Foreign Policy: Sultan Haitham bin Tarik, a Rare Regional Leader Who Rescued Oman from Economic Crisis

The American magazine Foreign Policy has described Sultan Haitham bin Tarik in an analytical report as “a rare example of an effective and reform-minded ruler in the region,” emphasizing that over the past six years he has transformed Oman’s deep economic crisis into a successful story of financial stability and sustainable growth.

According to the magazine, without relying on media spectacle, Sultan Haitham bin Tarik has guided the country through careful management, strategic planning, and bold decision-making—restoring economic stability while positioning Oman as a promising future player in the global green hydrogen sector.

Key economic achievements highlighted by Foreign Policy include:

• Reduction of public debt from around 70% to 34% of GDP
• Restoration of Oman’s investment-grade credit rating
• Transformation of budget deficits into fiscal surpluses
• Achievement of sustainable economic growth, with approximately 4% growth forecast for 2026
• A 121% increase in foreign direct investment

In another part of the report, Foreign Policy points to Oman’s strategic shift in the post-oil era, noting that the country plans to invest up to $140 billion by 2050 to prepare for leadership in the global green hydrogen market. This includes signing multi-billion-dollar contracts and establishing a specialized entity, Hydrom, to manage the sector.

The magazine also identifies Oman’s balanced and neutral foreign policy as a key pillar of Sultan Haitham’s success, stressing that maintaining a trusted mediator role in regional developments has not only strengthened Oman’s international standing but has also contributed to long-term security and sustainable economic opportunities.

In its conclusion, Foreign Policy writes that Oman’s experience demonstrates how prudent governance, fiscal discipline, and a long-term vision can fundamentally change a country’s trajectory even under the most challenging circumstances.