World Bank Hails Oman’s Vision 2040 as a Global Benchmark for Economic Reform

Muscat: The World Bank has lauded the Sultanate of Oman for its ambitious and comprehensive economic transformation under Vision 2040, praising its strategic commitment to sustainability, global economic integration, and private sector-led growth.

In its latest report, the World Bank highlighted Oman’s focus on developing human capital as a cornerstone of its reform agenda. Special emphasis has been placed on improving education quality and fostering a culture of research, innovation, and entrepreneurship. Several national initiatives have been launched to fund research and convert academic innovation into commercial success. Across the Sultanate, innovation hubs, business incubators, and start-up support programs have been established to nurture youth talent and drive economic diversification.

The report also commended Oman’s regulatory and legislative reforms, which have significantly improved the business climate for foreign investors while strengthening private sector participation. Modernization efforts in key infrastructure—particularly ports, airports, and special economic zones—have been instrumental in positioning Oman as a competitive hub for trade and investment.

Among the flagship developments, the Duqm Special Economic Zone received special mention, along with the expanding capabilities of the ports of Salalah and Sohar. These logistics hubs are helping Oman carve out a growing role in global supply chains, increasing its connectivity and regional economic influence.

According to the World Bank, the impact of these reforms is already visible. Oman’s non-oil economy—including sectors such as manufacturing, transportation, construction, and food and water security—is witnessing sustained and broad-based growth. Major development projects are actively underway across various governorates, reinforcing the Vision 2040 goals of sustainable and inclusive national development.