Oman Unveils US$31 Billion Tourism Investment Plans Under 'Vision 2040' The tourism industry is a big contributor to Oman's GDP, aligning with the state's economic diversification strategy. In 2023, a record-breaking 4 million visitors flocked to the country, boosting non-oil revenues.

Tourism sector witnessed job growth of 15%, employing 191,500 people. Last year, international visitors put 1.1 billion Omani Riyals ($2.8 billion) into the economy, a 69% increase from 2022, while spending by domestic travelers hit 1.4 billion Omani Riyals ($3.6 billion).

Oman has committed to net zero emissions by 2050. The government is looking to expand its electricity-generation capacities through renewable independent power projects (IPP), with plans to derive at least 30 percent of electricity from renewables by 2030, mainly through onshore wind and solar projects.

Oman's rapid acceleration of its Information and Communications Technology (ICT) landscape is guided by its Vision 2040, which aims to drive economic growth and societal empowerment while addressing the increasing technological demands of the country.

The Oman healthcare sector is famous for its strong fundamentals for local and foreign investments. This sector has witnessed notable growth over the past few decades. This country is considered a healthcare hub. Therefore, the upcoming hospitals, clinics, and medical centers would play a significant role in achieving Oman's Health Vision 2040.

Investors' interest in private educational institutions continues to rise, with higher education likely to be the key focus for investors, both domestic and foreign. In large part the interest is driven by the availability of government incentives, such as favorable terms for key infrastructure and the financial support granted by the government for building universities’ campuses and sponsoring students to study in these universities.

The importance of the real estate sector in Oman's economic and social development is no secret. For years, construction has been celebrated as a pivotal economic driver, and in recent decades we have seen developed economies evolve from industrial and service-oriented development to what experts call a finance and real estate-driven economy.

Major resources that have commercial value include copper, gold, chrome, manganese, and laterite. Within Oman, the mining sector is largely divided into two areas: metals and bulk, with the latter including gypsum, limestone, and dolomite. Oman's strategic geographic location provides the major benefit of being able to target the rapidly growing economies of India, East and Southeast Asia.

The logistics sector in Oman encompasses the planning, management, and coordination of the flow of goods, services, and information. It plays a crucial role in supporting economic development, job creation, and revenue generation.

By 2040, the Sultanate of Oman will have a modern and technologically advanced manufacturing base, fully utilizing the creativity of the Omani population together with the most innovative production techniques and focused on improving the wellbeing of the peoples in the region and the world at large.

Oman's traditional industries were silver working, ship building and weaving. New manufacturing industries have been growing like the manufacture of building materials, chemicals, plastics, base-metal products, furniture and other wood products, paper products, garments, leather, food and beverages.

Fishery and aquaculture are among the most ancient and important sectors of Oman economy, with deep cultural and social significance. Before oil was discovered in the 1960s, 80 percent of the population lived from agriculture and fishing.

Oman has an abundant marine fishery resource which is only marginally exploited, primarily by traditio.il fishermen using small vessels and simple fishing gear techniques. The traditional fishery consists of an estimated 7,500 vessels manned by 13,500 Omani fishermen and produces about 104,000 mt of fish annually.

The Agriculture in Oman Market size is estimated at USD 2.24 billion in 2024, and is expected to reach USD 3.01 billion by 2029, growing at a CAGR of 6.16% during the forecast period (2024-2029).

Oman recycles 31% of its waste in efforts towards a circular economy. Muscat – In a significant progress towards sustainable waste management, Oman now boasts 67 waste recycling facilities, recycling 31% of the total waste collected in the country's engineered landfills.

The Sultanate of Oman is home to a number of evolving startups backed by innovative local and international venture capital funds, angel investors, government funds, and initiatives. It is a business-friendly environment ideal for entrepreneurs, with a surplus of high-quality engineering and business graduates with an entrepreneurial mindset.