Blockchain technology The sultanate of Oman is gearing up to turbocharge its entrepreneurship ecosystem. While the Gulf state has not been traditionally known for its wealth of startup programmes, Oman’s newly laid Vision 2040 is helping to accelerate the country’s plans to become a global tech and small to medium-sized (SME) hub.

Released during the Oman 2040 Future Vision National Conference in January this year, the draft plan envisages the development of a competitive, globally connected private economy. In its ambitious long-term vision, Oman places specific emphasis on SMEs and the non-hydrocarbons sector. By 2040, Oman plans to transform its oil versus non-oil gross domestic product (GDP) split from 40/60 per cent to 15/85 per cent, according to official figures.

This trend is forecast to continue to 2040, when hydrocarbons are expected to account for just seven per cent of Oman’s GDP.