In 2022, Oman launched a fiscal stability program to boost recovery and support the financial sector. However, due to OPEC+ oil production cuts, Oman’s economy grew, according to the IMF, by only 1.3% in 2023.

Now, to stimulate investments in small and medium-sized local companies (SMEs) and attract foreign investment, the Oman Investment Authority (QIA) has launched a $5.2 billion fund.  

Abdulsalam Al Murshidi, OIA President, said that the fund will help to serve the national economy’s growth and act as a trustworthy fund for local and international investors looking to expand their projects in Oman.

Oman’s finance ministry will be a strategic partner in the Future Fund Oman, first announced in May last year, which will also be supported by other government agencies and companies, including Omantel. 

Sectors the fund will keep an eye on include tourism, manufacturing, green energy, maritime resources, and technology.

Oman is also looking at increasing revenue from tourism, one of the economic pillars of Oman Vision 2040. The country expects to earn more than $23 billion annually from tourism by 2040.

Now accepting applications for Fast Company Middle East’s Best Workplaces For Women 2023. Click here to register.