Sunday 24 / November / 2024
Muscat: Key decisions made by His Majesty Sultan Haitham bin Tarik in the meeting with the Council of Ministers on Wednesday have been welcomed by the ministers and top officials in Oman.
The decisions include discount on the electricity bill by 15 percent during the months of May, June, July and August, increasing financial allocations for housing assistance programme by OMR26.4 million, extending the Job Security System benefits to citizens whose services were terminated at private sector establishments until December 2023, launching an investment fund, the ‘Oman Future Fund’, with a capital of OMR2 billion.
In addition, the decisions include introducing a scheme for grooming graduates who are capable of playing leading roles in various economic sectors, excluding small and medium enterprises from some fees specified by the Tender Board, support to local wheat production by allocating OMR5 million until the year 2027 and allocating usufruct lands for its cultivation, providing direct subsidies in fuel prices at Salalah Airport on a par with fuel prices at Muscat International Airport and competitive prices for trips to Khareef Dhofar, and the establishment of a National Centre for Women and Children’s Health at Sultan Haitham City.
Appreciating His Majesty’s efforts on the health front, Dr. Hilal bin Ali Al-Sabti, the Minister of Health, said, “We appreciate the decision of the Council of Ministers for the establishment of a national centre for women and children at Sultan Haitham City. This reflects the concern of His Majesty the Sultan for the health sector for its pivotal role in achieving the goals of sustainable development and the special interest in providing care for women and children.”
The Minister also confirmed that the Ministry of Health will move forward in implementing what has been approved by the Council of Ministers and its readiness to put this decision into practice and to develop necessary plans to achieve this.
On the plan to support local wheat production, Dr. Saud bin Hamoud Al Habsi, Minister of Agriculture, Fisheries and Water Resources, said: “We appreciate the Council of Ministers’ decision to support local wheat production by allocating about OMR5 million until 2027, and the grant of usufruct lands in some governorates for its cultivation.”
The minister confirmed that the Ministry seeks to expand the cultivation of wheat in Oman by finding arable lands, and supporting farmers with seeds to grow wheat crops and improve its quality and quantity in the Sultanate of Oman.
Welcoming His Majesty’s directive on the investment fund, Qais Al Youssef, Minister of Commerce, Industry and Investment Promotion (MoCIIP), said: “His Majesty the Sultan’s launch of the Oman Future Fund is an outstanding step to attract local and foreign investments. It will showcase to the world that Oman is a safe, sustainable and attractive investment destination.”
He explained that the fund is an important and advanced step within the measures taken by the government to improve the business environment, spur the growth of businesses, and create an attractive climate for investors.
On the other hand, Faisal Al-Rawas, Chairman of the Board of Directors of the Oman Chamber of Commerce and Industry (OCCI), said that the Oman Future Fund will increase foreign investments, enhance international trade, and attract more investors which would increase the productivity and profitability of companies in the private sector.
He also stressed that the exclusion of small and medium enterprises from some fees will help enhance competitiveness in the market, improve the commercial environment, provide an environment conducive to the growth of emerging and innovative companies, and increase the chances of success for small and medium enterprises in the market.
Abdulsalam Al Murshidi, the Chairman of the Oman Investment Authority (OIA), said that the establishment of the Oman Future Fund comes in partnership with the Ministry of Finance, and embodies the goals and specialisations of the agency seeking to contribute to the implementation of government policies and strategies, and to stimulate the bold investment system in the Sultanate.
Financing requests
He also indicated that the approval of financing requests for projects will be done through a joint team between the Agency, the Ministry of Finance and any other party that is agreed upon, and the evaluation of investment opportunities on a commercial basis through the financial and economic feasibility of the project and its sustainability.
