Oman plans to raise digital economy’s contribution to 10% of GDP by 2040

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Muscat: HH Sayyid Theyazin bin Haitham Al Said, Minister of Culture, Sports and Youth, presided over the launch of the 33rd edition of COMEX Global Technology Show 2024, on Monday.

The four-day event, which is taking place at Oman Convention and Exhibition Centre, brings more than 100 local and international firms under one roof.

Organised by Aldar Al Arabiya Company in partnership with the Ministry of Transport, Communications and Information Technology, the exhibition aims to promote digital investment and showcase the latest technologies and electronic services.

Speaking about digital investment, Dr. Ali Amer Al Shidhani, Undersecretary of the Ministry of Transport, Communications and Information Technology for Communications and Information Technology, said that the National Programme for Digital Economy seeks to raise the digital economy’s contribution to the gross domestic product (GDP) from 2 percent now to 10 percent by 2040.

In his speech, Al Shidhani pointed out that the volume of investments in the communications and information technology sector since the announcement of the National Programme for the Digital Economy stood at more than OMR1 billion ($2.5 billion).

A large portion of these investments is focused on the areas of communications technologies, data storage and processing, cybersecurity, artificial intelligence, space technology and semiconductors, said Al Shidhani.

He added that the estimated value of agreements and projects announced at COMEX 2024 is 60% higher than those announced at COMEX 2023—up by OMR40 million.

He explained that the value of new projects and agreements announced during the expo’s opening day touches OMR60 million. These cover the areas of digital fields, developing technical infrastructure and Omani Investment Authority projects to support the digital economy and technology investments, he added.

Various agreements were signed as part of the inaugural ceremony. They were inked by companies specialised in digital transition, development of technical infrastructure and investment and projects undertaken by Oman Investment Authority to support digital economy and digital investments.

The opening ceremony was attended by ministers, undersecretaries, members of the State Council and Shura Council, CEOs and representatives of companies participating in the exhibition.