Sunday 01 / June / 2025
Muscat The World Bank has commended Oman’s Vision 2040 for its focus on sustainability and integration with the global economy, describing the economic reforms adopted by the Sultanate as a model for successful economic diversification efforts.
In an article published on its website, the bank highlighted that the vision prioritizes the development of human capital and the improvement of education quality. It also fosters a culture of research and innovation by launching new funding programs to support scientific research and transform ideas into marketable products. Additionally, innovation clusters and business incubators have been established to nurture startups and turn student projects into commercial enterprises. Young entrepreneurs receive financial and training support through public-private sector partnerships.
The report noted that Oman has implemented major regulatory reforms to stimulate private sector growth and attract foreign investment. These measures are crucial in creating a business-friendly environment, strengthening the role of the private sector, and modernizing ports, airports, and free zones.
The development of the Special Economic Zone at Duqm, along with improvements at Salalah and Sohar ports, reflects this strategy. These investments aim to facilitate the flow of goods and position Oman as a key player in global supply chains.
According to the article, the economic transformation is becoming increasingly evident, as non-oil sectors such as manufacturing, transportation, construction, food security, and water management are experiencing rapid growth, reflected in economic and developmental projects across various governorates of Oman.
