Published on and written by Cyril Jarnias
Oman’s economy is currently undergoing a phase of diversification and modernization that opens new prospects for entrepreneurs. Long dependent on hydrocarbons, the Sultanate is now focusing on developing innovative, high value-added sectors. Let’s explore together the most promising areas for creating or expanding a business in Oman, as well as the available funding options to bring your projects to life.
Future Sectors Driving Oman’s Economic Takeoff
Oman has defined an ambitious strategy called “Vision 2040,” aimed at diversifying its economy and reducing its dependence on oil. This vision translates into the emergence of new promising sectors offering excellent opportunities for entrepreneurs:
Luxury and Adventure Tourism
With its spectacular landscapes between sea and desert, rich cultural heritage, and pleasant climate, Oman has considerable assets for developing high-end tourism. The government is heavily investing in tourism infrastructure and encouraging innovative projects in this field. Opportunities abound:
- Creation of luxury hotels and resorts
- Development of ecotourism and adventure tourism activities
- Establishment of cultural and historical tours
- Offering concierge services and customized experiences
Renewable Energy
Aware of the need to diversify its energy mix, Oman is strongly focusing on green energy, particularly solar and wind power. The country aims for 30% renewable energy in its electricity production by 2030. This rapidly expanding sector offers excellent prospects:
- Installation and maintenance of solar and wind farms
- Development of energy storage solutions
- Energy efficiency consulting for businesses and individuals
- Manufacturing components for renewable energy
Information Technology
Oman is heavily investing in its digital infrastructure and encouraging technological innovation. The country aims to become a regional hub in this field, offering numerous opportunities for tech entrepreneurs:
- Development of cloud solutions and cybersecurity
- Creation of mobile applications and online services
- Implementation of artificial intelligence and big data solutions
- Offering training and digital transformation consulting services
High Value-Added Manufacturing
To reduce its dependence on imports, Oman seeks to develop an innovative and competitive local industry. The following sectors are particularly encouraged:
- Manufacturing electronic components and semiconductors
- Production of advanced materials (composites, nanomaterials)
- Pharmaceutical industry and biotechnology
- Manufacturing cutting-edge medical equipment
Sustainable Agriculture and Aquaculture
Facing challenges of food security and climate change, Oman is focusing on developing innovative and environmentally friendly agriculture and aquaculture:
- Establishment of vertical farms and hydroponics
- Development of marine and land-based aquaculture
- Production of drought-resistant seeds and plants
- Creation of smart, water-efficient irrigation solutions
Good to Know:
The Omani government offers tax incentives and administrative facilities to businesses establishing themselves in these priority sectors, particularly in special economic zones like Duqm.
Funding Your Success: Keys to Raising Capital in Oman
To bring your entrepreneurial project to life in Oman, several funding options are available to you:
Government Funds
The Omani government has established several funds to support entrepreneurs, including:
- Al Raffd Fund: offers zero-interest loans to young Omani entrepreneurs
- Oman Technology Fund: invests in innovative technology startups
- SME Development Fund: provides funding and support to small and medium-sized enterprises
Banks and Financial Institutions
Major Omani banks offer financing products tailored to businesses, including:
- Investment loans
- Credit lines
- Working capital financing
- Equipment leasing
Some institutions like the Oman Development Bank offer favorable conditions for projects aligned with national priorities.
Venture Capital Funds and Angel Investors
The venture capital ecosystem is rapidly developing in Oman, with the emergence of several local and regional funds interested in innovative startups. Notable examples include:
- IDO Investments: Omani fund focused on disruptive technologies
- 500 Startups MENA: accelerator and seed fund present in the region
- Phaze Ventures: fund specialized in energy technologies
Strategic Partnerships
Partnering with a local entity can facilitate access to the Omani market and provide funding. Several options are possible:
- Joint venture with an established Omani company
- Partnership with an industrial group seeking to diversify
- Collaboration with a local university or research center
Crowdfunding Platforms
Crowdfunding is gradually developing in Oman, offering an interesting alternative for small projects or to complement funding rounds:
- Beehive: peer-to-business lending platform
- Zoomaal: crowdfunding platform dedicated to creative and social projects
Good to Know:
To maximize your chances of obtaining funding, it’s crucial to thoroughly prepare your business plan and have it validated by local experts familiar with the specifics of the Omani market.
Conclusion: Oman, Fertile Ground for Entrepreneurship
With its political stability, strategic position, and commitment to economic diversification, Oman offers a favorable environment for business development. Promising sectors like luxury tourism, renewable energy, and information technology present excellent opportunities for bold entrepreneurs.
The multiplication of funding sources, from government funds to private investors and banks, facilitates the realization of innovative projects. However, strong local market knowledge and a solid network remain major assets for success in the Sultanate.
By focusing on innovation, sustainability, and alignment with national priorities, your business has every chance to prosper in this rapidly transforming country.
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Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
