Oman’s budget preparation process has taken into account the need to spur the economy through expanding the participation of private sector, while keeping the levels of investment spending, particularly in the productive sectors.
The budget complements previous budgets and comes to pave the way for Oman Vision 2040 and Tenth Five-Year Development Plan (2021-2025).
The non-hydrocarbon revenue projected to stand at RO 3 billion, up by 13 per cent as compared with 2019 Budget. This increase is due to higher tax revenue by 9 per cent and non-tax revenue by 18 per cent as compared with what have been achieved in 2019.
Read More
- Nifty, Sensex end lower as Iran sanctions, high crude and rising bond yields weigh on sentiment
- Oman oil price falls $2.22 to $97.39 per barrel
- Meethaq Islamic Banking Platinum Sponsor of the 16th National General Assembly for Medical Students
- Oman FSA issues new regulation on insurance loss assessment
- Oman’s public revenue jumps 13% to RO 6.6 billion in first half of 2026
This comes in line with government’s efforts to diversify the sources of income and enhance non-hydrocarbon revenue.
The spending on investment projects, particularly job creation projects that have economic returns, is expected to reach RO 5.3 billion, out of which RO 2.7 billion will be paid by SOEs for service and industrial projects, whereas an amount of RO 1.3 billion will be spent by various government entities for infrastructure projects. In addition, an amount of RO 1.3 billion will be allocated for oil and gas production. These projects will eventually help in generating more job opportunities.
Diversifying the sources of income and boosting GDP especially non-hydrocarbon GDP. In addition, enhancing the contribution of the five targeted sectors identified by the Ninth Five-Year Development Plan, namely logistics, manufacturing, tourism, fisheries and mining sectors.
Spending on development projects is estimated at RO 1.3 billion in 2020 BudgetEfforts made towards improving investment climate will lead to attract more domestic investment and FDI especially after enacting new laws related to foreign direct investment, privatization, public-private partnership and bankruptcy.
Special efforts are being made to develop small and medium enterprises (SMEs). The government also seeks to enable the private sector to play a greater role so as to effectively contribute in accelerating economic growth.
Oman will surge ahead in 2020, the economy will continue to grow, with stability. It will play a lead in attracting major investment in the ME region.
Dr. Anchan C K is the Managing Director of World Wide Business House (An International Business Advisory Firm)
Subscribe to our YouTube Channel & watch the latest episode of SpotLight featuring Dr. Baby Sam Samuel, Chairman of Indian Schools in Oman
