Economic Scale
| Country | GDP (USD bn, approx 2023) | GDP per Capita (USD) | Population (mn) |
|---|---|---|---|
| Saudi Arabia | ~1,100 | ~30,000 | ~36 |
| UAE | ~500 | ~45,000 | ~10 |
| Qatar | ~235 | ~80,000+ | ~3 |
| Kuwait | ~175 | ~40,000 | ~4.5 |
| Oman | ~105 | ~22,000 | ~4.9 |
| Bahrain | ~45 | ~30,000 | ~1.8 |
Oman’s GDP per capita is the second-lowest in the GCC after Bahrain in absolute terms, but Oman’s population is larger and more evenly distributed.
Fiscal Position (Approximate 2023-2024)
| Country | Fiscal Balance (% GDP) | Public Debt (% GDP) |
|---|---|---|
| Qatar | Surplus | ~50% |
| Saudi Arabia | Near balance to small surplus | ~25% |
| UAE | Surplus | ~30% |
| Oman | +2.8% (2024) | ~35% |
| Kuwait | Surplus | ~10% |
| Bahrain | Deficit | ~120% |
Oman’s fiscal turnaround is remarkable — from the worst GCC fiscal position in 2017 (-11.7% GDP deficit) to consistent surplus.
Diversification (Non-Oil GDP Share, Approximate)
| Country | Non-Oil GDP Share (Approx) |
|---|---|
| Bahrain | ~85% |
| UAE | ~75% |
| Saudi Arabia | ~68% |
| Oman | ~70.5% |
| Kuwait | ~60% |
| Qatar | ~55% |
Bahrain is the most diversified GCC economy by this metric; Qatar the least. Oman sits mid-GCC, having made progress from 61%.
Human Development Index (2022, UNDP)
| Country | HDI | Global Rank |
|---|---|---|
| UAE | 0.937 | 26 |
| Saudi Arabia | 0.875 | 40 |
| Bahrain | 0.875 | 42 |
| Qatar | 0.855 | 58 |
| Kuwait | 0.847 | 67 |
| Oman | 0.847 | ~60 |
Oman’s HDI is broadly comparable to Kuwait and Qatar — significant given its lower income per capita.
Ease of Doing Business (World Bank, last assessment)
| Country | Rank (Approximate) |
|---|---|
| UAE | 16 |
| Bahrain | 43 |
| Saudi Arabia | 62 |
| Oman | 68 |
| Qatar | 77 |
| Kuwait | 83 |
UAE is the standout performer; Oman sits mid-GCC. Vision 2040 targets top-10 globally for Ease of Doing Business by 2040.
Corruption Perceptions Index (2024)
| Country | Rank |
|---|---|
| UAE | 20 |
| Qatar | 29 |
| Saudi Arabia | 54 |
| Bahrain | 40 |
| Oman | 50 |
| Kuwait | 57 |
Oman’s +20-place improvement in 2024 to rank 50th is the most dramatic recent improvement in the GCC.
Key Competitive Differentiators
Where Oman has advantages over regional peers:
- Political stability and neutrality (unique diplomatic positioning)
- Authentic nature and cultural tourism product
- Geographic position (Indian Ocean, outside Hormuz Strait)
- Green hydrogen resource base (solar + wind + land + deep-water port)
- Institutional improvement trajectory (CPI, investment court, OQEP IPO)
Where Oman faces disadvantages:
- Smaller economy, less market depth than Saudi Arabia or UAE
- Lower oil income per capita limits fiscal buffers
- Less developed capital markets and private sector ecosystem than UAE
- Omanisation challenge — private sector labour market integration
Vision 2040 Catch-Up Thesis
Oman’s Vision 2040 essentially proposes a catch-up trajectory — moving from a mid-GCC position toward UAE-level performance on key institutional and economic quality metrics. The CPI improvement, investment court establishment, capital market development (OQEP IPO), and digital government progress all suggest the trajectory is real.
Whether the larger structural transformations — ECI improvement, Omanisation, green hydrogen commercialisation — are achievable within the 2040 timeframe is the central analytical question for investors and policymakers watching Oman.