Country Profile
From The Report: Oman 2025
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Oman is advancing its economy through institutional reforms and diversification efforts aimed at reducing reliance on oil and gas. Positioned strategically between the Gulf and the Arabian Sea, the country benefits from its location for trade and logistics, while still possessing substantial energy reserves. Since 2020 leadership has focused on accelerating economic transformation to build a more resilient and varied economy. Oman Vision 2040 serves as the roadmap for this transition, promoting goals such as economic diversification, sustainable urban development, increased private sector participation and greater employment of Omani nationals. These initiatives reflect the country’s commitment to long-term, sustainable growth.

This chapter contains a viewpoint with Sultan Haitham bin Tarik Al Said; and an interview with Khamis bin Saif Al Jabri, Chairman, Oman Vision 2040 Implementation and Follow-Up Unit.

Articles from this Chapter

Overview

Steady ascent: The sultanate is advancing its economic growth by focusing on diversification, infrastructure and sustainable development
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Institutional changes and various diversification efforts are propelling the country’s economy forwards. At the confluence of the Gulf and Arabian Sea, Oman occupies a strategically important location for trade and logistics. Although it is not on the Gulf, Oman sits atop significant oil and natural gas reserves. Under the leadership of Sultan Haitham bin Tarik Al Said since January 2020, the country has renewed its diversification efforts to reduce its dependence on the energy trade. Its long-term economic development is guided by Oman Vision 2040, the goals of which include a diversified economy, sustainable cities, privatisation and Omanisation. History The…

Viewpoint

Forward momentum: Sultan Haitham bin Tarik Al Said, on diversifying the national economy and utilising frontier technologies
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The citizens of Oman have rendered an indispensable contribution to the achievements seen during the nation’s continuing development. Our country has attained notable results and accomplishments across social and economic sectors, as well as in fiscal performance, in spite of the global economic challenges that have impacted our economic and national programmes. Our plans strive to address the exigencies of the present and aim for sustainable development through efficient resource management, ultimately…

Interview

Opportunity creation: Khamis bin Saif Al Jabri, Chairman, Oman Vision 2040 Implementation and Follow-Up Unit, on developing employment initiatives and business-friendly frameworks
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Interview: Khamis bin Saif Al Jabri How do you evaluate Oman’s efforts to diversify its economy and strengthen its entrepreneurship ecosystem in the context of Oman Vision 2040? KHAMIS BIN SAIF AL JABRI: The sultanate’s long-term development plan sets ambitious goals for diversification. While there has been an increase in non-oil activities, public revenue and merchandise exports, the pace of growth has been slower than expected. A key issue is the link between diversification efforts and…

Analysis

Bilateral opportunity: Inaugural inter-regional summit signals closer collaboration between Gulf countries and ASEAN in the years to come
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Trade between the Association of South-east Asian Nations (ASEAN) and the GCC has grown in recent years, as economies in both regions seek to capitalise on mutually beneficial opportunities, and diversify their trade and investment partners. Indeed, trade between the GCC and Asian countries classified as emerging and developing by the IMF increased 35% from $383bn in 2021 to $516bn in 2022, according to data from UK-based think tank Asia House. The GCC’s combined trade with the US, the UK and the Euro area – comprising countries whose official currency is the Euro – grew by some 32% that same year. Trade between the GCC and emerging and…