The Oman Economy in 2026

Oman Economic Overview

Oman is a Gulf state with a more modest oil endowment than its neighbors — its proven reserves are expected to last only a few more decades, making economic diversification more urgent than in Saudi Arabia, Kuwait, or Qatar. Vision 2040 focuses on tourism (Oman's dramatic landscapes and cultural heritage), logistics (the mega-port at Duqm positioned as an Indian Ocean hub), manufacturing, fisheries, and mining.

Oman has pursued a distinctive foreign policy — maintaining relationships with all regional players including Iran, Israel, and Western countries — giving it a unique diplomatic role. The economy has implemented significant fiscal reforms including VAT introduction and subsidy reduction. GDP per capita at $21,645 is high but below other Gulf states. The "Omanization" policy aims to replace expatriate workers with nationals, particularly in the private sector.