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OMAN - Economy

Sheikh Faisal bin Abdullah Al-Rawas

Chairman of the Board, Oman Chamber of Commerce and Industry

Bio

Sheikh Faisal bin Abdullah Al-Rawas is Chairman of the Board at the Oman Chamber of Commerce and Industry.

"The efforts made by the Sultanate of Oman in digital transformation will have a positive impact on attracting investment and increasing tourism flow."
Sheikh Faisal bin Abdullah Al-Rawas, Chairman of the Board at Oman Chamber of Commerce and Industry, talks to TBY about attracting FDI to the country.

What areas of the Omani economy provide greater opportunities for foreign investors?

The Sultanate of Oman is unique with many investment opportunities in various sectors, since Oman Vision 2040 has placed the attracting of investments among its economic priorities. Accordingly, the Oman Chamber of Commerce and Industry, within the framework of its strategic directions consistent with Oman Vision 2040, is working to improve the business environment in Oman and expand the basis for economic diversification, particularly in the dependable sectors, including the manufacturing sector, tourism, mining, food security, and logistics services, in addition to the empowered sectors such as health, education, and IT.

From which countries and regions would like to see more cooperation and trade with Oman?

The Sultanate’s private sector is open to join trade and investment cooperation and establishing partnerships with its counterparts in various countries of the world. There are undoubtedly prospects for economic integration with many countries, whether GCC region, other brotherly Arab countries, or friendly countries. Hence, the Oman Chamber of Commerce and Industry, through business councils, the joint Arab-foreign chambers, business forums, and the visiting of delegations, always works to create opportunities for cooperation between the Omani private sector and its counterparts abroad.

What measures or policies can increase the economic competitiveness of the Sultanate of Oman in general and Muscat in particular?

The Oman Chamber of Commerce and Industry welcomes all measures and policies that enhance incentives and facilities for the business and investment environment. These measures and incentives are considered as part of the priorities of the government, which has initiated many facilities, including developing laws, simplifying procedures, reducing fees, providing incentives and facilities, and improving the investment environment in general, as well as paying attention to developing the governorates. Also, the Oman Chamber of Commerce and Industry, within the framework of the powers granted to, is submitting proposals and visions to contribute to review laws and decisions related to the business environment.

What is your evaluation of the efforts to digitalize government portals?

The efforts made by the Sultanate of Oman in digital transformation will have a positive impact on attracting investment and increasing tourism flow, as the ease of starting business through related platforms, including the Invest Easy portal, and facilitation of various procedures in a digital manner with no need for the attendance of the concerned person, is considered one of the elements of investment attraction. Also, the ease of obtaining tourist visas and tourism promotion through digital platforms is one of the factors that contributed to increase the number of tourists into Oman. This is a legitimate and logical matter for investors, companies, and institutions concerned with investment and seeking to deal with these government procedures efficiently and with the least effort and cost. The Oman Chamber of Commerce and Industry, within its strategic directions related to its roles, is working to achieve digital transformation in its services provided to members in order to keep with the government digital transformation.

What are your expectations for the Omani economy for 2024?

As Oman moves forward in implementing the Oman Vision 2040, and the economic reforms it includes, the Omani economy anticipates further growth with favorable oil prices as well as the growth of the non-oil sector with an additional guarantee including the solidity of the banking sector in the country. All these advantages have been confirmed by the improvement in the Sultanate of Oman’s credit and economic ratings and indicators from international economic institutions such as Moody’s credit rating agency, while the World Bank also expects the Sultanate of Oman’s economy to achieve 2.7% growth in 2024 and 2.9% in 2025. Therefore, the indicators of international institutions confirm that the Sultanate of Oman’s economy is on the right track to achieve the aspirations and goals of Oman Vision 2040.

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