As Oman celebrates its 54th National Day today, it is an opportune moment to reflect on the significant achievements that have marked the nation’s journey under the leadership of His Majesty Sultan Haitham bin Tarik.
On this day, Omanis express loyalty and gratitude to the Renewed Renaissance which kicked off on a high note when His Majesty the Sultan upon the people of Oman to do their best to enrich development and foster progress in all fields.
When His Majesty the Sultan came to power in January 2020, Oman’s foremost problem was a looming fiscal crisis spurred by over-dependence on oil and natural gas revenues, compounded by the collapse in prices during the Covid-19 pandemic. However, things have improved significantly these past years.
The recovery has been characterised by a commitment to economic reform, social development, and environmental sustainability, all aligned with the ambitious goals set forth in Oman Vision 2040.
One of the most notable accomplishments has been the improvement in Oman’s economic performance. The government has successfully increased its gross domestic product (GDP) while simultaneously reducing public debt.
Oman’s improved financial management has not gone unnoticed by international credit rating agencies. Standard & Poor’s upgraded Oman’s credit rating from BB+ to BBB-, while Moody’s revised its outlook from stable to positive, maintaining a Ba1 rating.
These upgrades reflect a renewed confidence in Oman as a safe investment destination after years of challenges stemming from fluctuating oil prices and the impact of the pandemic.
Foreign direct investment (FDI) has surged as well, reaching RO 25.05 billion at the end of 2023 — an increase of over 21 per cent compared to the previous year.
This influx of investment underscores Oman’s appeal on the global stage and highlights its strategic initiatives aimed at attracting international business.
In addition to economic advancements, Oman has made strides in social welfare through initiatives such as launching a unified social protection system and restructuring benefits for citizens. These efforts are part of a broader strategy to enhance social protection and ensure sustainable development for future generations.
Environmental sustainability has also gained prominence, with Oman advancing significantly in global rankings related to environmental performance — climbing from 149th place in 2022 to 50th place in the Environmental Performance Index for 2024.
This progress reflects ongoing investments in renewable energy projects, including solar and wind energy initiatives that aim to diversify energy sources and reduce carbon emissions.
Education remains a cornerstone of Oman’s development strategy. Sultan Qaboos University achieved notable recognition by advancing its global ranking for universities for 2025, moving up by an impressive 92 places to rank at 362nd globally.
Such advancements are crucial for fostering innovation and equipping future generations with necessary skills.
As Oman marks this significant milestone on its National Day, it stands as a testament to resilience and forward-thinking governance under His Majesty Sultan Haitham bin Tarik’s leadership.
The achievements across various sectors not only highlight past successes but also lay down a robust foundation for continued growth and prosperity as Oman moves toward realising its Vision 2040 objectives.
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