A pivotal development in this partnership was the meeting between His Majesty Sultan Haitham bin Tarik and World Bank Group President Ajay Banga at Al Barakah Palace. The discussions centered on enhancing cooperation in economic development, knowledge exchange, and capacity building. The dialogue underscored the mutual commitment to sustainable development and the strengthening of Oman's economic framework.
Complementing these high-level discussions, Oman hosted a regional workshop focused on attracting foreign direct investment in the digital economy. Organized by the Ministry of Transport, Communications and Information Technology in collaboration with the Digital Cooperation Organization and the World Economic Forum, the workshop aimed to refine investment policies to facilitate foreign investments in emerging technologies. The initiative aligns with Oman's National Digital Economy Programme and supports the broader goals of Vision 2040.
In a move to enhance transparency and sustainability in the financial sector, BankDhofar, in partnership with the Capacity-building Alliance of Sustainable Investment , conducted a workshop on sustainability reporting. The session emphasized the importance of environmental, social, and governance integration, addressing challenges such as data availability and capacity gaps. This aligns with the Central Bank of Oman's new sustainable financial practices requirements, reinforcing the sector's commitment to sustainable development.
Oman's proactive engagement with international financial institutions was further demonstrated by its participation in the 2024 annual meetings of the International Monetary Fund and the World Bank Group. Represented by the Central Bank of Oman and the Ministry of Finance, the delegation engaged in discussions on global economic developments, including interest rate trends, geopolitical impacts, and the acceleration of artificial intelligence. These interactions reflect Oman's commitment to integrating global economic insights into its national strategies.
The Sultanate's efforts to attract foreign investment were also evident in a diplomatic meeting organized by the Ministry of Commerce, Industry and Investment Promotion, in cooperation with the Foreign Ministry. The session, attended by ambassadors and heads of diplomatic missions, focused on presenting investment opportunities and incentives across various sectors. The initiative aims to foster economic cooperation and establish direct communication channels with diplomatic missions to support investment promotion.
Oman's collaboration with the OPEC Fund for International Development resulted in a significant financial commitment, with a US$180 million loan allocated for the Khasab-Daba-Lima Road Project. This infrastructure development is part of a broader US$392 million financing facility aimed at enhancing regional connectivity and supporting economic diversification.
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