Strategic Recommendations for Enhancing Renewable Energy Investments and Economic Diversification: The Case of Oman

Authors: Asma Kareem Al Balushi, Dr. Maria Teresa Matriano

DOI: https://doi.org/10.37082/IJIRMPS.v12.i4.231084

Short DOI: https://doi.org/gt76pq

Country: Oman

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Abstract: This paper presents strategic recommendations for enhancing renewable energy investments in Oman, with a particular focus on their role in driving economic diversification and aligning with Oman Vision 2040. The research synthesizes key findings from both quantitative and qualitative analyses, identifying critical challenges and opportunities within the renewable energy sector. Despite notable progress in integrating renewable energy into Oman’s economy, several barriers—such as regulatory hurdles, financial constraints, and limited technical capacity—continue to impede the full potential of these investments. This paper emphasizes the need for a unified national renewable energy policy, improved financial incentives, and stronger collaboration among stakeholders, including government entities, industry leaders, and academic institutions. By addressing these challenges, Oman can enhance its renewable energy capacity, reduce its reliance on fossil fuels, and achieve sustainable economic growth. The strategic recommendations provided are designed to guide policymakers, investors, and industry leaders in fostering a more robust and resilient renewable energy sector. Furthermore, the findings underscore the importance of aligning these efforts with broader goals of economic diversification and environmental sustainability, positioning Oman as a regional leader in renewable energy. Future research directions are also suggested, focusing on continuous monitoring of policy implementation and exploring innovative financing and technological solutions to overcome existing barriers.

Keywords: Economic Diversification, Financial Incentives, Oman Vision 2040, Policy Framework, Renewable Energy, Stakeholder Collaboration, Strategic Recommendations, Sustainable Development, Technological Innovation

Paper Id: 231084

Published On: 2024-08-29

Published In: Volume 12, Issue 4, July-August 2024

Cite This: Strategic Recommendations for Enhancing Renewable Energy Investments and Economic Diversification: The Case of Oman - Asma Kareem Al Balushi, Dr. Maria Teresa Matriano - IJIRMPS Volume 12, Issue 4, July-August 2024. DOI 10.37082/IJIRMPS.v12.i4.231084

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