Oman 2040 is a national project that aims to create an insightful vision that foresees the future and strives for more progress and development, aligned with an ambitious work system that all social segments participate in formulating, in order to define the Sultanate’s future goals and map out the action plan and implementation and conceptualisation mechanisms until 2040.
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The process of preparing the Oman 2040 Future Vision relies on a number of basic premises including: National Priorities, Report on Main Directives to Formulate Oman 2040, the National Program for Enhancing the Economic Diversity (Tanfeedh), outputs of the Oman 2040 committees and task-forces, available studies and strategic reports, Oman 2020 achievements and lessons learned, UN Sustainable Development Goals 2030, sectoral strategies, National Strategy for Urban Development, Ninth Five-year Development Plan, international reports and indicators related to the Vision pillars, and the outputs of Oman Vision 2040 Office.
The blueprint
The strategy, first unveiled last year, seeks to catapult the Sultanate into the ranks of the world’s most ‘developed nations’. The blueprint targets economic growth of around 5 percent annually over the 2021 — 2040 timeframe.
This compares with average growth of 7.5 per cent during the 1970 – 1995 period, and corresponding average estimated growth of 3.5 per cent during the 1995 – 2020 span.
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The Vision 2040 strategy represents the essence of a four-year-long exercise during which the task force reached out to an estimated 40,000 Omanis — young and old — as well as entrepreneurs, business persons, experts and professionals.
This Vision has been formulated based on inputs from Omani individuals, businesses and stakeholders representing all facets of Omani society. It encapsulates Oman’s current realities and future opportunities, and leverages our competitive strengths and advantages.
It enables the Sultanate to move the next stage of development which is based on a different set of engines — digitalisation being one of them.
The blueprint seeks to capitalise on the building blocks of Oman’s modern renaissance characterised by its positive development story and excellent infrastructure represented by the nation’s high-quality roads, airports and seaports.
Most importantly, it will seek to leverage Oman’s modern appeal as a stable nation – a legacy of His Majesty the Sultan’s wise leadership, and its friendly policies that have enabled the Sultanate to forge strong bilateral ties with countries across the world, and integrate with the global economy.
The estimated 50,000 young Omanis entering the labour market every year, when suitably trained and developed, would help in the achievement of the Vision 2040 goals. These young Omani students represent 50,000 engines of growth.
Among the 69 Key Performance Indicators (KPIs) that must be met to achieve the Vision 2040 objectives are a number of economic targets. They include a commitment to raise Real GDP per Capita by 90 per cent, Real GDP Growth by 5 per cent annually, and the contribution of Foreign Direct Investment (FDI) to GDP to 10 per cent. Furthermore, it envisions the share of nonoil activities to grow to more than 90 per cent of GDP, as well as a 40 per cent contribution to job creation by the private sector.
