Reimagine Oman’s economy without oil

Narayan Iyer

Narayan Iyer

General manager, OHI-Leo Burnett

In a world of political uncertainty and the far-right taking centre-stage, coupled with low oil and commodity prices, economies across the world have a pressing need to recalibrate and revise their strategies. Oman is one such country where the economy has been hit by downturn in oil prices, making what was a surplus economy into a fiscal deficit economy. This has led to uncertainty, job losses, growth being tempered and a mood of pessimism.

Oman is blessed with certain fundamental strong points, which are political stability supported by a young population with strong aspirations.

The pillars of the economy have to be reshaped and moving from oil to tourism, logistics, manufacturing, real estate, SME and other such sectors.

The youth of the country need to rally together now that the days of subsidies are over. They now need to take the responsibility of their future in their own hands, invest time in their education and skills, take up professional private sector jobs and grow the economy.

The Tanfeedh initiative and the Oman Vision 2040 programmes can really shape the future by diversifying and nurturing a prosperous economy and creating jobs for the youth.

From an advertising point of view some of the action points should be

Some large corporations place their advertising contracts outside Oman. There should be a framework which will allow a level playing field for the local players to compete and expand their scope.

The ancillary industry comprising photographers, film makers, radio producers and the like needs to be supported and grown. Some of our clients have insisted that we use Omani photographers which has helped us deliver work comparable to the region and also build capacity within the industry.

Advertising is culture-relevant and talent-driven. If Leo Burnett Beirut is today established as one of the top creative agencies in the world, Oman can also really aspire to reach to the top.

Reimagine Oman’s economy without oil
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