MUSCAT : As part of its efforts to enhance economic dialogue and empower the private sector, the OCCI held its second Ramadan evening under the patronage of His Highness Sayyid Ibrahim bin Said Al Busaidi, Minister of Heritage and Tourism, and in the presence of His Excellency Sheikh Faisal bin Abdullah Al Rawas, Chairman of the Board of Directors of the Chamber, a number of Their Excellencies, members of the Board of Directors, representatives of government and private entities, and business owners, at Kempinski Hotel Al Mouj Muscat.

The evening highlighted the strategic objectives of the Five-Year Plan and its role in advancing economic diversification and improving the business environment. Discussions covered the development of high value-added industries, support for smart manufacturing, and strategies to diversify the tourism product toward more qualitative and sustainable tourism.

The session also underscored digital transformation as a key enabler, including the development of digital infrastructure and the adoption of advanced technologies across the public and private sectors. In addition, it reviewed plans to strengthen infrastructure and national cadres in productive and service sectors, with the aim of increasing private sector contribution and reinforcing public-private partnerships in implementing the Plan.

His Excellency Sheikh Faisal bin Abdullah Al Rawas, Chairman of OCCI’s Board of Directors, stated: “The Chamber’s second Ramadan evening comes at a pivotal stage witnessing the Sultanate of Oman’s preparation for a new economic take-off aligned with the objectives of Oman Vision 2040. It also comes within the framework of the Chamber’s keenness to enhance constructive dialogue between specialists, experts and business owners, and to open broad discussion space for the private sector to understand the priorities of the 11th Five-Year Plan.”

His Excellency added that the focus on key pillars — foremost of which are enhancing economic diversification, improving the business environment, developing high value-added industries, and advancing smart manufacturing — reflects their strategic importance. He also highlighted efforts to diversify the tourism product to promote qualitative and sustainable tourism, alongside accelerating digital transformation, which has become a fundamental driver of national economic efficiency and innovation.

His Excellency explained that the coming phase requires greater integration of efforts to develop infrastructure and enhance the readiness of national cadres in productive and service sectors, in a manner that supports broader private sector participation in implementing the Five-Year Plan (2026–2030), strengthens genuine public-private partnership, and contributes to creating a more competitive and attractive business environment for investment.

“We look forward to the outcomes of this evening contributing to enabling business owners and investors to gain a comprehensive understanding of development and growth opportunities, and to building a shared vision that supports the Sultanate of Oman’s economic path over the next five years,” His Excellency Sheikh Faisal affirmed.

For his part, His Highness Sayyid Dr Adham bin Turki Al Said, Chairman of the Board of Trustees of the Economic Studies and Research Centre at the OCCI, affirmed the importance of discussing the priorities of the 11th Five-Year Plan (2026–2030) and mechanisms for translating them into clear practical opportunities for the private sector. The evening aimed to draw an accurate picture of the upcoming phase’s orientations and expected growth paths across various economic sectors, reinforcing the private sector’s role as a key partner in achieving the objectives of Oman Vision 2040.

His Highness explained that the dialogue addressed investment opportunities in industrial, tourism and digital sectors, and ways to improve the investment environment by enabling small and medium enterprises to benefit early from the Plan’s programmes. He also highlighted the role of incentives and legislation in strengthening investor confidence, accelerating implementation and raising performance efficiency.

His Highness indicated the importance of policy clarity and regulatory stability in the upcoming phase, and enhancing effective partnership between government and the private sector to contribute to sustainable growth, enhance value addition, and raise the competitiveness of the national economy at both regional and international levels.

Panel Discussion

The evening included a panel discussion moderated by His Highness Sayyid Dr Adham, focusing on analysing the pillars of the 11th Five-Year Plan and discussing the role of productive and service sectors in supporting the objectives of Oman Vision 2040.

His Excellency Dr Nasser bin Rashid Al Maawali, Undersecretary of the Ministry of Economy, stated that the preparation of the 11th Five-Year Plan was conducted through broad community participation in accordance with best practices and methodologies in national planning, benefiting from the gains of the previous Five-Year Plan.

He affirmed that the Plan’s strategic objectives focus on six national development drivers embodying the priorities and objectives of Oman Vision 2040: building a diversified and sustainable economy and achieving balanced economic development; enhancing labour market efficiency and employment to develop an attractive labour market for national competencies; promoting economic decentralisation across governorates to achieve balanced development and leverage local competitive advantages; transitioning to a low-carbon economy to enhance environmental sustainability and keep pace with energy transition; strengthening sustainable social development and the social protection system; and enhancing governance and institutional efficiency to develop government performance and entrench principles of transparency and integrity.

He noted that the Plan focuses on high-growth economic sectors to promote diversification and job creation, as well as on policies and programmes that improve resource allocation and enhance the viability of public and private investment. The 11th Plan identifies priority sectors based on several criteria: their ability to generate employment opportunities for citizens, improve income levels, and strengthen social stability; their contribution to economic growth and sustainable non-oil GDP expansion; and their potential to boost economic diversification through strong interlinkages with other sectors.

His Excellency Dr. Al Maawali explained that during the Tenth Plan, the Sultanate of Oman made significant progress in developing regulatory and legislative frameworks governing investment and the business environment. The government also implemented a wide range of initiatives to create an enabling environment for the private sector, attract foreign direct investment, and boost confidence in the national economy, leading to tangible growth in the production base and improved performance of non-oil sectors.

