What did Oman’s economic diversification and privatization plans involve?

To address the eventual depletion of its oil reserves, Oman initiated a long-term economic plan in 1996 focused on diversifying away from petroleum dependency and fostering private-sector growth.1

Economic Diversification and Privatization

Oman’s strategy for the post-oil era involved several key initiatives:

• Natural Gas Development: The government prioritized the development of natural gas resources to support domestic industry and facilitate the export of liquefied natural gas.1
• Privatization Program: By the end of the 1990s, Oman had made significant progress in privatization compared to other Gulf Cooperation Council states. This included selling various government-owned companies and expanding the national stock market.1
• Investment Environment: The government worked to create a more liberal investment climate to encourage private participation in the economy.1
• Industrial and Infrastructure Growth: Successive five-year plans emphasized private-sector development and joint ventures with the government, focusing on infrastructure projects such as cement plants, electric generators, and desalinization complexes.2
• Omanization: The government also implemented a policy of "Omanization," aimed at increasing the participation of Omani citizens in the workforce.1