Oman is intensifying efforts to draw foreign investment under its Vision 2040 economic transformation agenda creating a growing window of opportunity for Sri Lankan businesses, professionals and educators.
Omani Ambassador to Sri Lanka Ahmed Ali Said Al Rashdi says the Sultanate’s accelerated diversification drive is already strengthening bilateral ties, with investment, tourism, industrial cooperation and education emerging as priority areas.
Tourism remains one of Oman’s fastest-expanding sectors. The country welcomed 3.9 million visitors in 2024, up from 3.7 million in 2023, with targets to increase arrivals by one million annually.
To meet this demand, Oman plans six new airports, upgrades to Salalah and Sohar, and large-scale luxury hotel projects with global brands. Sri Lanka’s Santani Group has already partnered with state-owned developer Omran to build two premium resorts in Salalah and Jabal Al Akhdar one of several early examples of Sri Lankan investment taking root.
Foreign ownership is being liberalised in selected real-estate zones such as Al Mouj, Sultan Haitham City and Al Khuwair Downtown, where multiple high-rise developments are planned.
Alongside this, Oman’s new 10-year Golden Visa for investors committing USD 500,000 offers residency and family benefits—positioning the country as one of the Gulf’s more welcoming investment destinations.
Beyond tourism and real estate, Oman is placing heavy emphasis on industrialisation. The Mada’in network manages 15 industrial estates and four free zones, offering long-term leases, tax holidays up to 30 years, 100% foreign ownership and full profit repatriation.
These incentives, combined with Oman’s strategic location and Free Trade Agreements with the US, Singapore and a pending FTA with India, position Omani-registered companies to trade across all Gulf Cooperation Council (GCC) markets as local entities.
For Sri Lanka, these openings arrive at a critical moment. Bilateral trade remains modest partly due to indirect shipping routes but continues to expand gradually. Sri Lanka exports tea, apparel and agricultural products to Oman while importing petroleum products, minerals and chemicals. Total trade has fluctuated around USD 200-250 million annually in recent years, but both sides expect this figure to climb as new partnerships deepen.
Sri Lanka is also emerging as a partner in education and human capital development. Eight Sri Lankan universities have applied for recognition in Oman, with three already approved. The Ambassador said the country is keen to welcome more Sri Lankan schools and colleges, noting that only one currently operates in Oman despite rising demand.
Oman’s state-owned giants have already established a presence in Sri Lanka. OQ, part of the Oman Investment Authority (OIA), supplies LPG to Sri Lanka, while ASYAD, the OIA-owned logistics conglomerate overseeing ports, shipping and airlines, has ongoing partnerships in energy and logistics.
In agriculture, Oman recently signed 278 new farming investment contracts, including proposals from Sri Lankan investors. New Government-to-Government MoUs in tourism and agriculture and three more in progress signal expanding cooperation. Student exchanges, university partnerships and institutional collaborations are also advancing.
Ambassador Al Rashdi emphasized that Oman’s stability maintaining the same dollar-pegged exchange rate for 55 years and its market-oriented policies make it a secure gateway for Sri Lankan companies seeking entry to the Gulf. Company registration is now fully online, 83 business activities require no additional licences, and there is no minimum capital requirement.
For Sri Lanka, the benefits are clear: access to a stable investment hub, expanded export potential, job opportunities for skilled workers, and a platform to strengthen economic resilience. With rising interest from both sides, Oman–Sri Lanka relations are poised for a more connected and investment-driven future.
