5th Duqm Forum highlights blue economy investment opportunities

MUSCAT, OCT 20

The 5th Duqm Forum commenced at the Oman Convention & Exhibition Centre (OCEC), Muscat, on October 20, 2024, bringing together industry leaders, government officials, and experts to discuss investment opportunities in the blue economy. The event, held under the auspices of His Highness Sayyid Harib bin Thuwaini Al Said, Assistant Secretary General of the Council of Ministers for Conferences, aims to showcase Oman as a prime destination for blue economy investments.

Addressing the forum, Dr Salim bin Salim al Junaibi, Shura Council Member and Chairman of the Oman Chamber of Commerce and Industry in Al Wusta Governorate, drew attention in his address to Al Wusta’s vast wealth of resources, from its oil and gas fields to its emerging alternative energy projects and rich marine life. Dr Al Junaibi also underscored the governorate’s strategic location, its role as home to Oman’s first special economic zone, and its growing significance as a commercial gateway between East and West.

Shaikh Khalifa bin Ali al Harthy, Under-Secretary of the Ministry of Foreign Affairs for Political Affairs, highlighted the strategic importance of Oman’s blue economy initiatives. He emphasized Oman’s rich maritime history and its advantageous geographic location, which have long facilitated trade and cultural exchange. Al Harthy also pointed out that Oman’s government is building modern infrastructure, such as ports and highways, to enhance its position as a key logistical hub in the global transportation network. He underscored the need for sustainable investment in marine resources to ensure long-term economic benefits for future generations.

In his address, Shaikh Ahmed bin Muslim Jaddad al Kathiri, Governor of Al Wusta, highlighted the governorate’s pivotal role in advancing Oman Vision 2040. He emphasized Al Wusta’s strategic importance due to its rich natural resources, particularly in the oil and gas sector, and its growing contribution to the national economy.

Al Kathiri also noted the ongoing efforts to enhance infrastructure and public services, as well as the significant investments in tourism and recreational projects aimed at boosting economic growth and improving the standard of living in the governorate.

A documentary film titled Oman: A Destination for Blue Economy Investment was then screened, highlighting Oman’s vast potential in the blue economy. This was followed by a visual presentation by Dr Yousuf bin Abdullah al Balushi, Senior Advisor for Science and Innovation and Head of the Indian Ocean Research Center at the German University of Technology in Oman (GUtech), on strategies for enhancing Oman’s role in this emerging sector.

The forum’s first session focused on the pillars and strategies for investing in the blue economy, covering key themes of marine resources, sustainable fishing, and ocean-related industries. The second session explored blue economy investment opportunities in Oman’s food security, logistics, tourism, and renewable energy sectors. Both sessions brought together experts to discuss the potential for growth and innovation in these areas.

The final session of the day featured a discussion on global technologies and experiences that could further enhance investments in Oman’s blue economy, providing insights into cutting-edge solutions.

The 5th Duqm Forum is co-sponsored by leading industry players, with the Oman Chamber of Commerce and Industry as a key partner. The event serves as a significant step towards cementing Oman’s position as a hub for blue economy initiatives, fostering sustainable development and economic diversification in the Sultanate of Oman.