OMAN
Oman Vision 2040
Endorsed by His Majesty Sultan Haitham bin Tarik, Oman Vision 2040 is the blueprint for the Sultanate’s continued social and economic development.
Setting out the national strategy for the transition of Oman from a hydrocarbon to a diverse knowledge based economy, Vision 2040 aims to place Oman firmly amongst the ranks of the world’s most developed nations and ensure sustained prosperity and security for all.
National priorities outlined in Vision 2040 include:
Competitive Offer
A strategic location combined with a robust diversifying economy, world-class infrastructure, a business-friendly regulatory framework, a wealth of natural resources, an outstanding multi-lingual talent pool and political stability make Oman a highly attractive destination for international investors. And with the launch of Oman Vision 2040 in January 2021, the country has embarked on an important new stage in the realisation of its economic ambitions.
Location
With a highly advantageous strategic location at the crossroad of east-west trade routes and a coastline stretching over 3,000 kilometres, Oman offers direct trade routes from its deep-water ports to the fast growing markets of the GCC, India, Africa, Far East and Europe. All major ports in these regions can be reached within two weeks, faster by two days than any other port inside the Strait of Hormuz.
Infrastructure
Oman’s outstanding infrastructure includes:
- 5 world-class sea ports
- 4 international airports
- Nationwide road network, ranked amongst the best in the world
- Coastal and ferry shipping service
- Nationwide fibre optic connectivity
- Oman’s roads ranked 10th globally and 1st in the Arab World in the World Economic Forum’s Global Competitiveness Index 2019
- Muscat International Airport rated Best Airport in the Middle East 2019 World Travel Awards Middle East
Industrial Framework
- 9 industrial estates
- 4 free zones and special economic zones
- 2 technology parks
Stability
With a long-standing tradition of international diplomacy, Oman is consistently ranked first in peace and stability in the Middle East.
Diversification
The Government of Oman is pro-business, actively pursuing a well-established development strategy based on diversification, industrialisation and privatization.
Talent
Oman has outstanding human resources – its people are well-educated, highly skilled, multi-lingual and entrepreneurial.
Working population: 2.2million
Investor-friendly
With a pro-business government, Oman offers an ideal environment for investment:
- 100% foreign ownership, quick and straight forward to set up
- No foreign exchange controls
- 15% corporate tax
- Regionally competitive wage and business costs
- Competitive utility rates
- Ranked 2nd in GCC for starting a business in the World Bank Ease of Doing Business Index 2020
Trade Agreements
- Signatory to WTO
- GCC common market
- GAFTA
- FTAs with the U.S. and Singapore, Iceland, Norway, Switzerland and Lichtenstein
Lifestyle
Oman is a great place to live as well as invest and do business:
- Internationally recognized schools, colleges and universities
- Excellent healthcareo Range of affordable accommodation options
- Rich cultural life
- 5 UNESCO world heritage sites
- Outstanding natural beauty
- Oman ranked 2nd globally for well-being in Global Wellness Index 2019
General
Population
• Total population: 4.6million
• Working population: 2.2 million
• Median age: 25
Currency
Omani Rial
1US$ = 0.386 baisas (fixed) OMR1 = US$2.6
Major Airports
• Muscat International Airport o Salalah International Airport o Sohar International Airport
• Duqm International Airport
Major Ports
• Port Sultan Qaboos
• Port of Salalah
• Suhar Port
• Port of Duqm• Al Mazunah Free Zone Dry Port
• Khazaen Dry Port
Madyan Industrial Cities
• Al Rusayl
• Raysut
• Suhar
• Al Buraimi
• Al Mazunah Free Zone
• Samail o Nizwa o Sur
• Ibri
Major Economic Zones
• Duqm Special Economic Zone
• Sohar Free Zone
• Salalah Free Zone
• Khazaen Economic City
Technology Parks
• Knowledge Oasis Muscat
• Innovation Park Muscat