The Sultanate’s plans for economic diversification under the 10th Five Year Plan (2021-2025) will be fortified and fast-tracked under ‘Tanweea’ (translated from Arabic as “diversification”) – a new cooperative programme launched by the Ministry of Economy and the Oman Vision 2040 Follow-Up Unit.

Dr Said Mohammed Al Mahrooqi, the Minister of Economy, said: “Tanweea comprises a set of procedures aimed to speed up the rate of economic diversification in the Sultanate of Oman.”

The programme effectively seeks to enhance frontline and rear-line connections among the Sultanate’s economic sectors, with a vision to expand the base of production and exports, and empower economic sectors that contribute to non-oil revenues.

Dr Said was quoted as telling the Oman News Agency (ONA) that the programme operates along two tracks – a planning track and an executive track.

“The planning track focuses on shaping initiatives, studies and research, conducts financial and economic analyses and develops a risk management system. The executive track operates in connection with establishments dealing with specific diversification sectors: mining, transport, logistics, foodstuff and tourism,” he explained.

The minister said that he expects the programme to come up with plenary economic diversification policies, incentive packages and the development of detailed national indicators that will bring about a transformation in the overall vision.

Speaking about the new initiative, Eng. Mohammed Hamad Al Hashmi, the Executive Manager of Tanweea, said that the programme seeks to achieve target percentages in the sectors of mining, tourism, converting industries, transport, logistics and food security. It also harmonises all strategies and national goals of the 10th Five Year Plan and Oman Vision 2040.