Paper Title
THE IMPACT OF RENEWABLE ENERGY INVESTMENTS ON OMAN'S ECONOMIC DIVERSIFICATION AND STRATEGIC GROWTH: CASE OF OMAN’S ECONOMIC STRATEGY AND TRANSFORMATION

Abstract
Abstract - This study examines the transformative impact of renewable energy investments on Oman's economic diversification and strategic growth, situated within the broader framework of Oman Vision 2040. As Oman endeavors to transition from an oil-dependent economy to a more diversified and resilient one, investments in renewable energy, particularly in solar and wind power, have become pivotal. The study aims to evaluate the extent to which these investments contribute to economic diversification, foster innovation, and align with the strategic objectives of Oman Vision 2040.A mixed-methods research design was employed, integrating both qualitative and quantitative approaches to provide a comprehensive analysis. The methodology involved conducting in-depth interviews with key stakeholders, including government officials, industry experts, and project managers, alongside a survey targeting businesses and investors within the renewable energy sector. Quantitative data was analyzed using statistical techniques such as regression analysis and correlation, while qualitative data was explored through thematic analysis.The findings indicate that renewable energy investments have significantly contributed to reducing Oman's economic reliance on the oil sector, promoting job creation, and advancing technological innovation. However, the research also highlights persistent challenges, including high initial capital costs, regulatory complexities, and the need for enhanced policy support to fully realize the potential of renewable energy in driving economic diversification. The study concludes by offering strategic recommendations to optimize the impact of renewable energy investments, such as adopting innovative financing mechanisms, streamlining regulatory processes, and fostering stronger public-private partnerships.This research contributes to the ongoing discourse on sustainable economic development in Oman and the Gulf region, providing valuable insights for policymakers, industry stakeholders, and academic researchers. Keywords - Economic Diversification, Oman Vision 2040, Renewable Energy Investments, Strategic Growth