Muscat: The launch of the inaugural International Investment Forum "Advantage Oman" was under the patronage of His Highness Sayyid Shihab bin Tarik Al Said, the Deputy Prime Minister for Defence Affairs. This significant event was organized by the Ministry of Commerce, Industry and Investment Promotion and took place at the St. Regis Al Mouj Resort in Muscat.
Over two days, more than 250 high-ranking officials, influential decision-makers, and both regional and global investors are part of the gathering, which positions the Sultanate of Oman as an attractive option for investment.
During the opening address, His Excellency Qais bin Mohammed Al Yousef, the Minister of Commerce, Industry and Investment Promotion, pointed out that this International Investment Forum marks a first for the Sultanate of Oman and serves as a key strategic event tailored to draw in distinguished decision-makers, leaders, business professionals, and investors from numerous countries and diverse promising sectors. This is particularly relevant given the substantial growth Oman has experienced and continues to experience in various economic and investment areas, bolstered by improving international indicators.
His Excellency highlighted that the forum is being held at a moment when the Sultanate is experiencing heightened activity within its economic and investment realms. In the third quarter of 2024, there was a notable increase of 16. 2 percent in foreign direct investment flows compared to the corresponding quarter of 2023. Additionally, Oman’s credit rating was upgraded to BBB- with a stable outlook by Standard & Poor’s.
The Minister of Commerce, Industry and Investment Promotion indicated that the gross domestic product is projected to rise by 3. 4 percent this year, surpassing the performance metrics of several global economies, reflecting the national economy's robustness and the trust of international markets in it.
On the first day of the forum, five primary sessions were held, focusing on key global economic developments. The opening session looked toward the future, discussing anticipated significant changes and the influence of cutting-edge technologies such as artificial intelligence, climate technologies, and hyper-connectivity on the global landscape. It emphasized the necessity of leveraging innovation and sustainability as foundational elements of competitiveness in a rapidly evolving world.
The second session, titled "The Equation of Risk and Opportunity in a Changing World," explored the significance of calculated risk-taking as crucial to organizational success. It discussed the cultivation of a risk-taking culture and the importance of psychological safety, presenting examples of organizations that achieved success through making bold choices during turbulent times.
The third session, “Decisions in the Business World - Environmental Challenges and Corporate Responsibility,” addressed the corporate obligations regarding climate change and the decline of biodiversity. It proposed strategic responses such as adopting a circular economy and implementing green technologies, highlighting the critical role of collaboration between public and private sectors in environmental preservation.
The fourth session focused on innovative leadership amidst a swiftly evolving environment, emphasizing how leadership can move beyond conventional methods by embracing a creative, artistic approach that is both courageous and non-linear, illustrated by real-world cases of organizations that have successfully transformed through creativity. His Highness Sayyid Shihab bin Tarik Al Said, the Deputy Prime Minister for Defence Affairs, explored the exhibition linked to the forum, which showcased contributions from various governmental bodies and private sector enterprises.
In the fifth session, the discussion revolved around the significance of storytelling in fostering trust and cultivating brand loyalty. It explored how companies can convert data and core values into compelling narratives that resonate with audiences and create a lasting impression. The second day of the forum will feature discussions with key decision-makers, facilitating a dialogue with investors, establishing quality partnerships, showcasing a success story of an investor, finalizing new investment collaborations, and conducting specialized roundtable discussions across several key sectors such as tourism, logistics, mining, food security, renewable energy, and information technology.
