hassle-free funding, and a collaborative approach will be a must to make Oman into a thriving business and investment hub.

The regulators continue to introduce policies and frameworks which enable the industry to innovate, introduce new products and implement technology. In the next couple of years, Oman is going to witness a paradigm shift in all aspects.

Khalid al Kayed
CEO, Bank Nizwa

As we celebrate the sultanate’s 51st National Day, it is with great pride that we reflect on the country’s multiple achievements – social and economical. Oman has been on a fast trajectory of development, showcasing remarkable growth in national progression, through building a robust social infrastructure and a conducive business environment. The recent reforms have provided thrust to this journey, opening a window of opportunities for local and foreign investments.

As the leading Islamic bank in Oman, Bank Nizwa is contributing to writing a new chapter in the history of the sultanate – one which brings with it long-term benefits and sustainable development – through a well-skilled, young workforce, and a thriving entrepreneurial ecosystem. I would like to congratulate His Majesty the Sultan and the people of Oman on this landmark occasion.

Omar Mahmood al Mahrizi
CEO of Sohar Freezone

Oman’s progress over the last 51 years has been impressive. As part of its ambitious vision for economic diversification, the country has dedicated itself to recapturing its ancient trade heritage and seize new opportunities that capitalise on its geographical advantage and rich natural resources.

Since 2002, Sohar Port and Freezone has been committed to supporting this vision, leading the expansion and modernisation of the sultanate’s logistics and trade sectors, and positioning Oman as a key logistics hub within the region.

Today, we are proud to be one of the world’s fastest-growing ports and a key player in Oman’s standing as a thriving business and trade destination. As the government continues to prioritise the expansion of the logistics sector as part of Oman’s 2040 Vision, our own 2040 Vision sees us reaffirm our contributions to the national economy. While providing new opportunities for employment, SMEs, foreign direct investment and increased trade to boost national industries, Sohar Port and Freezone looks forward to continuing to be part of the country’s ongoing development journey.

Walter Simpson
Managing director, CC Energy Development

The rapid pace of Oman’s development over the last 51 years is something to be admired and celebrated. Harnessing education and seizing opportunities to foster economic competitiveness, it has been the enabler for progress and prosperity. With a renewed resolve, it is moving ever closer to its goal of effective economic management while achieving a developed, diversified and sustainable national economy as laid out by the Oman Vision 2040.

The oil and gas industry has long been a cornerstone of economic progress, supporting the country’s growing energy needs and facilitating the pursuit of diversified development. Yet the industry is in the midst of an energy transition and it is only by recognising and acknowledging the importance of the changes in renewables, digitalisation and shifting consumer behaviour that we can keep up with the rapid pace of change. By being proactive, we are setting ourselves up for long-term success and helping to position Oman’s energy landscape to be ready for a sustainable future.

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