Innovation, digitalisation to drive Oman’s Vision 2040

Innovation and digitalization will play a huge role in achieving the objectives of Oman’s Vision 2040, while a favourable environment is a key to attracting talent for a knowledge-based society, speakers of a Business Summit 2020 said.

Talal bin Sulaiman al Rahbi, vice chairman of The Implementation Follow Up Unit of Oman Vision 2040 was the chief guest at the Summit, which was held under the auspices of HE Sheikh Salim bin Mustahail Al Mashani at Sheraton Oman.

Dr. Adham Turki al Said, Assistant Professor of Economics at the College of Economics and Political Science in Sultan Qaboos University, CEO and Co-founder of The Firm for Business and Economic Consulting stressed that achieving the strategic directions and goals of Oman Vision 2040 is not the responsibility of the government alone, private sector will have a key role to play in realising it.

Vision 2040, he says also envisions the share of non-oil activities to grow significantly. Innovation and digitalisation is critical to achieving the objectives of Vision 2040. Overall, productivity has declined over the decade in Oman. The capacity to innovate is still weak and the country is still not doing enough for digitalization, he says. One of the key elements of the Vision 2040 statement is to ‘create wealth through economic diversification and private sector partnership.’ In this backdrop, he says, the private sector should take up more responsible roles in catalysing growth. The target set for 2040 is very ambitious and it is essential to work together to reach there, he avers.

Under the topic “Vision 2040: Charting a roadmap to Blessed Renaissance 2.0,” the Summit deliberated in detail the national economic priorities outlined in the vision document such as economic diversification and fiscal sustainability, enabling the private sector to drive a competitive economy that is integrated with the world economy and to create a dynamic labor market that is attractive to talent and responsive to demographic, economic, knowledge and technical changes. The Summit also dwelt with challenges posed by the COVID-19 pandemic.

The keynote address was followed by a fireside chat with His Highness Sayyid Tarik bin Shabib Al Said, Chairman, Renaissance Village Duqm (RSVD) and Director, Renaissance Services, who shared insights on driving sustainability, efficiency, innovation and also the expansion plans in RSVD. This was followed by an incisive presentation by Shahid Rasool, Deputy CEO, OMINVEST, on “Economic and Business Competitiveness beyond the COVID Era,” where he dwelt on the rapidly changing economic and business landscape, COVID implications, technology trends, global macroeconomy and major businesses across key sectors. The presentation also addressed the long-term strategic issues and enablers (Oman Vision 2040), and also, immediate issues facing Omani/GCC businesses.

The Special Economic Zone at Duqm and Oman Manufacturers Association were the endorsement partners of the Summit, which was organised by UMS Events. Petroleum Development Oman (PDO), OMINVEST, Port of Duqm, Renaissance Services and OQ were the Strategic Partners. OCTAL and GBM Oman were the Associate Partners. Dhofar Insurance was the Insurance Partner, Muscat Eye Laser Center, Dhofar International Development & Investment Holding Co (DIDIC), Al Tamman Indisil Ferrochrome, Drug Manufacturing Company and Q-Services were the Support Partners. RAB and Cornerstone were the Knowledge Partners; Times of Oman, Al Shabiba and Alam Al Iktisaad, the Media Partners, while BusinessLiveME, the Online Media Partner. Photocentre was the Light and Sound Partner.

The first panel session on the topic Economic roadmap to Vision 2040 deliberated on strategic economic direction that Oman needs to pursue for a well-diversified, sustainable and competitive economy that is based on knowledge and innovation and the challenges owing to the COVID-19 pandemic and ways in which these can be negotiated by businesses. Panelists at the session included Shaikh Aimen Al Hosni, CEO, Oman Airports, Anwar Al Jabri, CEO, Jabreen Capital, Eddy Abboud, CEO, GBM Oman, Himansu Mohapatra, Group General Manager – Muscat Overseas Group, Reggy Vermeulen, CEO, Port of Duqm.

Shaikh Aimen Al Hosni, says the pandemic severely impacted the leisure and travel industry in Oman. “With the travel restrictions being eased now and nationals of 103 countries getting exemption from entry visas for a period of ten days in Oman, we definitely see a ray of hope going forward,” he says.

Anwar al Jabri says the OMINVEST Group was able to deliver a robust operational and financial performance during the first three quarters of 2020 despite the challenges presented by COVID-19. “We recorded impressive performance due to our strategic plans.”  

Eddy Abboud says driving efficiency and increased digitalisation is the need of the hour to realise the objectives of Vision 2040. Digitalisation is going to be a huge part of the progress we see in Oman over the coming years.“We need to stop putting obstacles and let the economy move ahead.” Himansu Mohapatra highlighted the need for lower rentals in Duqm to attract more investors.

Reggy Vermeulen highlighted the need for more FDI and increased private sector investments in Duqm. Logistics is a key sector of growth, he says and added that private sector will play a pivotal role in the development of Duqm.