Since His Majesty Sultan Qaboos assumed the thrones in early 1970, he strived to build a state consisting of contemporary institutions in different socio-economic sectors including education and health to enhance the living standards of the citizens.
As the blessed renaissance shone its light, the Sultanate ushered development. The government pursued a clear socio-economic path articulated in consecutive five-year development plans that revolved around fundamental long-term objectives, most prominent of which are the creation of new sources of national income.
During the period from 1970-1995, the Sultanate successfully laid down the foundations of a socio-economic shift and embarked on a journey towards future horizons, continuous self-sustaining growth and interaction with the outside world.
In 1995, the economic future vision Oman 2020 was developed, setting out a clear and well-defined path towards the 21st century.
The policy was aimed at a shift from dependence on oil resources to an economy that relies on private initiatives, a national workforce and renewable resources in order to achieve sustainable development.
The Oman 2020 consisted of four central themes, each coupled with relevant policies and mechanisms as follows: development of human resources, economic diversification, the private sector, and economic balance and continuous growth.
In a speech during his National Day address in 1995, His Majesty stressed why Omanis should not depend on oil income to meet their needs:
“Oil is a finite resource, and its age is limited. Therefore, it is necessary not to depend on it solely to finance development. From the beginning, we have stressed this truth, and our efforts have been notably successful. However, oil is still the main resource, and the fluctuation of its price is of great concern to everyone. Thus there is no other course but to diversify the sources of our national income more widely, in order to make oil revenues only a minor element of this income.”
His Majesty always insisted that “one must think and plan with ambition for the future.” He called on young Omanis to use their imagination, have high expectation and hope, without wasting any time in carrying out their national obligations.
He reminded the youngsters that Oman was a modest oil producer so they should not be dependent on its income. “It is not wise, nor good policy, to be dependent on oil as a sole resource to enhance our development.”
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