Renaissance 2.0: Oman showcases new era of growth

MUSCAT: Oman’s sweeping economic transformation, dubbed 'Renaissance 2.0,' took centre stage as Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, welcomed delegates from more than 30 countries to the inaugural Advantage Oman Forum in Muscat.

In his opening remarks, Al Yousef positioned Oman as a resurgent force in the global economy, offering an inviting mix of traditional strengths and bold new strategies. Against a backdrop of volatile global markets and shifting economic power centres, Oman, he stressed, is charting a path of resilience and innovation underpinned by the ambitious Oman Vision 2040.

“We have reimagined the economic possibilities, streamlined and digitised procedures, and built an enterprise-driven environment underpinned by strong legislation,' said Al Yousef. 'This ensures that businesses are empowered to prosper, grow, and expand.'

Describing Oman’s strategy as “bold but calculated,” Al Yousef introduced Renaissance 2.0 as a sweeping renewal of the Sultanate of Oman’s economic foundations. Under the leadership of His Majesty Sultan Haitham bin Tarik, the government has unleashed major reforms, particularly targeting infrastructure, trade, finance, and emerging industries.

The Minister pointed to Oman’s significant investments in national infrastructure — modern highways, deep-water ports, airports, free zones, and industrial estates — which together position the country as a gateway connecting Africa, Asia, and global markets. Oman’s network of free trade agreements with the United States, Singapore, and others further strengthens this advantage, offering investors access to over one billion consumers.

“Our strategic location, exceptional infrastructure, and private-public partnership culture are designed to offer a compelling value proposition to global investors,' Al Yousef added.

A major highlight of the forum was Oman’s green hydrogen ambitions. Thanks to its abundant natural resources — solar radiation, wind, and available land — Oman aims to become a top global exporter of green hydrogen. According to Al Yousef, production is forecast to reach one million tonnes annually by 2030, scaling up to 8.5 million tonnes by 2050.

“This positions Oman among the world’s top five hydrogen producers by 2030,” Al Yousef said. “We are embracing the future with open arms, building new industries that are not only sustainable but also highly competitive.”

The forum also spotlighted the Sultanate of Oman’s macroeconomic resilience. Al Yousef cited the projected GDP growth of 3.4% for 2025 — outpacing many major economies — and foreign direct investment (FDI) inflows that have surged to between $77 billion and $80 billion by the end of 2024, representing a 17% increase over the past two years.

Global rating agencies have taken notice. S&P Global Ratings upgraded Oman’s sovereign credit rating to BBB- with a stable outlook last September, marking the sixth upgrade in just two years.

Supporting the investment environment, the government has launched initiatives like the Oman Investment Authority’s Future Fund Oman and expanded financing solutions through the Development Bank, offering highly competitive rates to entrepreneurs and enterprises alike.

Capping his remarks, Al Yousef reflected on the spirit of exploration that has long defined Oman, invoking the boldness of ancient Omani navigators who ventured into uncharted waters.

“As our ancestors taught us, success lies in embracing innovation and taking calculated risks,' Al Yousef said. 'Through this Advantage Oman Forum, we offer a splendid showcase for the opportunities flourishing in this New and Renewed Renaissance – our Renaissance 2.0.”

The Advantage Oman Forum marks a milestone moment for Oman’s positioning on the global investment map, signaling the country's readiness to lead in a world shaped by resilience, sustainability, and innovation.