Oman will celebrate its 54th National Day on Monday, Nov. 18, 2024, marking milestones in various fields under the leadership of His Majesty Sultan Haitham bin Tarik.
Citizens and state institutions have contributed significantly to the comprehensive development achieved during the renewed renaissance led by Sultan Haitham, whose vision promotes progress and prosperity across all sectors.
His Majesty’s directives to improve the performance of state institutions and enhance their missions have been instrumental in achieving several objectives under Oman Vision 2040. Over the past five years, these efforts have bolstered economic and financial performance, reduced debt, and increased the gross domestic product.
As of August 2024, Oman’s public revenue reached RO 8.106 billion, an increase from RO 7.923 billion during the same period in 2023. The general budget achieved a surplus of RO 447 million, while public debt decreased to RO 14.4 billion by mid-2024, down from RO 20.8 billion in 2021.
Economic achievements and reforms
Oman has launched a unified social protection system, merging pension funds and restructuring schemes. The nation also reduced its public debt-to-GDP ratio from 62.3% in 2021 to 35% by mid-2024.
This fiscal discipline has led to consecutive budget surpluses—2.7% in 2022 and 2.2% in 2023—and improved Oman’s credit ratings. Standard & Poor’s upgraded the country’s rating to “BBB-” with a stable outlook, while Moody’s revised its outlook from stable to positive, affirming Oman’s “Ba1” credit rating.
“These ratings affirm that the Sultanate of Oman is a safe investment environment,” officials said. Oman regained its rating category after a seven-year decline caused by global oil price drops and the COVID-19 pandemic.
Foreign direct investment (FDI) also increased, reaching RO 25.05 billion by the end of 2023—a 21.6% rise compared to 2022. Government investments through the Oman Investment Authority (OIA) grew to RO 19.2 billion, generating profits exceeding RO 1.7 billion.
Infrastructure and renewable energy
Key projects in 2024 include the Duqm Refinery, a joint venture between Oman and Kuwait with a capital investment exceeding RO 3.5 billion. Oman has also advanced renewable energy projects such as the Manah Solar Power Project (1,000 MW) and the Ibri Solar Power Project (500 MW).
In the ports sector, Sohar, Salalah, and Duqm handled 1.8 million containers and 13 million tons of general cargo during the first half of 2024. The Duqm dry dock, the second largest in the MENA region, completed 106 projects from 70 countries during the same period.
Progress in global indices
Oman has improved its rankings in multiple global indices. It rose 39 places in the 2024 Index of Economic Freedom and ranked 11th in the Entrepreneurship Index, up from 38th in 2023. The country also climbed 99 places in Yale University’s Environmental Performance Index, ranking 50th globally in 2024.
Sultan Qaboos University advanced 92 places in the 2025 World University Rankings to secure the 362nd spot.
Education and cultural initiatives
In September, the Council of Ministers allocated an additional RO 40 million for school construction amid rising student numbers. Sixteen new schools opened in 2024, with construction underway for 15 more.
The Oman Cultural Complex, under construction in Muscat, will house the National Theatre, National Library, and National Records and Archives Authority.
Tourism and sustainability
The tourism sector reported a 36.7% increase in visitors in 2023, with nearly 4 million tourists. Hotel establishments now number 895, offering 34,378 rooms.
Efforts to build sustainable and smart cities align with Oman Vision 2040. Sultan Haitham City, the first smart city project, spans 14.8 million square meters and will feature 20,000 housing units across 19 neighborhoods.
Engagement with citizens
His Majesty continues to meet with citizens nationwide to discuss development proposals and projects. A recent meeting in Musandam Governorate included sheikhs, council members, and local businessmen.
The Council of Oman, comprising the State and Shura councils, has reviewed draft laws, budgets, and agreements. Municipal councils across governorates are also playing a vital role in decentralization and development efforts.
With significant progress across multiple sectors, Oman remains steadfast in its commitment to achieving its long-term goals under Vision 2040.