Vision 2040 Implementation Timeline
2020
January 11 — Sultan Haitham bin Tariq Al Said accedes to the throne following the passing of Sultan Qaboos bin Said.
March — COVID-19 pandemic reaches Oman. Emergency economic measures introduced alongside public health response.
August — Government restructuring announced: 26 ministries consolidated into 19. Key merges include the creation of the Ministry of Transport, Communications and Information Technology.
October — Estidamah (Medium-Term Fiscal Balance Plan) formally launched, setting expenditure ceilings and targeting elimination of the fiscal deficit by 2025.
December — Oman Investment Authority (OIA) established through the merger of the State General Reserve Fund (SGRF) and Oman Investment Fund (OIF).
2021
January — Vision 2040 Implementation Follow-up Unit (IFU) established under the Council of Ministers to monitor progress across all 12 priorities.
January 11 — Amendments to the Basic Law (Constitution) enacted, codifying succession rules and strengthening Shura Council legislative review powers.
April — Value Added Tax (VAT) introduced at 5%, the final GCC state to implement the tax.
July — Invest Oman established as a one-stop-shop for foreign direct investment.
September — Oman’s sovereign credit rating upgraded by Moody’s (B1 to Ba3), the first of three upgrades through 2025.
2022
February — National Hydrogen Strategy formally adopted, targeting 1 MTPA of green hydrogen by 2030.
April — Oil prices spike above $100/barrel. Government maintains fiscal discipline under Estidamah despite windfall revenues.
June — HYPORT Duqm green hydrogen project reaches final investment decision.
September — Labour market reforms introduced, including revised Omanisation quotas and private sector wage support programmes.
November — S&P Global upgrades Oman’s sovereign rating to BB+.
2023
March — Cloud-first policy adopted for all government digital services.
May — Carbon Neutrality 2050 strategy published, aligning climate commitments with economic diversification.
August — Sohar Port reports record container throughput, surpassing 1.5 million TEU annually.
October — Tourism revenue exceeds $2.5 billion for the first time.
December — Fiscal deficit narrows to -3.2% of GDP, ahead of Estidamah targets.
2024
February — National Hydrogen Strategy updated with expanded targets and new project approvals.
April — Fitch Ratings upgrades Oman to BB+ with positive outlook.
June — Digital government milestone: 2,500 procedures digitalised.
September — IFU publishes first comprehensive Vision 2040 progress review, covering all 12 priorities.
November — FDI-to-GDP ratio reaches 5.4%, exceeding the mid-cycle target.
2025
January — Sultan Haitham marks five years on the throne. Comprehensive reform assessment published.
March — Non-oil GDP share reaches 72.4% of total GDP.
June — Fiscal balance approaches equilibrium at -2.1% of GDP, near the Estidamah target of balanced budget.
September — Omanisation rate in the private sector reaches 42.8%.
December — Tourism revenue surpasses $3.1 billion, an 18.5% year-on-year increase.
2026 and Beyond
The implementation period from 2026-2030 represents the critical mid-phase of Vision 2040. Key targets for this period include:
- Achieving fiscal balance (zero deficit)
- Reaching 82% non-oil GDP share
- Completing the first phase of the National Hydrogen Strategy (1 MTPA)
- Digitalising all remaining government procedures
- Achieving 50% Omanisation in the private sector
- Reaching $5 billion in annual tourism revenue