Muscat, 28 December 2017

Muscat National Development and Investment Company (ASAAS) hosted its annual knowledge sharing programme “intelligence talk” on “Economic Development and Diversification: Why & How?” on 27th December 2017. The event hosted at the new Crowne Plaza attracted more than 200 decision-makers from both government and private sectors. “We are pleased to organise this workshop as part of our CSR programme to enhance awareness and knowledge on key topics among the corporate community. During this challenging economic times, ASAAS understands the importance of this topic and aims to work closely with different sectors to enrich the quality of life”, commented Mohammed Al Ghufaili, COO of ASAAS.


The one-day workshop was delivered by Dr Raed Safadi, a renowned economic expert and currently the Chief Economic Advisor to Dubai Department of Economic Development. The workshop covered in detail the concepts and principles of economics, policies that govern economic development and the importance of economic diversification. The workshop further shared case studies of successful diversification of natural resource based economies and a potential roadmap for the Sultanate of Oman to follow to achieve a sustainable and diversified economy. At the close of the day Eng. Khalid Al Yahmadi, CEO of ASAAS commented that “The Sultanate of Oman has long been dependent on one natural resource, which is not sustainable in the long-run. It is time for us as a nation to come together and collaborate in our efforts in order to drive the economy forward and share the responsibilities with the government”.

Dr Raed Safadi thanked ASAAS for taking the initiative to organize this important event and highlighted its timeliness as Oman seeks to build on the progress already achieved, and drive steadfastly to achieve its economic growth and diversification goals. “Oman’s development plans can be thought of as stepping stones on the ladder of economic development and diversification where hard challenges, complex choices, and creative solutions have to be found on every step of the ladder. I congratulate the Sultanate of Oman for placing diversification at the top of the policy agenda, and for taking the bold and hard decisions every step of the way. Keep up the good work!”


Muscat National Development and Investment Company (ASAAS) was founded in 2014 through the concerted efforts of 10 key government entities. The company aims to increase the economic contributions of the non-oil and gas sectors by identifying new opportunities and intelligent solutions that meet public needs and enrich the quality of life of people in Oman.

ASAAS’ business strategies challenge the status quo by adopting a holistic approach to deliver sustainable economic returns and impactful social value through the integrated development of core sector supply chains. Over the next five to ten years, the company will be collaborating with public and private players in the areas of tourism, logistics, retail, transportation, healthcare and education to develop a diverse portfolio of projects valued at approximately OMR 1 Billion.

These will include hotels, Mixed-Use developments with residential and commercial components as well as theme parks to name but a few; all of which will contribute to the country’s diversification strategy and connect people to the national agenda. One of ASAAS’ anchor projects is Oman’s first budget airline, which is anticipated to advance the country’s tourism and aviation sectors.