MUSCAT: Chaired by His Highness Sayyid Bilarab bin Haitham Al Said, the Honorary President of the program, a recent session focused on the executive progress of a crucial initiative in Oman. This initiative is centered around the creation of a new law designed to foster innovation and support technology-driven startups. The objective is to ensure that Oman becomes a hub for entrepreneurial endeavors, leveraging technological advancements to propel economic growth.
The meeting highlighted the government’s commitment to enhancing the startup ecosystem by providing tailored support and incentives. Strategies to improve the regulatory environment were discussed, with a specific focus on reducing bureaucratic hurdles and increasing access to funding. The law aims to create a more favorable environment for entrepreneurs by addressing the challenges they face in launching and growing their businesses.
Oman’s economic landscape has seen substantial shifts in recent years, with the government actively encouraging diversification beyond oil and gas industries. The introduction of this law is part of a broader strategy to position Oman as a competitive destination for tech startups and innovation-led businesses. It will also contribute to achieving the objectives outlined in Oman Vision 2040, which emphasizes innovation as a cornerstone of the nation’s future economic development.
The session also reviewed measures to enhance the collaboration between the public and private sectors. Ensuring that both entrepreneurs and investors have the right tools and infrastructure to succeed is key to the long-term success of the program. The government is committed to continuously evaluating and refining the law to ensure it meets the evolving needs of the startup ecosystem in Oman.
