Oman’s economic transformation highlighted at key forum

MUSCAT: Oman's economy has shown a growing ability to adapt to global shifts on the back of balanced policies and gradual structural reforms, according to Mahmoud bin Abdullah al Awaini, Secretary-General of the Ministry of Finance and a board member of the International Financial Centre of Oman (IFC Oman).
Al Awaini cited IMF estimates pointing to growth of around 3.7 per cent in 2026 despite regional tensions, and noted that Standard & Poor's had affirmed Oman's investment-grade rating of 'BBB-' with a stable outlook.
Addressing the 15th Al Roya Economic Forum on Wednesday, the official noted that non-oil sectors now contribute around 73 per cent of GDP, while government debt fell to about 36 per cent of GDP in 2025, down from 68 per cent a few years ago. Oman ranked 25th globally among 70 economies in the 2026 World Competitiveness report, including 15th in government efficiency and 18th in business efficiency, he added.
HH Sayyid Mohammed bin Thuwaini al Said presided over the opening of the two-day forum, held under the title 'The Omani Economy in an Era of Major Transformations'.
In his address, Al Awaini described the recent Royal Order forming the board of IFC Oman — chaired by HH Sayyid Theyazin bin Haitham al Said, Deputy Prime Minister for Economic Affairs — as a new strategic milestone for the financial sector, positioning the centre as a hub linking the markets of the Gulf, Asia and Africa.
Earlier, Hatem bin Hamad al Taie, Editor-in-Chief of Al Roya newspaper, noted that the forum was convening at an exceptional moment, with the maps of trade, investment, supply chains and energy being redrawn at a pace unseen in decades. Oman, he argued, possessed a rare mix of geographical, political and economic advantages capable of turning global uncertainty into development opportunities.
Al Taie drew a distinction between fiscal and economic directions, citing Oman Air as a case where austerity measures closed routes and cut flights without weighing the knock-on impact on travel and tourism. He called for a more vital role for the Oman Chamber of Commerce and Industry, and welcomed the newly announced Economic Coordination Council as a link between government policy and private-sector needs.
Delivering the strategic partner's address, Badr bin Awadh al Shanfari, Chief Operating Officer of Ominvest, said geopolitical disruption was strengthening Oman's position rather than weakening it. During the recent escalation and the disruption to navigation in the Strait of Hormuz, he noted, the ports of Duqm, Sohar and Salalah handled hundreds of additional vessels efficiently.
Al Shanfari said total cargo at Oman's ports reached 45 million tonnes in 2025, up 7 per cent, with Duqm growing 143 per cent. Salalah launched a $300-million expansion, lifting capacity to 6.5 million units, while the Green Corridor with the UAE saw goods value jump from around RO 100 million to more than RO 830 million in April. He also pointed to the $3 billion Hafeet Rail project linking Suhar to the UAE network and the 'Al Rawdah' joint economic zone, with non-oil trade between the two countries hitting a record RO 6.2 billion in 2025, up 11.3 per cent.
The first day's keynote, by Dr Siham bint Ahmed al Harthy of the OCCI board, titled 'From Resources to Value', identified four transformations reshaping the global economy: supply-chain restructuring, the AI and technology revolution, the shift in energy markets, and competition for global investment. Advantages alone are not enough, she stressed; they must be turned into systems of production and value.