MUSCAT : In an interview with Oxford Business Group, His Excellency highlighted the nation’s ambitious vision for economic diversification and sustainable growth.

When asked about the primary priorities for attracting investment, he emphasized that Oman’s approach is rooted in diversification and progressive policies aimed at building a sustainable, innovation-driven economy. These priorities align with Oman Vision 2040, which outlines a comprehensive strategy for economic transformation.

Key priorities include infrastructure development, streamlining the business environment, investment promotion, human capital development, employment generation, trade enhancement, in-country value creation, and digital transformation.

“These ambitions are being realised through progressive policies. This has catalysed the emergence of promising industries like manufacturing, logistics, mining, tourism, agriculture, fisheries and renewable energy – forming the cornerstone of a transformative era called Renaissance 2.0,” the Minister stated.

A prime example of Oman’s forward-thinking approach is its growing green hydrogen sector. The nation aims to produce at least 1 million tonnes of renewable hydrogen by 2030 and 8.5 million tonnes by 2050.

His Excellency cited projections by the International Energy Agency, which forecasts Oman to be the largest green hydrogen exporter in the Middle East and the sixth-largest globally by 2030. He also highlighted the RO 616 million ($1.6 billion) United Solar polysilicon plant in Sohar, projecting significant export value and job creation.

Regarding Oman’s regional and global positioning, His Excellency Al Yousef underscored the country’s advanced infrastructure, including its strategic ports and road networks, which provide vital gateways to Africa and Asia.

“Shipping times are 30–40% faster than competing locations and Oman leads the GCC in import and export compliance times, according to the World Bank. Complemented by free zones, industrial estates and abundant natural resources, Oman provides raw materials for manufacturing while its farmlands ensure food security. This creates a sustainable, innovation-driven economy for business and investment – and a streamlined regulatory environment, fostering growth,” he explained.

His Excellency Al Yousef emphasised the transformative role of technological innovation in Oman’s priority sectors. He pointed to green hydrogen and ammonia projects in Duqm, high-tech manufacturing, artificial intelligence in logistics, precision agriculture, and digital tourism platforms. Oman Vision 2040’s focus on digital transformation is supported by the Government Digital Transformation Programme, with infrastructure advancements including 5G expansion and fiber-optic connectivity.

“Technological innovation will drive Oman’s economic evolution,” Al Yousef asserted, adding, “Infrastructure advancements include 5G expansion and fibre-optic – with coverage to reach 75% in 2025.”

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