Oman Eyes Foreign Investors with $430 Million in New Ventures to Boost Economy

Oman has announced 10 new investment opportunities valued at $430 million (R0 166 million) to attract foreign capital and drive economic growth. The projects, launched by Invest Oman, target sectors including converting industries, building materials, and industrialisation technology, as reported by Oman News Agency. These initiatives are expected to stimulate local capabilities, support the domestic economy, create jobs, and empower small and medium enterprises (SMEs).

To further entice investors, the projects will benefit from incentives such as lower taxes aimed at reducing operating costs. However, specific details of the projects have not yet been disclosed.

In line with its Gulf neighbours, Oman is working towards diversifying its economy away from oil dependence. The launch of these projects aligns with the broader goals of Oman Vision 2040, a strategic initiative introduced in 2020 to shape the country's economic future.

Source: Cleofe Maceda / Zawya