In continuation with PASI efforts to implement sound strategic principles based on the available international best practices and in order to finalize an institutional development system that requires good governance in establishing a new stage that is aligned with national and international aspirations, PASI Strategic Direction 2040 has been formulated. The Strategic Direction aims to lead PASI to be among the best social security institutions worldwide by offering comprehensive social insurance coverage and ensuring that benefits are adequate to meet decent living standards for all social groups.

Building this strategy is essential to keep pace with variables arising from the internal and external environments posed by the cooperation with partners and stakeholders on both local and international levels. This direction was recently introduced at the launch of Oman Vision 2040, which requires aligning strategies and directions of government and private institutions to achieve the requirements of the desired national vision. Since PASI has made huge progress with respect to the services provided to users and in the matter of enhancing external cooperation with regional and international institutions and organizations, it has updated the Strategic Direction to align it to the above-mentioned points.

PASI has already taken the initiative to create this strategy including conducting a comprehensive evaluation for the second phase of the strategic plan (2016 -2020) that focused on two main areas: efficient strategic planning and implementation. PASI has relied on a collection of detailed standards and compared the method applied in PASI for planning, implementation and performance management with work methodologies adopted in specialized international organizations and institutions.

After that, SWOT and PESTLE analyses were conducted on PASI's internal and external environments. The SWOT analysis of the second stage of the strategic plan 2016-2020 was compared against the results of and the goals at the end of that stage. Accordingly, an updated diagnosis of the current situation was achieved. In addition to that, an analysis of the requirements of stakeholders was conducted and a workshop on institutional risks analysis was carried out to identify the impact on PASI at many levels including strategic, operational, financial, and other levels with respect to institutional reputation and so forth.

The other stage was building the overall strategic direction by reviewing PASI’s current mission and vision in addition to the associated institutional values and strategic themes and examining their compatibility with local, regional and international developments and with the nature of the work. To this end, Oman Vision 2040 requirements were considered when building PASI’s new vision, mission and institutional values to contribute to the national strategic development goals, priorities and objectives and to align with PASI and the country’s commitment in the conventions with international organizations and the sustainable development goals for achieving the comprehensive social protection system. A number of consultative and technical workshops were conducted with a group of experts from multiple sectors to formulate PASI Strategic Direction 2040.

It is worth mentioning that the organization's strategic direction methodology was inclusive of relevant stakeholders and depended on the young national cadres. More than 450 representatives from pension funds, ministries, government and civil institutions, private sectors, insured persons and regional and international organizations, have taken part in the first insurance forum. Moreover, programmers, analysts and innovators have participated in the hackathon, surveys, dialogues and studies that contributed to examining the current situation.