What are the top business sectors in Oman? You might think:
- Tourism
- Oil and Petroleum
But one more sector is catching up, the IT sector. Oman has a thriving ICT sector with a valuation of $5.47 Billion. And experts say it will touch $9.07 Billion by 2029, a growth rate of more than 8 percent. If you are thinking of grabbing a piece of this huge pie, read along for more insights into Oman's IT sector.
What is the reason for the growth in the IT sector?
The driver for the IT sector's growth is the right decisions and their execution. The government is leaving no stone unturned to develop Oman. Let us deep dive into some of the initiatives:
1) Vision 2040:
Vision 2040 is among the government initiatives for making Oman sustainable and prosperous. The main agenda is to reduce their dependency on oil exports. The sectors the government is targeting for diversifying Oman's economy are:
- Tourism
- Education
- Healthcare
- Technology
In the technology sector, Information and Communications Technology is getting the most priority. You can expect investments of approximately $ 65 million to int this sector. This indicates a strong focus on building resilient ICT infrastructure.
2) Digital Transformation Programme (DTP)
This happens to be another government initiative like the former but for digitization. Under this program, the government is working towards:
- Increasing the internet penetration. This is creating online business opportunities in Oman like eCommerce, online education, etc.
- Making technology ubiquitous across other sectors like healthcare, finance, and education.
The government also plans to invest around $441.5 million under the DTP. This is a crucial cog in the IT growth wheel.
3) Embracing Futuristic Technology
If you have to become the leader in any field it is critical to stay up to date with the future changes. Be it Cloud Computing, or the Internet of Things (IoT), AI Oman is embracing everything. Businesses are using them to improve their operations, reduce costs, and increase profits. This creates a new wave of startups that are:
- Getting funding
- Creating employment
- Focussing on innovation.
This is because of the conducive environment the government is creating. Oman is now becoming a business hub for future groundbreaking startups.
4) E-commerce Growth
With the increase in internet penetration, more technology startups are getting a push. E-commerce companies hold tremendous potential in this era of digitization. With more and more FDI flowing, the number of businesses is also on the rise. Entrepreneurs are coming from around the globe to grab a big piece of the pie.
Closing Thoughts
Thanks to these measures the number of enquiries for company formation in Oman is also going up. And no prizes for guessing technology startups are getting the most traction. If you plan to start a business in Oman, now is the right time.
