Muscat: The media gathering titled “Oman and the World” concluded today after two days of insightful discussions. Organized by the Ministry of Information, the event brought together media professionals and journalists from various nations, coinciding with the Sultanate of Oman’s celebration of His Majesty the Sultan’s Accession Day.
The final day focused on a range of topics, including Oman’s commitment to environmental initiatives and its goal of achieving zero-carbon neutrality by 2050. Discussions also covered the development of governorates, investment opportunities in industrial zones, and the strategic significance of Sohar Freezone. Additionally, the event emphasized the incentives provided by the Oman Investment Authority (OIA) to attract foreign investments and the importance of developing funds for future generations.
Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, underscored the progress made over the last five years under the guidance of His Majesty Sultan Haitham bin Tarik. He noted that Oman successfully reduced its public debt from 60 percent to 30 percent, thereby maintaining its appeal as an investment destination within its credit rating.
Dr. Abdullah Ali Al Amri, Chairman of the Environment Authority, discussed the Authority’s strategy for the sustainable use of natural resources, aiming to create high added value, promote renewable energy, diversify resources, and optimize consumption to ensure energy security and foster a green and circular economy. He emphasized that these efforts align with national priorities and global trends.
Al Amri also pointed out the remarkable progress Oman has made in the international environmental performance index, achieving 54th place globally in 2024, a significant improvement from 149th in 2022.
In the realm of environmental protection against pollution, he detailed the significant accomplishments achieved. These include the establishment of 48 air quality monitoring stations and 43 radiation monitoring stations, enhancements to the early warning system for radiation, the execution of a national strategy for integrated waste management, and the creation of 68 sites dedicated to recycling construction waste.
Al Amri also highlighted the initiatives undertaken by the Sultanate of Oman concerning climate change and the goal of achieving net zero emissions. This encompasses the adoption of a national strategy for a systematic transition to net zero, the development of a political framework for the registration and issuance of carbon reduction certificates in line with Article 6 of the Paris Agreement, the preparation of a national inventory report on greenhouse gas emissions, and the implementation of a strategy aimed at the gradual phase-out of ozone-depleting substances.
Additionally, Sheikh Hilal bin Said Al Hajri, Governor of A’Dakhiliyah, presented an overview of the comparative and competitive advantages as well as the archaeological tourism potential of the nine wilayats within the governorate. This includes notable sites such as Nizwa Fort and Souq, Al Aqar Neighborhood, Bahla Fort and Souq, Jibreen Fort, Fanja Souq in Bidbid, and the Misfat Al Abryeen Heritage Village in Al Hamra.
During the visual presentation, Al Hajri also addressed the competitive edge in the knowledge economy within A’Dakhiliyah Governorate, which is exemplified by institutions such as the University of Nizwa, the University of Technology and Applied Sciences, and the Sultan Qaboos Institute for Teaching Arabic to Non-Native Speakers, along with various cultural centers and both public and private libraries.
He emphasized the comparative and competitive advantages present in the conversion industries within the cities of Nizwa and Samail Industrial City (Madayn), which collectively host over 300 varied industrial, service, and commercial projects. He noted that the total investment in these initiatives amounts to approximately RO 722 million.
Khalid bin Sulaiman Al Salehi, the Director General of Marketing and Commercial Affairs at the Public Establishment for Industrial Estates (Madayn), delivered a visual presentation showcasing key projects and the achievements realized over the past five years. He remarked on the significant growth in digital metrics during this period, which he stated plays a crucial role in bolstering the national economy in alignment with Oman Vision 2040.
He highlighted that the cumulative investment volume rose from RO 6.6 billion at the start of 2020 to RO 7.6 billion by the end of the first half of 2024, reflecting an increase of RO 1 billion.
The event also featured a visual presentation on the key projects and services offered by Sohar Freezone, presented by Mohammed bin Ali Al Shizawi, Acting CEO of the Zone. He discussed the zone's appealing features, including its strategic geographical location, business-friendly environment, competitive costs, and comprehensive business solutions. He explained that the port has sufficient depth to accommodate various types and sizes of shipments and provides storage solutions for all goods, along with free trade agreements.
Additionally, he stated that Sohar Port and Freezone functions as an integrated complex that offers essential logistics activities, industrial operations, and marine services, which include ship maintenance and cleaning, a duty-free market, a sailors’ club, ship fueling, and waste collection services.
Thuraiya Ahmed Suwaidan Al Balushi, Senior Manager at the Oman Investment Authority (OIA), delivered a visual presentation detailing the process of establishing the Investment Authority. The OIA was formed in 2020 through the merger of the State General Reserve Fund, which was created in 1980, and the Oman Investment Fund, established in 2006, along with the consolidation of several state-owned enterprises previously overseen by the Ministry of Finance.
She emphasized that the OIA is committed to investing and developing resources for future generations, attracting foreign investments, enhancing the state’s general budget through revenue generation, and promoting key economic sectors.
Additionally, she noted that the OIA's investment portfolios are diversified across more than 30 countries worldwide, with 59.7 percent allocated to the Sultanate of Oman, 20.1 percent to North America, and 10.1 percent to Europe.
Furthermore, she announced that the Oman Future Fund commenced operations on January 17, 2024. This fund is designed to invigorate the economy by financing projects and encouraging significant investments within the Sultanate of Oman. The fund has a capital of RO 2 billion over a five-year period, with 90 percent earmarked for direct local projects and 10 percent for small and medium enterprises and startups.
