What will Oman’s ICV look like in 2030?

ICV’s impact on the Omani economy is likely to become more transformational than incremental and building-on the solid foundation established by Oman Vision 2040, the immediate focus will be developing the ICV on a national scale. With the removal of the final barriers to the Oman Vision 2040 and ICV integration, Oman’s economy is projected to be more resilient and sustainable with ICV activities empowering local businesses, creating employment opportunities and generating innovations across multiple sectors by 2030. ICV will gradually become the most important pillar of Oman’s industrial economy, both as a contributor and as a building block to sustain the anticipated eco-system growth.

ICV for Oman’s economy will progress gradually and attain more diversified growth, especially on the foundation laid in the previous decade. The anticipated contribution of ICV across the diversified sectors of manufacturing, logistics, renewable energy, ICT and tourism is expected to be significant and even more so with the growth potential of the energy and minerals sectors and the 30% local ICV participation achieved to date.

The manufacturing sector will drive even more growth, helping to achieve the targeted 20% GDP contribution for the sector. The focus on building local capacity will help drive the renewable energy sector and especially green hydrogen. ICV growth potentials in ICV-enabled tourism and aviation industries are even more impressive with 25% participation expected as well.

The ICV Certificate system plans to be fully implemented by 2025. It will be the first system to reward performance through the distribution of incentives. These incentives will be given to businesses for their efforts in enhancing local content.

STRENGTHENING LOCAL SUPPLY CHAINS

Over 10,000 Omani SMEs will likely be added to the primary value chains by 2030. The Omani Investment Authority (OIA) and the SME Development Fund will drive public-private partnerships to develop supplier clusters in Suhar, Al Duqm and Salalah.

The clusters will focus on high value sectors which include: Light manufacturing and machinery; Agribusiness and food processing; and Digital services for both logistics and aviation.

The Majd ICV Platform is a digital innovation that today, serves as a digital ICV certificate. It will be enhanced to function as a transparent, national supplier system for real-time ICV metrics and performance tracking.

HUMAN CAPITAL

Omanisation will no longer be enforced through quotas. By 2030, over 90% of positions in the technical and operational fields within the energy sector will be filled by Omanis. 70% of the roles in the industrial services sector will also be filled by Omanis.

A new ICV Skills Passport might be developed, combining accredited skills with demands within sectors. More vocational programmes will be centred on STEM, robotics, automation and digital trades. Education will be tailored to contemporary industrial requirements. This will empower ICV to drive not just employment, but real capability building.

TECH, DATA AND INNOVATION

The upcoming ICV era will leverage data. An AI analytical ICV Dashboard offered at the national level will provide real-time tracking of corporate performance, supply chains and workforce development.

To make Oman a regional innovation hub for industrial R&D and tech transfer, foreign investors should be motivated to partner with Oman’s universities and startups by Oman offering tax incentives on R&D conducted here.

On current trends, by 2030, Oman’s ICV contribution to GDP will stand at over 40% (32% in 2024). Oman will see SME exports at 10-12% of total non-oil exports; and the private sector will employ more Omanis, increasing by 25% overall.

This will enhance inclusive growth by expanding Muscat’s industrial activity and will strengthen the social contract within the state, private sector and citizens.

GLOBAL COMPETITIVENESS

ICV in Oman is set to change from a compliance requirement to a strategic growth engine — a system that develops advanced talent, champions SMEs and integrates innovation in every sphere.

Value, rather than volume, will measure Oman's domestic purchases by 2030. The growth of a diversified, knowledge-based, globally competitive economy will follow.