MUSCAT: The National Programme for the Development of the Private Sector and Foreign Trade (Nazdaher) has outlined a sweeping set of reforms and projects designed to position the Sultanate of Oman as a more attractive destination for private investment and trade, reinforcing the private sector’s central role in delivering sustainable growth under Oman Vision 2040.

Speaking at a media briefing in Muscat, Nazdaher president Khalid bin Said al Shuaibi said the programme — an accelerated, short-term executive arm of the economy and development pillar — aims to develop an empowered private sector that can compete locally and internationally and integrate more effectively with global trade systems.

Phase one (2021–2023) concentrated on attracting local and foreign investment and improving the investor journey. Nazdaher developed and secured intellectual-property protection for a National Investment Matrix designed to measure investments’ economic impact against Oman Vision 2040 goals and carried out a comprehensive review of procedures, regulations and systems affecting investors. A package of tools and initiatives was handed to the Ministry of Commerce, Industry and Investment Promotion (MoCIIP) for delivery — including the National Negotiation Team, the National Investment Strategy, the Invest Oman platform, an Investment Incentives Guide, an Investment Map, a Fast-Track Path, an Investor Residency Programme and an Investment Sector Performance Monitoring Framework aligned to investment targets of roughly RO 11 billion.

Among the programme’s flagship achievements is the development and marketing of the Ladayn Polymer Park — promoted jointly with OQ Group, MoCIIP and Madayn — intended to bolster domestic plastic product self-sufficiency and spawn higher-value downstream industries. The project has secured 19 investment agreements valued at more than $160 million (about RO 61.5 million) and was formally adopted by OQ Group earlier this year to ensure operational continuity.

Nazdaher also reported success in investor targeting: a specialised national team helped secure investments exceeding RO 1.5 billion for projects in Al Duqm and Suhar, including the Jindal Shadeed iron and steel complex in Al Duqm and the United Solar polysilicon plant in SOHAR Port and Freezone. Investment promotion materials, databases and technical reports were transferred to MoCIIP’s Invest Oman Lounge to sustain attraction efforts. Separately, 37 investment opportunities worth RO 828 million across seven sectors are being marketed via Invest in Oman.

The programme has broadened its scope to emerging sectors such as culture and creative industries: a ten-year investment strategy produced three major projects, five promising opportunities (approximately RO 19 million) and 12 enabling initiatives centred on creative skills education, trade, infrastructure and financing/legislation.

Nazdaher is also part of Oman’s national team preparing for the World Bank’s new Business Readiness Index, having analysed roughly 750 key indicators and 1,370 sub-indicators to identify 24 immediate reform initiatives (mostly complete) and 17 further improvements slated for 2025–26 in coordination with more than 22 government entities.

Phase two (2024–2025) shifts focus to integrated private-sector development and foreign trade through four main tracks — private sector development, foreign trade, local value chains and international competitiveness — and includes cluster planning (aluminium in Suhar, minerals, fisheries clusters, Al Duqm cold-chain cluster and Najd agricultural governance), standards strengthening, trade-support platforms and a governance framework for family businesses.

Nazdaher also led the creation and rollout of a Unified National Promotional Identity for Oman, launched under Royal Patronage on 8 January 2025 and unveiled internationally at the World Economic Forum in Davos; an office to manage the identity began operations in early 2025 alongside capacity-building workshops for public and private stakeholders.

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