Muscat: The Sultanate of Oman is set to celebrate its 54th National Day this Monday, marking significant accomplishments across various sectors. The celebration highlights the continuous achievements under the leadership of His Majesty Sultan Haitham bin Tarik, who has provided a strategic vision for progress and prosperity in the Sultanate.
According to Oman News Agency, the directives of His Majesty have been instrumental in enhancing the performance of state institutions, contributing to the realization of targets set under Oman Vision 2040. The government has successfully improved economic and financial performance, demonstrating a reduction in public debt and an increase in GDP. By the end of August 2024, public revenue rose to RO 8.106 billion, marking an increase from the previous year, and achieving a budget surplus of RO 447 million.
The Sultanate has launched a social protection system, restructuring pension schemes, leading to a significant reduction in public debt relative to GDP from 62.3 perc
ent in 2021 to 35 percent by mid-2024. This economic stability is reflected in improved credit ratings by agencies such as Standard and Poor’s and Moody’s.
Oman’s advancements in international indicators, such as the Index of Economic Freedom and the Entrepreneurship Index, are noteworthy. Sultan Qaboos University has also progressed in global university rankings. The increase in foreign direct investments further signifies Oman’s growing appeal as an investment destination.
Strategic projects, notably the Duqm Refinery and Petrochemical Industries, and various renewable energy initiatives, underscore the Sultanate’s commitment to sustainable development. The private sector continues to play a pivotal role in economic diversification and growth, supported by initiatives like the National Program for Private Sector Development.
Oman’s ports have maintained operational efficiency, contributing to the national economy by supporting exports and enhancing global competitiveness. The tourism sector has seen sig
nificant growth, with an increase in tourist numbers and hotel establishments.
The Sultanate remains committed to balanced regional development, as evidenced by projects like the Sultan Haitham City. This focus is complemented by progress in global indicators, including the Global Soft Power Index and the Environmental Performance Index.
In education, substantial investments are being made to accommodate rising student numbers, with new schools under construction. The health sector is also evolving, with significant infrastructure projects underway, including the University Medical City and the Medical City Hospital for Military and Security Services.
Efforts to engage youth are evident, with initiatives emphasizing transparency and accountability across sectors. His Majesty’s diplomatic engagements with various nations underscore Oman’s commitment to fostering international cooperation and peace.
Oman continues to advocate for peaceful resolutions to conflicts, as demonstrated in its recent address at th
e United Nations General Assembly, calling for justice and peace in the Middle East.
Under the visionary leadership of His Majesty Sultan Haitham bin Tarik, Oman remains on a path of growth and transformation, aspiring to meet the ambitions of its citizens and secure a prosperous future.