Muscat – Oman’s economy has entered a new phase of expansion, supported by rising non-oil activity, strong investment inflows and the accelerated execution of the current Five-Year Plan, according to H E Dr Said bin Mohammed al Saqri, Minister of Economy. H E Saqri said Oman has successfully moved beyond the post-pandemic recovery phase and […]

Muscat – Oman’s economy has entered a new phase of expansion, supported by rising non-oil activity, strong investment inflows and the accelerated execution of the current Five-Year Plan, according to H E Dr Said bin Mohammed al Saqri, Minister of Economy.

H E Saqri said Oman has successfully moved beyond the post-pandemic recovery phase and is now experiencing clear, broad-based growth across priority sectors.

He noted that the National Programme for Economic Diversification has delivered tangible results, particularly through policies that promote manufacturing, boost the added value of economic activities, and encourage the sustainable utilisation of Oman’s natural resources. The programme has also expanded the adoption of advanced technologies across productive sectors.

“All indicators confirm that Oman’s economy is witnessing positive momentum,” the minister said. “Over the past decade, average nominal GDP growth reached about 10%, with non-oil activities outperforming oil-linked sectors.”

H E Saqri added that the Tanmiah initiative has played a significant role in accelerating the achievement of development targets and strengthening the country’s readiness for deeper diversification.

The minister highlighted the main drivers of Oman’s diversification strategy, stressing the leading role of the manufacturing sector, supported by logistics, fisheries, tourism and mining. Tourism-linked activities, he said, have recorded notable growth thanks to Oman’s rich natural, cultural and heritage assets.

Oman’s transport and logistics sector — long a cornerstone of the sultanate’s competitiveness — continues to strengthen its role in supporting national economic performance.

H E Saqri revealed that the current Five-Year Plan and the next phase of national planning will place strong emphasis on industrial transformation, including petrochemical downstream industries, renewable energy, green hydrogen, technology-driven manufacturing and food processing.

These high-value sectors are expected to attract substantial foreign investments and generate competitive job opportunities for Omanis.

Among the Ministry of Economy’s key initiatives is the Governance of Integrated Ecosystems project, which aims to reinforce collaboration between sectors, improve efficiency and unlock stronger economic outcomes.

The ministry is also working to tackle structural challenges faced by various activities, ease production constraints and ensure that national efforts align with Oman’s diversification agenda.

Empowering governorates

H E Saqri underscored the importance of the Governorates Development Programme, which expands investment opportunities across Oman and bolsters SME participation within local economies. “The programme supports a more balanced and inclusive development model, allowing each governorate to contribute actively to national growth,” he said.

As Oman advances its diversification journey, the minister reaffirmed the government’s commitment to policies that enhance competitiveness, attract investment and drive sustainable development across the sultanate.