He added that this positive trajectory is expected to continue under the 11th Development Plan, with non-oil activities serving as the main driver of economic growth. This will be supported by the transition to a green economy, a focus on export-oriented industries, and an expanded role for the private sector, increasing its contribution to GDP. These measures aim to strengthen the Plan’s strategic objectives, including sustainable diversification, innovation, fiscal sustainability, reduced reliance on oil, and enhanced export capacity.

His Excellency Dr. Nasser Al Maawali affirmed that, continuing the focus on economy and development as a pillar of financial and economic stability and a key enabler of Oman Vision ambitions, the economic track emphasizes enhancing the investment environment, developing the private sector, and improving legislative and regulatory frameworks for private sector activities. It also aims to stimulate entrepreneurship, increase Oman’s attractiveness for foreign direct investment, and promote growth in high-potential sectors such as manufacturing, tourism, the digital economy, mining, logistics, renewable energy, food security, and education.

These measures are designed to support economic diversification, sustainable growth, and labour market efficiency, align workforce skills with evolving market needs, and promote Omanisation in the private sector.

His Excellency further pointed out that during the 11th Plan, the Sultanate of Oman will continue enabling the private sector to increase its contribution to GDP and job creation. The Plan targets an average real GDP growth of around 4 percent, a 56 percent private sector contribution to GDP at current prices, 21 percent private investment to GDP, and 11 percent FDI inflows. It also aims to create approximately 300,000 direct job opportunities for Omanis, averaging 60,000 jobs annually.

To achieve these targets, the Plan focuses on a range of qualitative policies, projects, and programmes designed to build a more diversified and resilient economy capable of addressing global challenges. Key strategies include enhancing economic diversification, expanding economic structures to reduce reliance on oil and gas, stimulating the private sector, encouraging public-private partnerships, developing local industries and content, promoting local production, increasing exports, and supporting local supply chains to reduce import dependence.

A Thriving Digital Economy

His Excellency Dr Ali bin Amer Al Shidhani, Undersecretary of the Ministry of Transport, Communications and Information Technology for Communications and Information Technology, affirmed that the Sultanate of Oman is proceeding under a clear national vision to build a thriving digital economy through the National Programme for Digital Economy. He noted that the focus during the past five years centred on government digital transformation and establishing new digital industries in Oman, while the coming five years will witness acceleration in government digital transformation and enhanced adoption of digital transformation and artificial intelligence in key economic sectors, particularly transport and logistics, energy and minerals, manufacturing, tourism, and food production.

His Excellency stated that progress in the National Programme for Digital Economy indicators reached 96 percent in 2025, while total domestic and foreign investments in the digital economy between 2021 and 2024 reached approximately RO 1.2 billion. The total value of digital economy activities during the same period was estimated at around RO 3 billion, with RO 800 million recorded in 2024, reflecting a 3.4 percent increase compared to 2023.

He explained that digital government services witnessed a qualitative leap, with more than 2,000 government services digitised between 2021 and 2025, and 48 million digital transactions recorded in 2025, an increase of 78 percent compared to 2024. In employment, he stated that 1,289 Omanis were employed in 2025 in 33 specified ICT professions, and around 5,000 new jobs were created since the programme’s launch in 2021.

His Excellency Dr Al Shidhani added that the Sultanate of Oman was classified within the first global category in the Digital Government Maturity Index issued by the World Bank for 2025. The “Makin” initiative contributed to qualifying and empowering more than 11,000 beneficiaries in digital skills, enhancing national workforce readiness for digital economy requirements. Achievements also included attracting quality foreign investments in cloud data centres, cryptocurrency mining, semiconductor design, and cybersecurity, alongside notable growth in tech startups exceeding 200 companies, reflecting an attractive investment environment and innovation-driven digital ecosystem.

Regarding the space sector, His Excellency Dr Al Shidhani explained that the number of employees exceeded 400, three times higher than in 2023, while the number of companies reached 25, reflecting 150 percent growth. In cybersecurity, five new national companies were established; the semiconductor industry witnessed notable growth with four operating companies and investments exceeding RO 50 million, contributing to training more than 200 individuals and employing over 100 specialists.

Attracting Investments

His Excellency Eng Ahmed bin Hassan Al Dheeb, Deputy Chairman of the Public Authority for Special Economic Zones and Free Zones, stated that the Authority, through the special economic, free and industrial zones under its supervision, continues efforts to attract local and foreign investments. Investments in these zones recorded 58 percent growth during the Tenth Five-Year Plan, reflecting the effectiveness of incentives provided. He added that the new law granted the Authority broader powers to offer special incentives linked to the value added delivered by projects to the national economy, enhancing Oman’s competitiveness as a regional investment destination.

Tourism Sector

His Excellency Azzan bin Qassim Al Busaidi, Undersecretary of the Ministry of Heritage and Tourism for Tourism, stated that the 11th Five-Year Plan will give the private sector greater scope to implement projects, particularly in accommodation, strengthening its role as a key development partner. Government companies will focus on strategic projects considered high-risk by the private sector, ensuring complementarity between both sides.

He affirmed that qualitative tourism, especially adventure tourism, will receive special attention as a globally promising sector, with the Ministry supporting its promotion, regulation, and insurance. He noted that the sector offers significant opportunities for local companies and complements efforts by major specialised firms to attract international tourists. His Excellency Azzan Al Busaidi added that luxury tourism is a strategic focus of the 11th Plan due to its direct impact on increasing average tourist spending and boosting value added to the national economy.