As National Day approaches, the excitement is not only for the long weekend holidays that accompany the celebrations but also for the opportunity to reflect on the Sultanate of Oman’s achievements over the past decades.
Marked on November 20 each year commemorating the founding of the Al Busaid State in 1744, this date marks a pivotal moment in Omani history, establishing national unity and sovereignty that continues to shape the nation’s identity and progress.
The Al Busaid State has an enduring legacy of 281 years. The establishment of the Al Busaid State was crucial for unifying the Omani nation and delineating its national sovereignty and the significance of November 20 as National Day was officially declared by His Majesty Sultan Haitham bin Tarik in January, on the anniversary of his assumption of power. He emphasised that this day honours the ancestors and commemorates a glorious period in Oman’s history, recognising continuous service to the nation since 1744.
Under the current leadership of His Majesty the Sultan, Oman has entered a new phase of Renewed Renaissance since 2020. This period focuses on deep administrative and economic reforms, modernising government, and implementing Oman Vision 2040. The vision aims to diversify income sources away from oil, develop vital sectors like tourism, logistics, and manufacturing and empower youth.
Oman’s maritime heritage has also played a significant role in its history and continues to do so. The nation’s geographical position, with the sea before it and mountains and desert behind, led Omanis to become skilled seafarers and traders. This legacy is maintained today through initiatives like the vessel ‘Shabab Oman II’, which sails the world carrying Oman’s message of peace and harmony.
The enduring bond between the Omani people and the Al Busaid State leadership, characterised by mutual loyalty and cohesion, has been crucial in overcoming national challenges. This relationship is reinforced by the leadership’s commitment to direct communication with citizens through public councils and periodic meetings. National days like November 20th play a vital role in rooting national identity and fostering a sense of belonging and unity among the Omani people, reminding generations of their achievements and contributions.
The role of visionary leadership is also evident in Oman’s early embrace of responsible development and deployment of AI technologies. Policies have been put in place to ensure the secure and ethical use of AI while encouraging innovation and boosting competitiveness.
The Central Bank of Oman (CBO), in its recent Annual Report, highlighted that despite several external challenges, the economy delivered strong growth in 2024, driven by the Government’s reform agenda and the continued expansion of the non-hydrocarbon sector.
Inflation remained low, supported by sound monetary and fiscal policies. Fiscal and external balances posted surpluses in 2024, and public debt continued its declining path. Oman’s sovereign credit rating was upgraded to investment grade, and the banking sector remained highly liquid and well capitalised.
Oman’s economy performed strongly in 2024, expanding by 1.6 per cent compared to 1.4 per cent in 2023, supported by higher non-hydrocarbon activity and effective policy reforms. Non-hydrocarbon GDP grew by 3.5 per cent, reflecting robust gains in manufacturing, services, and logistics.
A strong Omani Rial, combined with administrative and fiscal measures, helped contain inflation, which remains among the lowest in the region due to prudent economic management.
Financial transactions conducted through digital channels in the Sultanate of Oman now account for 87 per cent of all executed transactions, thanks to the widespread availability of electronic payment options across all commercial activities and several directives aimed at limiting cash usage in certain sectors.
Launched in 2023, the Social Protection Fund (SPF) now has over 1.54 million beneficiaries, including children, persons with disabilities, widows, and orphans. These figures reflect progress in service quality, human resource development and contribution management.
And on a lighter note, let us not forget the achievements at the highest levels of the Oman national football team and the cricket team, which continue to bring pride and joy to the nation.
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