Muscat: Dr Nasser bin Rashid Al Maawali, Undersecretary of the Ministry of Economy, highlighted the nation’s efforts to strengthen its financial position, fueled by favourable oil prices, proactive debt repayment, and the replacement of costly loans. This approach has boosted Oman’s credit rating to investment grade, enhancing its international competitiveness and attracting increased foreign investment.

By mid-2024, foreign direct investment surged to RO 26 billion, up from RO 17.8 billion in 2021. Non-oil activities grew by 4.2% in the first half of 2024, contributing 72.2% to the GDP at constant prices, as Oman pivots toward diversification. Notable projects like the Duqm Refinery, green hydrogen initiatives, and the integrated economic zone in Al Dhahirah exemplify this transformation.

Development spending continues to focus on industrial and free zones, fostering new urban centers and enhancing infrastructure. The Governorates Development Program has implemented 606 projects across Oman, emphasizing tourism, parks, and commercial hubs while promoting decentralization and local economic empowerment.

Dr. Al Maawali noted that Oman’s inflation remains among the lowest globally, aided by policies to stabilize fuel prices and expand social support.