CBO governor touts Oman’s investment case at London forum

MUSCAT, Oct 24
Oman has restored investment-grade status and cut public debt sharply while building a pipeline of green-hydrogen projects, Central Bank of Oman Governor Ahmed bin Jaafar al Musalmi told the inaugural Oman Investment Forum in the United Kingdom this week. He said steady reform and a stable monetary framework were underpinning growth and investor interest.
Al Musalmi highlighted a multi-year fiscal turnaround: government debt fell from about 68 per cent of GDP in 2020 to 34–36 per cent in 2024, aided by accelerated amortisations and stronger oil receipts. Rating agencies S&P (Sept 2024) and Moody’s (July 2025) now assess Oman at BBB-/Baa3 (investment grade) with stable outlooks.
He pointed to low inflation and non-oil momentum. IMF and official data show average consumer-price inflation around 0.6–1 per cent in 2024, while non-hydrocarbon GDP outpaced total growth amidst OPEC+ oil output limits. Oman’s real GDP grew 1.7 per cent in 2024, with multilateral lenders projecting a gradual pickup.
Al Musalmi cast Oman as a prospective green-energy exporter, noting nine awarded green-hydrogen projects and over $50 billion of expected investment commitments across rounds. The IEA expects Oman to rank among the top-10 hydrogen exporters by 2030; GH2 Oman cites over 50,000 km² of high-yield solar resources supporting large-scale projects.

On logistics, he underlined Oman’s Indian Ocean ports — Salalah, Duqm and SOHAR — as a gateway to regional markets. Salalah handled about 3.3m TEUs in 2024 and has lifted capacity to 6m TEUs, while cumulative investment across Oman’s special economic zones, free zones and industrial cities reached around RO 21 billion ($54 billion) by end-2024.
Capital markets “deepened” on the back of privatisations. The $2.03 billion OQ Exploration & Production IPO (Oct 2024) was around 2.7x oversubscribed, the country’s largest listing to date. By mid-2025, MSX market capitalisation was around RO 28–29 billion ($73–75 billion), roughly two-thirds of 2024 GDP.
Banking indicators remain solid: capital adequacy 17%, NPLs 4.4–4.5 per cent and ample liquidity buffers, according to CBO publications and IMF assessments.
“Oman’s story is one of stability with momentum, reform with purpose and partnerships with vision”, Al Musalmi said, inviting global investors to participate in the next phase of Oman Vision 2040.
'Inflation near 1 per cent and is building a world-class green-hydrogen ecosystem with nine awarded projects”, Al Musalmi said, citing reforms in the financial sector and the strength of Oman’s ports and free zones.