Oman Innovation Festival: Entrepreneurs Driving Vision 2040

Recognizing the economic potential of technology and entrepreneurship, Oman is set to host the first-ever “Oman Innovation Festival” in February 2024. Spearheaded by the Ministry of Higher Education, Research and Innovation, this will be a weeklong event linking academic research to industry.

The Oman Innovation Festival will feature workshops, talk sessions, panel discussions, hackathons and competitions. The organizers aim to build and embed the growth of a national ecosystem around innovation that brings together the different public and private sector stakeholders to accelerate the development of a knowledge-based economy.

New Opportunities for Oman

Abdullah Al Shukaili, Executive Director of the University of Nizwa, Entrepreneurship Center and GEM Project Team Leader, said starting new businesses will support Oman’s transfer of a knowledge-based economy. “Entrepreneurship creates new job opportunities for Omani youth, encourages innovation and creativity, adapts new technology, and increases national productivity and knowledge transfer, thus enhancing economic growth.”

With a focus on technology, knowledge and innovation, the Omani economy is diversifying. This has prompted the government to set up policies and programs to promote national talent to actively participate Oman’s economic development through their involvement in small and medium enterprises.

Al Shukaili said Oman will need to enhance and stimulate its economic growth and maintain economic stability during the coming decade.

Oman Strides Towards 2040 Vision

Oman wants to unlock the country’s innovation and entrepreneurship potential to achieve its 2040 Vision. The Sultan of Oman Haitham bin Tarik said “We will protect our national interests, as they are the most important constants of the next phase, the directions and targets of which were set by ‘Oman Vision 2040’, with the prime aim of transforming all aspects of life. It is a true embodiment of collective national willpower. The success of this vision is the responsibility of us all, dear citizens, without exception, each one acting from his position and within the scope of his abilities and responsibilities.”

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For Vision 2040, the government is working on four pillars mainly people and society; economy and development; governance and institutional performance; and sustainable environment.