Oman's diminishing oil resources highlight the necessity for the nation to diversify its investments across various industries to maintain economic stability. In response, the Omani Government has redirected its efforts towards sectors such as tourism, construction, the establishment of industrial parks, and the manufacturing and export of goods to GCC partner nations. As a result, establishing a business in Oman presents a promising opportunity for entrepreneurs looking to enter the Asian market in 2024.
The following industries in Oman are anticipated to experience significant growth in 2024:
1. Tourism and Travel
Oman is currently positioned 9th in terms of growth potential within the tourism sector, with an expected annual growth rate of 7-9 percent. Approximately 3 million tourists visit Oman each year, exploring attractions such as Jebel Shams, the Sultan Qaboos Grand Mosque, and Bahla Fort. The burgeoning tourism industry opens up numerous business opportunities in Oman, including restaurants, private taxi services, and translation services, to meet the diverse needs of visitors.
2. Construction
In the Sultanate of Oman, there are currently over 2,000 active projects in the oil and gas sector, urban development, and industrial initiatives. The total value of these projects is estimated to exceed USD 190 billion. The Sultan of Oman has placed a significant emphasis on construction and tourism development to prevent economic decline. The construction sector is projected to experience an annual growth rate of 11 percent.
3. Manufacturing
The growth of the manufacturing sector is in line with the objectives of Vision 2025, leading to increased investments in this area. The manufacturing industry is expanding at an annual rate of 2.6 percent and is making a growing contribution to Oman's GDP.
4. Oil and Gas
The oil and gas sector has been the cornerstone of Oman's wealth and economic stability. It has adopted various techniques to enhance production and continues to play a crucial role in the economy. Additionally, Oman has implemented a successful program to meet rising domestic demand, which has attracted significant foreign investment.
5. Education
The Omani government has allocated over USD 7 billion towards education, aiming to equip individuals with the necessary skills and qualifications for a modern economy. Collaborating with the private sector, the government seeks to provide a high-quality education that aligns with the demands of a dynamic and competitive market.
6. Food Processing and Logistics
Oman has experienced significant population growth, accompanied by increased tourism and rising income levels across various demographics. This surge in food and beverage consumption is evident not only in Oman but throughout the GCC region. In response to this demand, the Sultanate's food processing, packaging, and agricultural sectors are expanding rapidly.
Given its strategic geographical location, Oman is well-positioned for manufacturing, facilitating the export of products through well-invested seaports. As the country faces the depletion of oil and natural gas resources, it is pivoting towards a sustainable economy by heavily investing in these industries, particularly in tourism and construction.
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