Oman is opening the next chapter of its economic transformation in style. As part of the Oman Vision 2040 investment drive, the Oman Investment Authority has launched four major projects worth more than OMR935 million, or roughly $2.4 billion, spanning manufacturing, tourism and the digital economy, and set to create well over 1,800 new jobs.
The announcement marks the start of the country’s Eleventh Five-Year Development Plan (2026-2030), which places manufacturing and tourism at the heart of efforts to diversify away from oil and build a more resilient, private-sector-led economy.
Diversification Gathers Pace
The Eleventh Five-Year Plan is explicit about its priorities: grow non-oil sectors, attract investment and create large-scale private-sector employment. To support that, around OMR900 million is expected to be invested annually into key sectors, with an additional OMR400 million earmarked for economic transformation projects over the course of the plan.
Tourism is a particular focus. The sector is projected to contribute around 2.4 per cent to GDP with annual growth of roughly 5.7 per cent, and Oman has set its sights on lifting tourism’s contribution to nearly 10 per cent of the economy by 2034. Since 2022, the private sector has already pledged more than $10 billion toward hotels and integrated tourism complexes.
Airport Cities and Sustainable Tourism
At the centre of the tourism push is an ambitious $800 million “Airport City” programme, designed to turn the Muscat, Salalah and Suhar airports into integrated economic and tourism hubs by 2030. The concept blends aviation, logistics, retail and hospitality around the country’s key gateways, multiplying the economic value each airport generates.
Oman is also leaning into its natural advantages with a strong emphasis on sustainable tourism, including adventure and eco-tourism. From the fjords of Musandam to the green monsoon season in Salalah and the deserts of the interior, the sultanate is positioning itself as a destination for travellers seeking authentic, responsible experiences rather than mass tourism.
- A record 4 million visitors were welcomed in a single recent year
- New eco-lodges, heritage sites and adventure offerings are in development
- Projects such as the Ras Al Hadd development aim to boost regional connectivity
Manufacturing and the Digital Economy
Beyond tourism, the four newly launched projects extend into manufacturing and the digital economy, two pillars seen as essential for higher-value jobs and exports. By backing these sectors directly, the Oman Investment Authority is signalling that diversification is not just a slogan but a funded, project-by-project programme.
The jobs dimension is central. With more than 1,850 new positions tied to the initial launch alone, the plan is designed to expand opportunities for Omani nationals and skilled professionals alike. Those comparing pay and prospects across the region can consult our GCC salary guide 2026 for a role-by-role benchmark.
An Attractive Investment Destination
For investors, Oman offers a compelling mix of political stability, improving infrastructure and a government actively courting private capital. The combination of clear five-year planning, sizeable annual investment and a long-term Vision 2040 framework gives businesses the visibility they need to commit.
Entrepreneurs weighing the Gulf as a base often start by comparing setup options across the region. While Oman is building its own incentives, our guide to setting up a business in Dubai in 2026 offers a useful sense of how the wider GCC structures free zones, costs and licensing.
The Bigger Picture
The launch of $2.4 billion in projects is more than a headline number. It is a statement of intent that Oman intends to enter the 2026-2030 plan period with momentum, turning Vision 2040’s ambitions into concrete developments, jobs and investment. With tourism, manufacturing and the digital economy all moving forward together, the sultanate is steadily reshaping its economy for the post-oil era.
