Report on Oman Vision 2040

                In the center of the 19^th century, Oman was known as a shipment harbor meant for arms and slaves, most of its previous riches were lost, and the economy there was turned out entirely to cultivation, goat and camel shepherding, fishing, and also making traditional merchandises. Nowadays, Oman has an outstanding development throughout the last four decades, thanks to the oil and gas fuel as the main assets of the country, along with the profits from the petroleum products as well. Oman started to join the  in the year of 2000, the country known to be greatly relies on its oil assets. The variation strategy of the Omanis government has main core elements which are; mining, shipping, industrial, tourism, gas-based trades. In the year of 2019, Oman has made the freedom mark of its economy in the number of , which made the country to become the 88^th open Index, with the biggest scores for the government expenditure, government reliability, open industry, and liberty of labor as well. Oman is on the 7^th position of the  located in the  with its complete score is marginally less than the national and the world averages (heritage.org n.d.).

“Oman Vision 2040”

            The Government of Oman has realized the capability of the country to become more developed and to get a huge improvement in the economic sector. Therefore, the Sultanate is endeavoring to make the country as a developed country along with its expanding economy, which based on the invention and the combination of the roles, on the equivalent occasions and the leveraging of the viable profits in Oman. The country inspires to create the future enhancement of a striking environment designed for the proficiencies within the labor market place, and also to a developing partnership within a viable business environment as well. And for this reason, Sultan Qaboos bin Said as The Royal Directives of His Majesty has specified for the “Oman 2040” future vision to become comprehensively enhanced and generated accurately within the broad community agreement along with the contribution of various social associations (2040.om n.d.). The objective from this is to make the vision completely assimilated into the economy as well as the social actualities and accurately focused on the future anticipation, as the main direction and reference to make a proper plan for the forthcoming two decades ahead. The Capital Market Authority or CMA of Oman has made several strategies to enforce the vision of 2040 to be reliable with its mission under the umbrella of the Capital Market Law. One of the strategies mentioned, such as aggressively encourage the investment along with the threat management in Oman and the assets information for all companies of the entire scopes. This includes on delivering an effective, easy, and specific authorizing administration that balances the investment demands of the market contributors, line up with the objectives of the development in the country (cma.gov.om n.d.).

        In 21^st July 2016, there was a New Corporate Code arrived into force in Oman. The New Code named with the “Code of Corporate Governance for Publicly Listed Companies,” implements a slightly fresh arrangement and is accessible in a set-up of 14 Core (high level) Principles of respectable corporate governance in which every single Principle reinforced by complete conditions designed for the success of the Principle. The new code of corporate governance implement the corporations to disclose more future information in their annual reports, in order to satisfy the investors and also to be in the same line with “Oman Vision 2040,” as also mentioned in the annual report that, "The Company believes in transparency and legality in all its dealings and provides all necessary information and performance to the shareholders and to the Board of Directors on time."

Source: https://www.amjoman.com/wp-content/uploads/2017/11/IFLR-Oman-New-code-governance-plc-1.pdf

In addition to this, the Government of Oman seems to focus on the realization of “Oman Vision 2040.” In fact, based on a decision which has been made by the main committee, the work phases has been created, along with the formation of sectorial committee, the approval of the focuses and stakes, and recognized the project’s preparation phase as well, in order to be finalized and publicized in the initial quarter of 2019 (2040.om n.d.).

The structure to explain the work phases of “Oman Vision 2040” could be seen as the picture below.

References of Oman Vision 2040

2040.om. n.d. ABOUT THE VISION. https://www.2040.om/en/oman-vision-2040/about-the-vision/.

—. n.d. ECONOMY. https://www.2040.om/en/oman-vision-2040/themes/economy-and-development/.

—. n.d. GOVERNANCE. https://www.2040.om/en/oman-vision-2040/themes/governance-and-institutional-performance/.

—. n.d. PEOPLE AND SOCIETY. https://www.2040.om/en/oman-vision-2040/themes/people-and-society/.

cma.gov.om. n.d. Strategy. https://www.cma.gov.om/Home/Page/NotavalableinEN12.

heritage.org. n.d. Oman. https://www.heritage.org/index/country/oman.