Muscat – In an interview published in the 37th issue of Duqm Economist Magazine, H.E. Dr. Nasser Rashid Al Maawali, Undersecretary of the Ministry of Economy, attributed these efforts to a significant increase in foreign direct investment flows.

He highlighted that the competitive advantages available in the Sultanate are encouraging a steady influx of foreign investments, crucial for sustainable economic growth.

Dr. Al Maawali noted that the 10th Five-Year Plan (2021–2025) serves as the first implementation phase for Oman Vision 2040. This plan focuses on improving the macroeconomic environment, enhancing financial management efficiency, and controlling public spending. It encompasses various investment programs and policies designed to support economic diversification and boost Gross Domestic Product (GDP) growth.

H.E. stated that the Sultanate of Oman has successfully reduced public debt to safe levels. The government has utilised financial surpluses from rising oil prices to enhance economic stimulation, social stability, and further reduce public debt. He added that foreign direct investment flows into the Sultanate of Oman have increased significantly over the past two years, reflecting the success of efforts to improve the investment environment, attract investments, and enhance the competitiveness of the national economy. He also highlighted that the Sultanate of Oman’s competitive investment advantages, incentives, and available opportunities are attractive and encouraging for the continued influx of foreign investments.

Dr. Al Maawali also praised the continuous development of Oman’s investment environment, which includes legislative amendments, new laws, and simplified procedures. By the end of the first quarter of 2024, approximately 90 percent of the investment programs outlined in the 10th Five-Year Plan had been implemented. Notably, the target for added value from non-oil sectors in 2023 was RO 19.3 billion, while the actual amount achieved exceeded RO 27 billion.
The 10th Five-Year Plan employs expansionary fiscal policies aimed at developing infrastructure to stimulate private investments. The current economic conditions are providing broader opportunities for the next five-year plan to explore flexible options for future economic planning.
Additionally, the Governorates Development Programme seeks to achieve comprehensive and balanced spatial development, further accelerating the strategic shift toward economic decentralization.