World Bank praises Oman’s Vision 2040 for reform and sustainability

NEW YORK: The World Bank has praised Oman’s Vision 2040, describing the Sultanate of Oman’s economic reform strategy as a model for other nations seeking to diversify their economies and integrate more fully with the global market.

In an article published on its official website, the World Bank highlighted the Vision’s strong focus on sustainability, human capital development, and innovation. It commended the government’s commitment to raising the quality of education and cultivating a culture of research and entrepreneurship. This includes new programmes designed to fund research, turn ideas into market-ready products, and develop innovation parks and business incubators that support startups and transform student projects into viable commercial ventures.

The article also underscored the Sultanate of Oman’s successful implementation of major regulatory reforms aimed at boosting private sector growth and attracting foreign investment. These reforms, the World Bank noted, are crucial in enhancing investor confidence and increasing the role of private enterprise in driving economic progress.

Significant investments in infrastructure—such as the modernisation of ports, airports, and free zones—are further evidence of this strategic shift. Developments like the Special Economic Zone in Duqm and the upgraded ports of Salalah and Suhar have been pivotal in positioning Oman as a key player in global supply chains.

The World Bank observed that the results of these reforms are becoming increasingly visible, with non-oil sectors such as manufacturing, transport, construction, and food and water security showing rapid growth. These trends are reflected in the growing number of development projects across the Sultanate’s various governorates, signalling a broader transformation of Oman’s economic landscape. — ONA

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