In a significant move towards economic transformation, Oman unveiled the Oman Future Fund in late March, marking a substantial $5.2 billion investment. This financial commitment represents approximately 4.5 percent of Oman's annual GDP, based on 2022 data from the World Bank.
The fund is a key component of Oman's Vision 2040 plan, explicitly stating that it will not invest in oil and gas, as well as real estate projects. This strategic decision underscores Oman's pursuit of comprehensive economic and social transformation, aiming for economic diversification despite its long-standing role as a traditional oil and gas producer.
By shifting focus away from traditional sectors, Oman is setting the stage for sustainable growth and resilience against global market fluctuations. The Oman Future Fund is expected to foster innovation, support emerging industries, and create new opportunities for the nation's youth, aligning with the broader goals of Vision 2040 to build a diversified and knowledge-based economy.
Reference(s):
Middle East Insights: Oman's grand vision for economic transformation
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