OER Business Summit explores roadmap to achieving Sultanate’s medium- to long-term economic and HR goals

TDT | Manama

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The 16th Edition of OER Business Summit, a flagship event by the Sultanate’s premium business magazine, with a special HR focus, was held at Sheraton Oman on April 30.

His Highness Sayyid Mohammed bin Thuwaini Al Said was the Chief Guest at the Summit. Held under the auspices of His Excellency Shaikh Salim bin Mustahail Al Mashani and organised by UMS Events, the Summit explored the roadmap to achieving the Sultanate’s medium to long term economic and HR goals in-line with His Majesty Sultan Haitham bin Tarik’s Vision.

Under His Majesty Sultan Haitham bin Tarik’s Visionary Leadership, Oman has taken remarkable strides in economic development, social betterment and robust bilateral ties.

Structural challenges

The country has also been instrumental in addressing structural challenges, fostering fiscal responsibility and setting the stage for a more diversified and resilient economy.

According to the National Center for Statistical Information (NCSI) Oman’s GDP growth is expected to be 1.9 per cent at constant prices by the end of Q3 2024. Further, the preliminary results of 2024 show an increase in total revenue that led to a surplus than the deficit that was estimated in the 2024 budget.

Total revenue for 2024 is projected to reach RO12.67bn and increase of 15.1 per cent compared with the budgeted figure of RO11.01bn. (up by 15.1 per cent).

Overall, the budget is expected to generate a surplus of RO0.54bn compared with the 2024 budget deficit of RO0.64bn.

The Summit had keynote presentations by Alkesh Joshi, Tax Partner, EY Oman and MENA, Sustainability Tax Leader, EY and Reem Al Taie, Investor Relations Associate, Oman Investment Authority and presentation by Wisal Al Rashdi, Human Resources Manager, WUJHA Development.

The Summit deliberated on the topic, “Unlocking the Potential of Oman’s Renewed Renaissance.”