The Report: Oman 2023

Situated at the confluence of the Gulf and Arabian Sea, Oman occupies a strategically important location for trade and logistics. Although it is not on the Gulf, Oman possesses significant oil and natural gas reserves like its GCC neighbours. Since assuming leadership in January 2020, Sultan Haitham bin Tarik Al Said has renewed the country’s diversification efforts to reduce its reliance on the energy sector. Its long-term economic development is guided by Oman Vision 2040, the goals of which include establishing a diversified economy, creating sustainable cities, and facilitating privatisation and Omanisation. The sultanate’s 10th five-year plan (FYP), which covers 2021-25, is the first FYP launched under Vision 2040. The plan continues the country’s drive towards greater social development, fiscal sustainability, economic diversification and the optimal utilisation of its available natural resources.