One of the biggest challenges facing Oman today is the diversification of the economy. At the moment, oil and gas revenues account for around 70 percent of the nation’s GDP and the transformation of the economy remains priority number one.

A revitalized Omani economy is set to emerge, one that is less reliant on oil and more focused on developing the nation’s human, financial and technical resources. Oman’s Vision 2020 seeks to add value to the economy through the privatization of industry, diversification of the economy and Omanisation of the workforce.

New industrial zones, such as Sohar Industrial Park, and the creation of Sohar Industrial Port reflect the government’s determination to boost foreign direct investment. Ambitious new infrastructure projects aimed at boosting tourism and industry are signs that a larger success story is unfolding in Oman, with the government keen on having all members of society benefit from its booming economy, bringing more widespread wealth and development to different regions of the country.

Minister of Commerce and Industry Maqbool Ali Sultan says, “In 2020, industry’s contribution will go up to 15 percent while the contribution from oil and gas will come down to 19 percent. Instead of exporting oil, it will go to refineries here to produce derivatives such as polypropylene, which will in turn create further downstream industries.”