The Sultanate of Oman marked a transformative year in 2024, showcasing remarkable achievements in economic growth, credit rating improvements and advancing its economic interests across regional and international landscapes. These accomplishments were reflected in the proactive diplomatic efforts of His Majesty Sultan Haitham bin Tarik, who paid visits to several key countries, including Kuwait, Türkiye, Jordan, the UK and Belgium, alongside hosting world leaders in Muscat.
It is also crucial to consider the broader geopolitical position in the region as the Middle East continues to witness profound shifts in the political, economic and military scenarios.
Perhaps it is important to look at the geopolitical situation in the region and the political, economic and military scene that is taking shape, with scenarios imposed by the logic of power in all its manifestations and driven by dangerous international transformations.
We now witness Arab powers aligning their existence, interests and survival with the Zionist project and aiding its expansion, while others remain trapped in civil wars or struggle to escape the failed-state category. These predicaments stem from both internal and external factors, notably the dominance of tyranny, lack of social justice, disregard for human dignity and absence of freedom of speech, belief and the foundations of a lawful, institutional state.
Adding to these complexities is the return of Donald Trump in the United States.
This shift has amplified concerns about its potential impact on oil prices and the broader economic landscape in the Middle East, with expected support for Israel’s barbaric policies.
As 2025 approaches, Oman faces complicated global fluctuations, which require extra efforts and sacrifices to safely cross this chaos.
This can be underscored by addressing domestic economic priorities that lie in robust diversification efforts, reducing reliance on oil revenues and embracing new opportunities in emerging sectors.
His Majesty’s leadership has been instrumental in steering the nation towards this path. Over the past year, Oman has witnessed the launch of strategic initiatives aimed at enhancing economic diversification. These efforts align with His Majesty’s vision of fostering a sustainable economy less dependent on oil. This vision was also reflected in His Majesty’s interactions with international business and financial leaders during his foreign visits in 2024, reinforcing Oman’s openness to global investments and partnerships.
Encouragingly, oil revenues contributed 54 per cent to the 2024 budget, as highlighted by the Minister of Finance.
However, one of the most pressing issues remains the employment challenge. Closely linked to economic diversification, unemployment is a critical matter of national and existential security. Despite the considerable efforts by national institutions and policymakers, public discourse often reflects dissatisfaction with the pace of progress. The persistent narrative of “movement without progress” highlights the need for a fundamental shift in approach. It is imperative to move beyond discussions that yield limited results and focus on implementing bold, innovative strategies that can transform the employment landscape.
In light of the complexity of the current transformations, I believe that this stage requires new and bold ideas that will ultimately lead to thousands of real job opportunities away from the Omanisation debates and the limitations of the Omani market and economy.
Ideas that are consistent with the aspirations of Omanis for a future shaped by young Omani men and women before nearly 100,000 young Omani men and women become numbers on the 'Marsad' platform by the National Employment Programme and the National Centre for Statistics and Information and 'Sahim' initiative and other projects that undoubtedly seek to spread hope and alleviate the severity of unemployment.
These are initiatives that require ideas that push the scene from the current limitations to a space of hope (and how painful it was when the Minister of Finance stated that the percentage of the population who will be subject to income tax of a high income does not exceed 1 per cent).
The question, therefore, is how Oman can best utilise its resources and chart a path forward. It requires leadership that is willing to embrace modern and pragmatic solutions and move beyond the constraints of bureaucracy and stagnation. Oman’s abundant natural and human resources must be harnessed effectively, paving the way for a future defined by innovation and resilience.
Artificial intelligence (AI) and digital transformation hold particular promise in this regard. These technologies must evolve from being symbols of progress to becoming integral to Oman’s economic and governmental operations. Over the past year, Oman has achieved notable improvements in e-government services, reflecting its commitment to modernisation as it was ranked 41 globally.
However, the momentum must continue and out-of-the-box ideas are needed. Digital tools should be embedded across sectors, enhancing efficiency, transparency and accessibility. It is also worth mentioning that the development of the tourism, agricultural and industrial sectors can create tens of thousands of jobs if more facilities are provided and the current challenges facing many food security companies are addressed, for reasons well-known to those concerned. Additionally, the issue of high electricity pricing in the industrial, agricultural and commercial sectors should be tackled.
What is holding us back from attracting renowned global universities to set up campuses in Oman and harnessing the boundless energy and enthusiasm of our youth? Why are we not fully capitalising on our vast tourism potential and promoting it regionally and internationally to surpass the current tourism landscape? This is an area where we must acknowledge the significant efforts of the relevant ministry, particularly in initiatives like transforming Masirah Island into one of the largest entertainment and tourism resorts in the Gulf and the Middle East.
The future is shaped by individuals who believe in the potential of Omani youth and are eager to contribute to factories, projects and national development. These are the individuals who will build the nation, not waste it in frustration and despair. Countries with limited resources have often turned challenges into opportunities, driven by determined minds and strong willpower.
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