Sultanate of Oman, which consists of 11 governorates, is located on the southeastern coast of the Arabian Peninsula. Its population is 5,217,754 million, and its land area is 309,500 square kilometers, as estimated by the National Center for Statistics and Information at the end of August 2024. Due to its strategic geographic location, Oman’s climate varies between hot and humid in coastal areas, hot and dry in the inland desert, moderate and cold in the mountains, and moderate due to monsoon winds in the far south of the country from June to September.
- Population Size: 5.1 Mn
- Working Population: 2.7 Mn
- Language: Official is (Arabic), widely spoken (English, Hindi, Swahili & Urdu)
- Currency: Omani Rial, (Pegged to the USD where $1 = OMR 0.386)
- Telecommunication: Mobile coverage for 4G and 5G networks stood at 99%
Key Indicator
GDP (OMR)
44.08 Bn
(2023)
GDP Per Capita (OMR)
8,936.1
(2023)
Average Annual Growth
4.5%
(2010-2020)
Enhancing Capabilities and Innovation:
Energy:
The backbone of Oman’s economy, contributing significantly to GDP and government revenues.
Diversification of Income Sources:
Focus on developing promising sectors like tourism, agriculture, industry, and mining.
Industrial Zones and Ports:
Globally ranked, strategically located ports with a current capacity of 9.3 Mn TEUs.
- Duqm Port: Enjoys a superior and open location. It is a multi-purpose port and its importance has increased after building a dry dock for ship repair.
- Salalah Port: is one of the most distinguished ports regionally and internationally. Its strategic location on the Arabian Sea plays an important role.
- Sohar Industrial Port: is located just before the Strait of Hormuz and has developed into a world-class port, capable of receiving ships with a draught of up to 18 meters.
- Sultan Qaboos Port: is the main maritime gateway to the Sultanate of Oman and predominantly receives cruise ships.
- Khasab Port: is located in the north of the Sultanate and is used for traditional tourist ships.
Future Development Goals for Oman’s Economy
Vision 2040
Oman Vision 2040 is the national reference for economic and social planning for the period of 2021-2040, and the source of national sector strategies and five-year development plans.
More details about the vision on the official website: www.oman2040.om
Focus on Innovation and Technology
- Oman is paving the way for a future centered on innovation and technology by developing a strong digital economy and promoting research and development. These efforts aim to create a sustainable, competitive economy aligned with global trends.
- The Sultanate also prioritizes supporting entrepreneurship by providing resources and infrastructure to help innovators turn ideas into impactful ventures. This promotes a thriving ecosystem for technology and innovation.
Environmental Conservation
- An environment that ensures balance between environmental, economic and social requirements, according to sustainable development guidelines
- A green and circular economy that addresses national needs and moves consistently with the global trends
- Sustainable use of and investment in natural resources and wealth to deliver high added value
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