Saturday 21 / December / 2024
Muscat: Oman has been ranked 21st globally in the prestigious list of the World’s Best Countries to Invest In or Do Business for 2024, according to a new report.
This recognition underscores Oman’s strategic efforts to foster a business-friendly environment and highlights the initiatives that have positioned the country as a prime destination for international investment.
Oman’s impressive standing is a testament to its commitment to Oman Vision 2040, which aims to diversify the national economy, reduce dependency on oil revenues, and create a sustainable, innovation-driven future.
The Ministry of Commerce, Industry, and Investment Promotion (MoCIIP) has been instrumental in driving these reforms, providing a solid framework for enhancing economic growth, promoting the private sector, and boosting investor confidence.
Through Invest Oman, the government’s dedicated arm for large-scale investments, Oman continues to streamline the investor journey, offering a comprehensive suite of services that guide investors from inquiry to project realization.
The report from CEOWORLD magazine highlights key metrics contributing to Oman’s success. The country hasan economic stability score of 92.12, and received commendable ratings for its government policies (92.36) and skilled labour force (92.75). These factors, coupled with Oman’s institutional framework rating of 92.34, underscore its attractiveness for foreign investment and entrepreneurship.
In addition, Oman’s infrastructure development—from free zones to special economic zones, such as Duqm and Sohar—further enhances its ability to attract foreign direct investment (FDI). These developments have bolstered trade across the region, making Oman a vital gateway for international markets in the Gulf and beyond. The government’s focus on free trade agreements with key markets in Asia and Europe continues to open new avenues for bilateral trade and investment.
Oman’s recognition as one of the top investment destinations globally is also attributed to its proactive stance on digital transformation. The government has implemented initiatives that focus on enhancing technological readiness, including the promotion of tech-driven businesses and innovation hubs, aligning with global trends toward economic diversification and sustainability.
As Oman continues to rise in global rankings, its ability to adapt to shifting economic dynamics and provide innovative investment solutions will remain a key factor in maintaining and expanding its appeal to international investors.
