Oman Vision 2040: Moving Forward with Confidence

Point of View –
Dr Yousuf Hamed al Balushi –

The Oman development story is exciting. Over the last 50 years Oman has made significant progress in all aspects of positive development. This can be seen through different local and international indicators. However, there are a number of great challenges including demographic growth which calls for more services in health, education and jobs. Another challenge is in diversifying the economic base, sustaining a high growth rate and obtaining funding for future development and projects.

Dr Yousuf Hamed al Balushi

Oman has a serious challenge to become an active member in the world production chain. Oman Vision 2040 is a comprehensive and it covers all aspects of development and real opportunity to move to a new stage of progress.
Our Vision is for Oman to be one of the World’s Developed Countries. It is a deep statement and covers all aspects socially, economically, environmentally and politically. Our slogan for Vision 2040 Vision is, ‘Moving Forward with Confidence’. This covers many areas.
Vision 2040 is intended to be a game changer on how Oman develops in the next 20 years. It looks to the big picture and decisions on Oman’s aspirations. It has four key themes: A Society of Creative Individuals, A Competitive Economy, An Environment with Sustainable Elements and A State with a Responsibly Institutions.
Oman has a vision of transformation based on participation towards a new path of development. it encompasses how Oman can move forward to new stage of development. Vision 2040 relies on investment, production and export. This vision is built on our achievements, current infrastructure, human resources and natural resources.
Vision 2040 is based on some national priorities which developed during the preparation and visiting different parts of Oman.
The methodology of formulating the Vision 2040 is characterised by four main features. Firstly, to involve a wider range of stakeholders in all themes of preparation a set of measures was adopted and used. More than forty thousand participants were part of the process. All issues and concerns facing Oman were open for discussion. Secondly, Vision 2040 encapsulates the economic and social realities as well as future trends. Thirdly, Vision 2040 was prepared and formulated collectively by local expertise in multiple committees. Fourthly, Vision 2040 has set clear key performance indicators in order to ensure its success.
Vision 2040 includes 65 Key Performance Indicators (KPI) which is divided into 50 per cent national and 50 per cent international KPIs. The KPIs are measurable, quantitative and qualitative and set a clear target for 2030 and 2040.
[This is the first instalment in a 10-part series on Oman Vision 2040 compiled by Dr Yousuf, an economist at Smart Investment Gateway; Email: yousufh@omaninvestgateway.com]