Striving to become a developed country, the Sultanate of Oman under the leadership of His Majesty Sultan Haitham bin Tarik is building a productive and diversified economy based on the objectives set out in Oman Vision 2040.
Developed in line with the Royal Directives of late His Majesty Sultan Qaboos, the Vision 2040 is a guide and key reference for planning activities in the next two decades. And the strategy in the vision is based on inputs from Omani individuals, businesses and stakeholders representing all facets of Omani society.
At the heart of Vision 2040 are policies characterized by the Sultanate’s positive development story and excellent infrastructure that is providing stronger economic growth together with better sharing of the benefits of increased prosperity among social groups.
While foreseeing the future progress and development aligned with an ambitious work system, its blueprint, which was unveiled last year, targets a number of economic indicators including a commitment to raise Real GDP per capita by 90 percent and Real GDP Growth by five percent annually during the next 20 years.
It also targets to enhance the contribution of Foreign Direct Investment (FDI) to GDP to 10 percent. Furthermore, it envisions the share of non-oil activities to grow to more than 90 percent of GDP, as well as a 40 percent contribution to job creation by the private sector.
For this, the non-oil sectors are expected to contribute to 93 percent of GDP, by focusing its diversification strategy on shifting its economy towards five critical sectors: tourism, logistics, manufacturing, fisheries, and mining, as identified in the Ninth Five-Year Development Plan.
It also aims to increase the rate of Omani nationals in the private sector to 42 percent by 2040 and to increase foreign investment to 10 percent of GDP.
Such comprehensive plans are critically important not just for economic growth, but also for the ambitions of millions of young people in the region.
Achieving the strategic directions and goals of Oman Vision 2040 is not the responsibility of the government alone. Citizens, private sector and civil society organizations also have a role to play.
“We are keen to ensure the participation of all segments of society and partners in formulating their priorities and aspirations,” said His Majesty Sultan Haitham bin Tarik and Head of Oman 2040 Main Committee.
During a discussion on the role of society and youth in realizing the vision, His Majesty Sultan Haitham emphasized the need for engaging students abroad to inform policy design and reinforce the government’s capacity to implement them.