The Sultanate of Oman, strategically located in Arabian Peninsula, has a rich history and culture that dates back well over 5,000 years. In the modern times, Oman has emerged as one of the most progressive and politically stable nations with sustainable economic environment and excellent infrastructure.
The business-friendly nation, with a population of over 4.5 million, has vibrant oil & gas and banking & financial services’ sectors with strong commitment to economic diversification at a rapid pace. The fast growing tourism, ports & logistics, ICT, manufacturing, power & water, mining, real estate, health and education sectors powering the economic diversification drive are leading to new economic opportunities for the private sector.
The steady pace of growth is enabled by increasing foreign direct investment (US$ 26.2 billion – 2019) facilitated by Oman’s friendly investment environment to attract international firms. The government is making regular efforts to develop a robust legal framework that encourages and assures investors. Oman has a Free Trade Agreement (FTA) with the US. The Sultanate is also a member of the Greater Arab Free Trade Agreement (GAFTA) and World Trade Organisation (WTO). No wonder, with its strategic location and global commercial linkages, Oman is becoming a preferred destination for new investments and free trade opportunities.
Under the dynamic leadership of His Majesty Sultan Haitham bin Tarik, Oman has embarked on Vision 2040 to keep pace with regional and global changes, generate and seize opportunities to foster economic competitiveness and stimulate growth with increased impetus on transforming into an innovation based economy and society. The nation aims at becoming among the top 20 countries in the world on Global Innovation and Global Competitiveness Indexes by 2040.
For more information on the Sultanate of Oman, visit ithraa.om