Oman Vision 2040 FAQ
What is Oman Vision 2040?
Oman Vision 2040 is the Sultanate of Oman’s comprehensive national development strategy launched in 2021 by Sultan Haitham bin Tariq. It sets out a 20-year roadmap to transform Oman’s economy, society, and governance through diversification away from oil dependence, human capital development, and institutional modernisation.
What are the main pillars of Vision 2040?
Vision 2040 is built on four pillars: People and Society (education, health, wellbeing), Economy and Development (diversification, private sector, innovation), Governance and Institutional Performance (public sector efficiency, rule of law), and Environment and Natural Resources (sustainability, conservation).
What are the priority economic sectors?
The five priority sectors for economic diversification are tourism, manufacturing, logistics and transport, fisheries, and mining. Additional emphasis is placed on the digital economy, financial services, and renewable energy as enabling sectors.
What is the GDP diversification target?
Vision 2040 targets reducing the oil and gas sector’s contribution to GDP from approximately 30 percent to below 10 percent by 2040. Non-oil sectors including manufacturing, tourism, and logistics are expected to grow significantly to compensate.
How does Vision 2040 address employment?
The strategy prioritises private sector job creation for Omani nationals through Omanisation quotas, skills development programmes, entrepreneurship support, and economic diversification that creates new employment opportunities across multiple sectors.
Who oversees Vision 2040 implementation?
The Vision 2040 Implementation Follow-up Unit, reporting to the Council of Ministers, monitors progress across all programmes. Each ministry aligns its strategic plan with Vision 2040 priorities and reports against key performance indicators.
What role does the private sector play?
Vision 2040 envisions the private sector as the primary engine of economic growth and job creation. Reforms include improved business regulations, public-private partnerships, privatisation of state assets, and incentives for foreign direct investment.
How does Vision 2040 address sustainability?
Environmental sustainability is the fourth pillar, with targets for renewable energy (30 percent by 2030), net-zero carbon emissions by 2050, water conservation, biodiversity protection, and circular economy practices across all sectors.
What fiscal reforms support Vision 2040?
Fiscal reforms include the introduction of value-added tax (VAT), subsidy rationalisation with targeted social transfers, medium-term fiscal planning, and public debt management to ensure financial sustainability during the economic transition.
How can foreign investors participate?
Foreign investors can participate through 100 percent ownership in free zones, joint ventures outside free zones, public-private partnerships, stock market investments, and direct engagement with sector-specific authorities. Ithraa, the investment promotion agency, provides comprehensive investor support services.