The World Bank has praised the directions of Oman Vision 2040, which aim to achieve sustainability and integration with the global economy, noting that the economic reforms pursued by the Sultanate of Oman represent a model to be emulated in efforts towards economic diversification.

In an article published on its website, the Bank noted that the Vision places great emphasis on developing human capital and improving the quality of education, and works to foster a culture of research and innovation, having launched new programmes to fund research and transform ideas into marketable products, as well as establishing innovation hubs and business incubators to nurture start-ups and turn student projects into commercial products. Young entrepreneurs also receive support through funding and training initiatives, delivered through a partnership between the public and private sectors.

It explained that the Sultanate of Oman has implemented major regulatory reforms to stimulate private sector growth and attract foreign investment, noting that these are central to attracting investment and strengthening the role of the private sector. Oman has also placed great emphasis on modernising ports, airports and free zones.

Also, the Bank said that the development of the Special Economic Zone at Duqm, alongside improvements to the ports of Salalah and Sohar, demonstrates this trend, as these investments aim to facilitate the flow of goods and strengthen Oman’s position as a key contributor to global supply chains.

Moreover, it noted that the results of the economic transformation are beginning to emerge clearly; non-oil sectors such as manufacturing, transport, construction, and food and water security are recording accelerating growth rates, as evidenced by the economic and development projects spread across the various governorates of the country.