Oman’s economy is on a steady growth trajectory, supported by robust reforms under Oman Vision 2040, according to the International Monetary Fund (IMF). In its End-of-Mission press release following the 2024 Article IV consultation held in Muscat from October 30 to November 13, the IMF praised the country’s progress in economic diversification, fiscal management, and...

The Sultanate of Oman’s recent membership of the Global Alliance on Green Economy (GAGE) – a key international platform committed to building national capacities of members in their transition to a decarbonized economy – is seen as critical to accessing sustainable climate finance, among other climate-related benefits. An initiative of the World Green Economy Organisation...

The official price of Oman crude oil on Tuesday for January delivery surged to $72.21 per barrel, reflecting an increase of $1.71 from Monday’s price of $70.50. The monthly average price for Omani crude in November was $73.49, a decline of $4.50 compared to October. Meanwhile, international oil prices edged lower on Tuesday, influenced by...

Oman’s Industrial Strategy 2040: Paving the Way for a Sustainable Industrial Future Oman is embarking on a transformative journey to redefine its industrial landscape through the Industrial Strategy 2040 and the Local Content Plan (ICV), aiming to establish itself as a global industrial hub. Spearheaded by the Ministry of Commerce, Industry, and Investment Promotion, these initiatives...

OQ Base Industries IPO: A Landmark Step Towards Economic Diversification in Oman Oman’s financial landscape is set to witness a transformative milestone with the initial public offering (IPO) of OQ Base Industries, a subsidiary of the Oman Investment Authority (OIA). Approved by the Financial Services Authority (FSA), the IPO aligns with Oman Vision 2040’s objectives of...