Four years ago, Oman embarked on a wide-ranging 20-year plan, Oman Vision 2040, in a bid to transform and future-proof its economy.
Invest Oman, a centre to facilitate large-scale investments, was created in 2023 as one of the growth levers to help the Sultanate achieve its goals.
“Investment plays a big role in all this,” said Nasser Al Kindi, Invest Oman’s CEO. “We are trying to translate the ambition of Oman Vision 2040 into more tangible outcomes through attracting FDI.”
Mr Al Kindi was speaking to Hong Kong Means Business at the Asian Financial Forum (AFF) in Hong Kong, a major gathering of senior business leaders and policy makers co-organised every January by the Hong Kong SAR Government and the Hong Kong Trade Development Council.
The Omani investment agency, which is run within the Ministry of Commerce, Industry and Investment Promotion, is also charged with seeking out partnerships and collaborations in key sectors that can support the country’s social and economic development.
“It’s not only about the cash flow,” Mr Al Kindi explained. “It’s about the quality of developments we would like to have in 2040.”
The Oman Vision 2040 framework, which has been designed to realise this future, has four main pillars.
The first is diversifying Oman’s economy away from oil and gas to promote the development of other sectors, such as tourism, manufacturing, logistics and renewables.
A near-term priority is developing more industrial parks and zones to focus on strategically important sectors, especially growth-oriented areas, such as biotech, ICT and renewable energy.
The action plan is targeting 22 dedicated industrial zones by 2040, roughly double the number there are today.
The second pillar is strengthening financial stability, mainly through sustainable development and foreign investment.
The goal is to raise net FDI inflows to 10% of GDP by 2040. Net FDI inflows accounted for 3.5% of Oman’s GDP in 2024 and are projected to rise to 3.6% of GDP in 2025, according to World Bank estimates and forecasts.
The third pillar is social development, emphasising education and healthcare, to capitalise on the potential of Oman’s human capital and young demographic.
The final area of focus is governance, highlighting innovation and efficiency. This covers a variety of areas, from data-driven decision-making to streamlining approvals for new businesses and investments.
New GCC Chapter
At AFF, Mr Al Kindi joined policymakers and business leaders from Qatar, Saudi Arabia and the United Arab Emirates and key industry players from Hong Kong at the debut Gulf Cooperation Council (GCC) Chapter dialogue.
Speakers shared updates on the latest developments and investment opportunities in the Gulf region, while discussing ways to strengthen cooperation and investment between GCC member states and Hong Kong.
“Hong Kong is the gateway to Asia for many countries, with strong networks and international connections and a friendly business environment,” Mr Al Kindi said. “I think there is a lot to learn from Hong Kong.”
Hong Kong plays a dual role as a source of expertise in areas Oman is keen to develop, such as fintech and ICT as well as infrastructure and smart city development, in addition to serving as an international finance and business hub that can facilitate investment.
Invest Oman also attended AFF as a representative of the Omani Government, a move that should lead to increasingly close bilateral ties. A formal business or government delegation, allowing Omani companies and investors to get a better idea of what Hong Kong has to offer, could follow in one to two years.
“The tangible outcome might not be in 2025, but I think 2025 will be the year of paving the way for further collaboration,” Mr Al Kindi said.
“I am fully confident that this will be developed into something big in the near future.”