Oman Vision 2040 is a blueprint for sustainable growth: World Bank
From digital corridors to investment pipelines, Oman Vision 2040 is transforming the present for a stronger future, and symbolizes yet another chapter of strategic evolution that has characterized the country from prehistoric Majan to modern Oman, said the World Bank in its blogs.
"Developed through extensive consultations with citizens, Vision 2040 enshrines a diversified and resilient economy less reliant on oil while fostering a globally integrated and prosperous society. What began under the leadership of the late Sultan Qaboos bin Said, with the careful planning of His Majesty Sultan Haitham bin Tarik, is a roadmap charting how Oman can adapt to changing economic conditions, shifting culture, and disrupting technology to steer Oman toward economic diversification, sustainability, and global competitiveness. Oman's steady progress under Vision 2040 offers a model for other emerging economies navigating uncertainty through long-term planning. It further guides Oman's increased global engagement and partnership with organizations like the World Bank Group," the blog said.
Oman and the World Bank Group have enjoyed an active partnership for decades.
This has led to working together on a range of areas aligned to Vision 2040, from national development plans and budget system modernization to transport and fisheries.
A key focus right now is strengthening the investment climate to support private sector-led growth and job creation.
The World Bank is bringing global knowledge and advice on best practices in business environment reforms tailored to the Omani context.
IFC, the Bank Group's private sector arm, recently announced new investments to bolster the country's sustainable finance market and empower the private sector.
MIGA, home of the World Bank Group Guarantee Platform, secured $1.2 billion in commercial financing of the infrastructure works for the Duqm Special Economic Zone.
Central to Oman Vision 2040 is the imperative of economic diversification and building a knowledge, technology-driven economy. In practice, this means investing in digital infrastructure, encouraging R&D, and nurturing new industries.
Major regulatory reforms have been rolled out to catalyze private-sector growth and foreign investment. For example, a new Foreign Capital Investment Law took effect in 2020, removing minimum capital requirements and allowing 100% foreign ownership in many sectors. Attracting foreign direct investment and strengthening the private sector are key components of the Vision, and these reforms unlock those opportunities.
Oman is also leveraging its strategic geography to become a logistics and trade hub. Positioned outside the Strait of Hormuz on major global trade routes, it has prioritized modernizing ports, free zones, and airports. The development of Duqm – a vast special economic zone with a deep-sea port – and upgrades at Salalah and Sohar ports exemplify this push. Such investments aim to streamline the flow of goods and make Oman a vital link in global supply chains.
Already, early results of the economic transformation are visible: non-oil sectors like construction, manufacturing, and transport are growing quickly. Maintaining this momentum will require sustained reform, and Oman's multi-pronged approach – from startup incubators to industrial free zones – is steadily transforming the economy.
Sustainable development is an overarching principle, and Oman's fisheries sector is a standout success story for this agenda. Fisheries have evolved from a traditional, artisanal industry into a technology-enabled sector that contributes to diversification. The government, with World Bank support, crafted a Fisheries and Aquaculture Vision to create a profitable world-class sector that is ecologically sustainable and a net contributor to Oman's economy.
The innovation shown in the Omani sustainable fisheries sector is yielding impressive results. The sector is expanding at near double-digit rates, with a recorded 7.5 percent sectoral growth in the first three quarters of 2024. This progress reinforces the country's ambition for economic diversification by setting a high bar, with the sector aiming to reach 10 percent annual growth and contribute 2 percent to the national GDP.
Developing human capital is another key element of Oman's vision. A skilled, educated populace is the bedrock of competitiveness. Educational reforms are underway to align curricula with future labor market needs and improve quality at all levels. Oman's ambition includes ranking among the top 20 countries in global education indices by 2030, and top 10 by 2040. Investments in schools and universities over the past decades have dramatically expanded access.
Now the focus is on boosting outcomes in science, technology, engineering, and math to nurture a knowledge economy. Equally important, Oman is fostering a culture of research and entrepreneurship. Through its Ministry of Higher Education, Research, and Innovation, new programs are funding research and the commercialization of ideas.
Innovation parks and incubators have been launched in partnership with the private sector to mentor startups and turn student projects into marketable products.
Aspiring young entrepreneurs receive support via financing initiatives and training programs, often co-sponsored by government and industry. Public-private partnerships are helping build this innovation ecosystem – for example, technology companies are collaborating with Omani colleges on coding academies, and energy firms are investing in technical training centers.
These efforts are bearing fruit: a burgeoning startup scene is evident in Muscat, and the number of Omani tech SMEs is on the rise. In parallel, Oman has worked to make its labor market more flexible and dynamic, implementing new labor policies in 2023–24, adding more benefits for women, and encouraging private-sector hiring of Omanis. With 64% of the population under 30, all these measures aim to harness Oman's demographic dividend by equipping its youth with the skills and opportunities to innovate.
To ensure the successful realization of Oman Vision 2040, a specialized entity—the Oman Vision 2040 Implementation Follow-up Unit—was established by Royal Decree 100/2020. Reporting directly to the Council of Ministers, the Unit plays a central role in monitoring the progress of the vision, facilitating coordination across sectors, addressing challenges, and providing strategic support to align efforts with the national vision.
Looking forward to the next 15 years, there will be continued opportunities as well as challenges in realizing the vision. Successful implementation requires continued commitment, adaptability, and engagement with global partners. Oman's journey towards realizing its 2040 vision can serve as a valuable case study for other countries navigating uncertainties and striving for economic diversification, sustainability, and global integration.
2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).
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