Oman: the Middle East's next Agile economic powerhouse?

September 19, 2023

Oman, a country known for its stunning landscapes and rich history, could be quietly positioning itself as the next regional business powerhouse. As entrepreneurs and business leaders increasingly set their sights on the Middle East, the spotlight has been traditionally on hubs like Dubai, Doha and Riyadh. But with a growing economy and numerous strategic advantages, Oman is swiftly moving up the ranks, offering a plethora of opportunities for forward-thinking businesses. Read how the use of Agile Frameworks, such as Scrum, could be the key to competitive advantage in the region and if you're keen to learn more, book a free appointment with the regional experts here.

Oman’s Growth

Evidence of Oman's ascending trajectory is not hard to find. Data from the World Bank, for instance, showcases a steady growth in its Gross Domestic Product (GDP) - with the exception of the Covid period, which negatively impacted every country's economy, Oman has grown consistently and rapidly since the start of this Millenia, and is forecast to grow by a further 18% between today and 2028. The Sultanate is drawing attention for its ambitious Vision 2040, which aims to diversify the economy, enhance the business environment, and foster innovation. This national roadmap underscores Oman's proactive approach to ensure sustainable economic growth.

The country's geographical positioning presents another tremendous advantage. Oman houses one of the world's largest freight ports, the Port of Duqm. This world-class port's strategic location, midway between Europe and Asia, offers businesses efficient access to global trade routes. For businesses involved in freight and logistics, this is an undeniable attraction.

Oman's appeal isn't limited to its economic potential. The country's proximity to tourist hotspots, such as Dubai, enhances its allure for tourism and hospitality sectors. Add to this the cheaper cost of living, both for residents and visitors, and Oman presents itself as an attractive destination. Be it for a relaxing holiday or a longer-term venture, it is quickly becoming an inviting option for those looking to experience life and work in the region.

Considering starting a business in Oman? There's more good news. Oman's ease of doing business is progressively improving. Government initiatives, such as those implemented by the Oman Investment and Export Development Agency (Ithraa), highlight the nation's push to foster entrepreneurship and attract foreign investment. Incentives, including tax breaks and simplified registration processes, have been designed to encourage businesses to set up shop in Oman. These policies can be especially beneficial for emerging businesses, levelling the playing field against larger, cash-rich entities operating in the region.

Yet, amidst all these positive indicators and the unfolding opportunities, there is a common challenge for businesses: navigating the complex landscape of a rapidly changing environment. And this is where Agile Frameworks like Scrum come to the fore.

Scrum is designed for dynamic project environments with high uncertainty. The Scrum Framework advocates for adaptive planning, evolutionary development, and a value-driven approach. What does this mean for businesses in Oman? It ensures that projects aren't just executed, but they consistently deliver value in alignment with the company's strategy. In a fast-paced business world, especially in a rapidly emerging market like Oman, the ability to pivot, adapt, and continually offer value is indispensable.

For businesses in Oman – whether start-ups or established entities – the adoption of Scrum can be the differentiator. It's not just about managing projects but about ensuring that every step taken is in line with delivering true value to stakeholders. In an environment marked by uncertainty and vast potential, Scrum ensures that businesses remain nimble, focused, and always aligned with their strategic vision.

In conclusion, Oman's horizon is bright, filled with promises of growth, opportunity, and innovation. As it carves its niche as the go-to business destination in the Middle East, the importance of agile thinking and frameworks becomes paramount. To truly harness the potential that Oman offers, it's essential for businesses to embed agility at their core.

Considering charting your growth story in Oman? Think Agile, think Scrum. And if you're on the lookout for guidance or expertise on how Scrum can power your business ambitions in this rising economy, contact the experts at Agility Arabia. We're here to help you navigate and excel in this exciting landscape.

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