Islamic Finance

Oman to get more than a third of revenues from non-oil activities in five-year plan

Published 06 Apr,2021 via Arab News - Economy DUBAI - Non-oil activities will contribute more than a third of Oman’s total government revenues by 2025, a government official said.

The target forms part of the “10th Five-Year Development Plan” (10th FDP) which was launched partly in response to the impact of COVID-19 and driven by the need to reduce the country’s reliance on oil.

Undersecretary Nasser bin Rashid Al-Maawali said the ministry has chosen particular sectors to drive the five-year diversification plan, taking into consideration the sector’s “competitiveness, its ability to provide job opportunities for citizens, its sustainability and its ability to support other sectors,” The Times of Oman reported.

Financial sustainability is also important to achieve this vision, Abdullah bin Salem Al-Harthi, undersecretary of the Ministry of Finance, said at a dialogue session at the Sultan Qaboos University.

The 10th FDP was announced in January this year to buffer the blow of the COVID-19 pandemic, and lead Oman’s recovery strategy.

It aspires to generate around 135,000 jobs, and decrease the country’s deficit to 1.7 percent by 2024, as well as to achieve a surplus of 65 million Omani riyals ($169.8 million) by 2025.

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