Two-Track Approach to Drive Oman Vision 2040: What It Means for Investors and Entrepreneurs
MUSCAT: Omani officials have presented a dual approach to accelerate the implementation of Oman Vision 2040, emphasizing fiscal stabilization, enhanced monitoring of delivery, and the empowerment of the private sector as central to the next phase of national development.
These insights were shared during a panel session titled “Oman Vision 2040: Achievements and Future Prospects” at the fourth edition of the “Together We Progress” forum. This annual event, organized by the General Secretariat of the Council of Ministers, aims to strengthen communication between the government and society, incorporate public feedback, and support comprehensive national development. The two-day forum features multiple dialogue sessions addressing key national priorities.
His Highness Sayyid Theyazin bin Haitham al Said, Deputy Prime Minister for Economic Affairs, officiated the opening of the forum.
Dr. Khamis bin Saif al Jabri, Minister of Economy, highlighted that the journey to implement the Vision has been shaped by challenging economic conditions from the outset, which bolstered determination and credibility in tackling obstacles. He outlined the need to work simultaneously on two fronts: stabilizing the financial situation to achieve economic balance and establishing a robust phased follow-up framework to monitor Vision implementation effectively.
Dr. Al Jabri identified the private sector as the primary driver of the national economy but stressed the necessity of additional support mechanisms to enable its leadership in development. He noted the launch of a national program designed to diagnose private sector challenges and introduce initiatives to enhance its role.
He also differentiated Oman Vision 2040 from traditional five-year plans by its focus on “qualitative transformations” in developmental performance, particularly in project delivery across governorates and improving implementation efficiency.
In the same session, Dr. Said bin Mohammed al Saqri, Economic Adviser at the Office of the Deputy Prime Minister for Economic Affairs, emphasized that effective leadership and economic governance form a critical pillar of the Vision. He pointed to the establishment of the oversight office tasked with strategic economic supervision, policy guidance, and Vision follow-up.
Dr. Al Saqri noted that Oman’s economy is significantly impacted by major global shifts such as the move toward renewable energy, advances in artificial intelligence, geopolitical developments, and demographic changes. He affirmed that Oman is proactively anticipating these trends, developing strategic scenarios to manage their effects, and capitalizing on emerging opportunities.
This strategic approach underscores Oman’s commitment to adaptive, forward-looking national development under Vision 2040.
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Oman’s dual-track strategy to stabilize fiscal conditions while empowering the private sector creates significant opportunities for businesses to lead national development, especially through increased efficiency and regional project delivery. However, smart investors and entrepreneurs should align with Oman Vision 2040’s emphasis on innovation and qualitative transformation, particularly by leveraging emerging sectors like renewable energy and AI to navigate global shifts effectively.
