Oman celebrates its 53rd anniversary… economic mobility, financial stability and wise leadership

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The Sultanate of Oman has decided to cancel all celebrations and decorations on the occasion of the 53rd National Day, which falls on Saturday. This in solidarity with the tragedy experienced by the civilian population in the Gaza Strip. The General Secretariat for National Celebrations in the Sultanate of Oman announced that the program for the 53rd National Day will be limited to a military parade under the high patronage of Sultan Haitham bin Tariq, and raising the flags of the Sultanate of Oman. This is “in solidarity with the brotherly Palestinian people.”

Oman celebrates its 53rd anniversary this year, which takes place on the 18th of November every year, in the midst of important developments witnessed by the Sultanate, on the economic level and the restructuring of the administrative apparatus of the state, to follow the pace of “Oman Vision 2040”, which is based on supporting economic growth and diversifying sources of… income, achieving financial sustainability, raising expenditure efficiency and enabling the education and health system with high quality.

The Sultanate of Oman is witnessing important developments at the economic level and the restructuring of the administrative apparatus of the (Omani) state.

Last October, the Sultanate of Oman attended elections for members of the Shura Council for the tenth term of office, where citizens cast their votes for the first time using modern technologies through the “elected” application, which was also used in the elections for municipal councilors. for the third term. The participation rate reached 65.7 percent to elect 90. Member.

The Sultanate of Oman recently witnessed the issuance of the Social Protection Law, which guarantees the implementation of the Sultanate of Oman’s vision and policy of adequate and adequate insurance coverage for various segments of society. Sultan Haitham bin Tariq said he hopes “that the social protection system we launched will be comprehensive, targeting all segments of society; “So that everyone can enjoy a dignified life.”

In addition to its other tasks, the Social Protection Fund oversees a number of programs that will start operating next January, and eligibility for most of them does not depend on social research, such as cash benefits for the elderly, children, disabled, orphans, widows, family income support, and social insurance programs. It includes insurance for the elderly, disability, death, work-related injury, occupational diseases, occupational safety, and maternity, sick, and unusual leaves. This law also achieves well- being for the people of Oman in accordance with what is included in the Basic Law of the State and the objectives of “Oman Vision 2040” in relation to social aspects.

The Sultanate of Oman has just witnessed the issuance of the (Omani) Social Protection Law.

Safe work environment

In its report on the occasion of the National Day, the Oman News Agency said that the Sultanate of Oman is working to recruit, operate, train and qualify national cadres, and create a work and business environment. Legislation and laws, including the Labor Law, have contributed to providing a safe environment by defining rights and obligations and stabilizing the relationship between production parties. The Sultanate is also working to develop national administrative leaders and competencies from the public and private sectors and to prepare and train Omani cadres, as Sultan Haitham bin Tariq opened the Royal Academy of Administration.

The Sultanate of Oman also aims, through the National Urban Development Strategy, to strengthen social and economic prosperity, the main engine of development sectors, through its seven main goals that it aims to achieve, which are flexible cities and communities suitable for living, maintaining. the Omani identity, responding to climate change, adapting to it and mitigating its effects, and growth and diversity. The economic plan is based on the characteristics of each governorate, the sustainable use of resources, the production of energy and its renewable sources, the efficiency of water and waste management, and the protection and strengthening of the environment by managing and monitoring impacts on environmentally sensitive areas.

The Sultanate of Oman works to recruit, operate, train and qualify national cadres and create an (Omani) work and business environment.

Economic growth

The economy of the Sultanate of Oman witnessed a constant price growth of 2.1 percent during the first half of the current year, and by the middle of the current year it was able to reduce the public debt to 16.3 billion Omani Riyals thanks to to rationalize and increase the efficiency of spending, to increase public revenues as a result of the rise in oil prices, and to take measures. Finance to increase non-oil revenues, in addition to managing the lending portfolio by repurchasing some sovereign bonds at less than the value. of their issuance, repaying high-cost loans, replacing smaller loans with them, and issuing local bonds for trading on the Muscat Stock Exchange at a relatively low cost.

The contribution of the tourism sector to the gross domestic product in the Sultanate of Oman reached one billion and 70 million Omani riyals in 2022, and is expected to reach 2.75 percent over the next two years, compared to 2.4 percent at the end. from last year.

Foreign direct investments recorded an increase at the end of the first quarter of this year by 23.3 percent, reaching 21 billion and 270 million Omani rials.

The Sultanate of Oman is focusing on attracting investments for projects in various fields, including renewable energy and green hydrogen, for which land has been allocated. Two agreements were concluded last June with an investment value of approximately 10 billion US dollars, to develop two new projects . for the production of green hydrogen in the Governorate of Al Wusta, where the total production will reach an Expected 250 metric kilotons, equivalent to 6.5 GW of renewable energy capacity.

The Oman Future Fund, which was launched by royal directives last May, with a capital of two billion Omani riyals, will work to target the sectors of tourism and industries, manufacturing industries, logistics, food, fisheries, mining, communication and information technology, services and ports, to improve economic performance Encourage the private sector to enter into partnerships or finance viable investment projects in these sectors targeted by Oman Vision 2040.

Oman seeks to benefit from maritime transport corridors to connect markets in the Arab Gulf countries, Europe, Asia and Africa (Omani)

The Sultanate of Oman aims to maximize the benefit of its geographical location through special economic zones and free zones and benefit from maritime transport corridors to connect markets in the countries of the Arabian Gulf, Europe, Asia and Africa. It strengthened this aspect by establishing an economic city in the South Al Batinah Governorate this year called “Khazaen” Economic City, and establishing It has two free zones, and was able to attract local and foreign investments amounting to 300 million Omani Riyals, joining the Sohar Free Zone, the industrial zones (Madayn), the Duqm Special Economic Zone, the Salalah Free Zone, and the Al Mazyouna Free Zone, supported by legislation, laws and systems that encourage investment, low taxes, and workforce. Skilled, advanced infrastructure, and solid political and economic stability.

This economic movement in the Sultanate of Oman and the subsequent positive results towards improving financial and economic indicators and reducing the public debt of the state caused credit rating institutions to raise and modify their credit outlook for the Sultanate of Oman, because Standard & Poor’s raised the credit rating for the Sultanate of Oman to “BB+” with a stable future outlook. Last September, Fitch raised the credit rating of the Sultanate of Oman to “BB+” with a stable outlook, and Moody’s raised the credit rating of the Sultanate of Oman to the level of “Ba2” while maintaining a positive outlook.

The Sultanate of Oman has made progress in several global indicators, including ranking 56th in the world and fifth in the Arab world in the competitive industrial performance report for the current year, published by the United Nations Industrial Development Organization (UNIDO ), in addition to advancing 10 places in the Global Innovation Index for the year 2023 to the 69th place. Worldwide, from 132 countries.

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