This study assesses the impact of the research outputs of higher education institutions (HEIs) on Oman’s private sector. A quantitative research approach has been adopted. The target population are faculty, students, university administrators, and private sector companies considered as key players in university-industry collaboration (UIC). There were 218 participants selected through the convenience sampling technique. Findings point to a moderate level of impact, highlighting the significance of factors such as development opportunities, business improvement, partnerships, entrepreneurship and human resource development. Spearman’s rank correlation confirms a positive and significant relationship between HEIs research outputs and knowledge transfer and expertise in the private sector. However, challenges persist in areas like competitiveness, market understanding and policy influence. Enhancing development opportunities, strengthening partnerships and collaboration, promoting entrepreneurship and human resource development and improving policy influence and market understanding are among the study’s recommendations, seeking to optimise the contribution of HEIs to economic diversification and technological advancement and fostering a more impactful and mutually beneficial relationship between the academia and the private sector in Oman.