Manama, Jan. 14 (BNA) – The Sultanate of Oman has achieved exceptional developmental milestones in recent years under the visionary leadership of His Majesty Sultan Haitham bin Tariq Al Said. These achievements, aligned with Oman Vision 2040, embody a comprehensive approach to progress, encompassing administrative, financial, trade, investment, and governance sectors, alongside a thorough modernisation of legislation and frameworks for accountability.

Since His Majesty ascended the throne, Oman has undergone a profound transformation, with significant advancements in economic, social, and legislative domains. The swift implementation of these reforms has positively impacted all developmental sectors, enabling the Sultanate to remain attuned to global changes and innovation. Central to these efforts has been the modernisation of the administrative framework, which His Majesty identified as a cornerstone for Oman’s renewed progress. This process involved the comprehensive restructuring of state institutions and the issuance of 470 royal decrees over the past five years, laying the foundation for institutional and legislative modernisation.

Among the most significant decrees was the issuance of the Basic Law of the State, which marked a new phase in Oman’s journey towards institutional governance and the rule of law. In parallel, the Oman Council Law was introduced, bolstering the council’s legislative and oversight capabilities, fostering greater synergy between the council and the government, and ensuring a collaborative approach to national decision-making. These reforms not only strengthened the council’s role in national development but also established a clear roadmap for its future work, reflecting a steadfast commitment to transparency and accountability.

Key economic legislation was also updated to align with the nation’s rapid development. New laws regulating securities, labour, public debt, deposit protection, and public benefit expropriations were introduced to promote economic sustainability and attract investment. Moreover, Oman restructured its economic institutions, including the Central Bank, the Ministry of Economy, the Ministry of Commerce, Industry, and Investment Promotion, and the Capital Market Authority, positioning the Sultanate as a competitive hub for trade and investment.

The social sector has equally benefitted from significant reforms, with a focus on enhancing the quality of life for all citizens. Social protection systems have been strengthened through the establishment of a unified Social Protection Fund and the introduction of comprehensive laws governing pensions and social support. These measures aim to provide financial stability and a robust safety net for Oman’s citizens. Additionally, the new labour law has improved workers’ rights, while progressive legislation has advanced gender equality and safeguarded children’s rights, fostering a cohesive and balanced society.

Oman’s economic diversification efforts have been transformative. Since His Majesty’s ascension, the Sultanate has focused on expanding non-oil revenues and broadening its production base. This strategy has resulted in notable growth in GDP and attracted significant foreign investment, underpinned by medium- and long-term financial strategies to enhance fiscal sustainability and optimise government spending. These initiatives have laid the groundwork for a stable, balanced economy, with the private sector emerging as a key driver of development.

In line with His Majesty’s vision, the development of Oman’s governorates and cities has been a strategic priority. His Majesty has emphasised the principle of decentralisation as a foundation for empowering local communities, ensuring their effective contribution to national progress. This vision has been realised through the introduction of the Governorates System Law and the Municipal Councils Law, which establish a framework for local governance based on participatory planning and implementation. By enabling governorates to leverage their resources efficiently, Oman has reinforced its commitment to achieving balanced and sustainable development across its regions.

Oman Vision 2040 serves as the guiding framework for these efforts, with its emphasis on building a prosperous society offering advanced education and healthcare, fostering a diversified and innovation-driven economy, promoting environmental sustainability, and enhancing governance and transparency. These pillars underpin the Sultanate’s wide-ranging reforms and ensure a balanced approach to economic, social, and environmental progress.

Under the leadership of His Majesty Sultan Haitham bin Tariq, Oman has firmly embarked on a path of renewed progress. This visionary approach not only enhances the nation’s prosperity but also ensures stability, security, and a brighter future for its citizens and residents alike.

N.N, A.S.