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Oman Vision 2040: Pillars, Priorities, Targets, and Opportunities

Oman Vision 2040 explained: the 4 pillars, 12 national priorities, key sectors, targets, five-year plans, and the business opportunities for investors. Complete 2026 guide.

Aowj Business Consultacy

3/21/20264 min read

Oman Vision 2040 is the national blueprint guiding Oman's economic, social, environmental, and governance development from 2021 to 2040. Launched in January 2021 under Sultan Haitham bin Tariq, it charts Oman's shift from a hydrocarbon-dependent economy to a diversified, knowledge-based, globally integrated one. This guide explains the Oman Vision 2040 pillars, national priorities, objectives, sectors, and targets — and the business opportunities they create for investors.

What is Oman Vision 2040?

Oman Vision 2040 is the country's long-term reference for economic and social planning. It replaced earlier development plans with a 20-year, systems-based framework. Progress is tracked by the Oman Vision 2040 Implementation Follow-up Unit, which reports to the Sultan with quarterly reviews and published scorecards, and is executed through successive Five-Year Development Plans.

Oman Vision 2040 pillars

Oman Vision 2040 is built on four pillars:

  1. People and Society — education, health, identity, culture, and social protection.

  2. Economy and Development — economic diversification, the private sector, investment, jobs, and sustainable cities.

  3. Governance and Institutional Performance — effective governance, rule of law, and institutional efficiency.

  4. Sustainable Environment — environmental protection and natural-resource management.

Oman Vision 2040 national priorities

The four pillars contain 12 national priorities:

  1. Education, Learning, Scientific Research and National Capabilities

  2. Health

  3. Citizenship, Identity, National Heritage and Culture

  4. Well-being and Social Protection

  5. Economic Leadership and Management

  6. Economic Diversification and Financial Sustainability

  7. Labour Market and Employment

  8. The Private Sector, Investment and International Cooperation

  9. Governorates Development and Sustainable Cities

  10. Environment and Natural Resources

  11. Legislative, Judicial and Oversight System

  12. Governance of the Administrative Bodies, Resources and Projects

Oman Vision 2040 objectives

The core Oman Vision 2040 objectives are to:

  • Diversify the economy and reduce dependence on oil and gas.

  • Build a knowledge-based, technology-driven economy.

  • Grow the private sector and attract foreign investment.

  • Create quality jobs and develop national talent.

  • Achieve fiscal sustainability and global competitiveness.

  • Protect the environment and advance sustainable, balanced development.

Economic diversification under Oman Vision 2040

Economic diversification is the heart of Oman Vision 2040. The plan aims to reduce oil's share of GDP from around 30% in 2020 to under 10% by 2040, while growing non-oil sectors. Non-oil activity already accounts for more than 30% of GDP, supported by the Foreign Capital Investment Law, which allows 100% foreign ownership and removed minimum capital requirements.

Two national programmes drive delivery: the National Programme for Financial Sustainability and the National Programme for Investment and Export Development (Nazdaher).

Oman Vision 2040 key sectors

The priority Oman Vision 2040 sectors for diversification and investment are:

  • Manufacturing — targeted to roughly double its GDP contribution toward around 21% by 2040.

  • Logistics and transport — ports of Sohar, Salalah, and Duqm, outside the Strait of Hormuz.

  • Tourism — hotels, resorts, eco-tourism, and Integrated Tourism Complexes.

  • Mining — copper, gold, chromite, and gypsum, targeted to rise from 1.4% to 10% of GDP by 2040.

  • Renewable energy and green hydrogen — renewables targeted at 30% of power by 2030.

  • Fisheries and agriculture — food security and value-added processing.

  • ICT and the digital economy — innovation, fintech, and digital services.

  • Pharmaceuticals and healthcare — manufacturing, distribution, and services.

Oman Vision 2040 targets

AreaBaselineOman Vision 2040 targetOil share of GDP~30% (2020)Under 10%Manufacturing GDP share~10%~21%Mining GDP share1.4%10%Renewable energy (power)~4% (2024)30% by 2030Education global ranking—Top 20 by 2030, top 10 by 2040

Flagship projects include the Ibri 2 solar plant (500 MW) and the HYPORT Duqm green hydrogen project, positioning Oman as a potential leading hydrogen exporter.

Oman Vision 2040 five-year development plans

Oman Vision 2040 is delivered through Five-Year Development Plans:

  • Tenth Five-Year Plan (2021–2025) — the first execution phase, focused on financial and economic sustainability.

  • Eleventh Five-Year Plan (2026–2030) — the second phase, targeting around 4% growth, channelling roughly OMR 15.6 billion across 190 strategic programmes.

Oman Vision 2040 opportunities for investors

For investors, Oman Vision 2040 signals exactly where government priorities, incentives, and capital are heading — a major advantage for long-term planning. The strongest opportunities align with the priority sectors: manufacturing, logistics, renewable energy and green hydrogen, tourism, mining, fisheries, ICT, and pharmaceuticals, supported by:

  • 100% foreign ownership and free profit repatriation

  • Low taxes and a US-dollar-pegged currency

  • Free zones and special economic zones (Sohar, Salalah, Duqm, Al Mazunah)

  • Investment-grade credit ratings and political stability

Why work with AOWJ Business Consultancy

AOWJ Business Consultancy, based in Muscat, helps investors align with Oman Vision 2040 and enter its priority sectors:

  • Market entry and sector strategy

  • Company formation (mainland and free zone)

  • PRO services, visas, and Omanisation compliance

  • VAT, tax, accounting, and audit coordination

Want to invest in line with Oman Vision 2040? Contact AOWJ Business Consultancy for a free consultation and a clear roadmap.

Frequently asked questions

What is Oman Vision 2040? Oman Vision 2040 is the national development blueprint guiding Oman's economic, social, environmental, and governance transformation from 2021 to 2040, aimed at diversifying the economy away from oil.

What are the pillars of Oman Vision 2040? The four pillars are People and Society, Economy and Development, Governance and Institutional Performance, and Sustainable Environment.

What are the national priorities of Oman Vision 2040? There are 12 national priorities, including Education, Health, Economic Diversification and Financial Sustainability, Labour Market and Employment, and Private Sector, Investment and International Cooperation.

What are the main objectives of Oman Vision 2040? To diversify the economy, build a knowledge-based economy, grow the private sector, attract investment, create jobs, achieve fiscal sustainability, and protect the environment.

Which sectors does Oman Vision 2040 prioritise? Manufacturing, logistics, tourism, mining, renewable energy and green hydrogen, fisheries and agriculture, ICT, and pharmaceuticals.

When was Oman Vision 2040 launched? It was launched in January 2021 under Sultan Haitham bin Tariq, with the Tenth Five-Year Plan (2021–2025) as its first execution phase.

How does Oman Vision 2040 benefit investors? It directs government priorities, incentives, and capital toward clear sectors, while 100% foreign ownership, low taxes, free zones, and stability make those sectors accessible to foreign investors.