Social media has been reported in the Sultanate of Oman, excerpt from an interview with the Undersecretary of the Omani Ministry of Labor, Nasr Bin Amer Al Hosani. In which he talks about investing in the Sultanate.
The Omani undersecretary said in response to a question posed to him by the broadcaster about whether the Omani authorities “flew” foreign investors from the country. “The Sultanate does not have problems with foreign investment, but it does have problems with local investors.”
| With what did the agent respond to someone’s comment, “they have invested”
– Uman Life (@ om1live)
Al Hosani continued during the interview monitored by (Watan): “We do not suffer from the foreign investor. Because the foreign investor comes to Oman. He is aware of the laws and legislation in this country.
Al Hosani added: “He knows the cost of Omani labor, knows the return, has a feasibility study, and respects the laws.”
The foreign investor
The undersecretary of the Ministry of Labor in the Sultanate also indicated that the foreign investor, when he comes to the ministry, does not negotiate, “on the contrary, he says I want this profession. This profession is an investment guarantee, and most of them are leadership professions, such as an executive director and a factory manager, but other professions are what they are. ”
The Omani undersecretary continued with his speech: “Foreign investment has no fear of it, on the contrary, the foreign investor loves clarity. What he likes every day, you have another decision and opinion.
And he criticized some local investors: “The problem is with some local investors, who come when negotiating and know the laws and procedures. But he is accustomed to the exceptions and starts negotiating with the deputy director for the minister.
Oman Investment Authority steps to confront the crisis
Several days ago, the Oman Investment Authority revealed that it had undertaken a restructuring process for its tourism and real estate investments within the Sultanate.
The Investment Authority stated that it had transferred these investments to the Oman Tourism Development Company “Omran Group” affiliated to the agency.
According to analysts, this is a very important step on the road to finding a solution to the financial deficit that afflicts the Sultanate, in light of the difficult economic conditions. And oil prices have fallen dramatically, and it is the main source of income for the Sultanate.
According to the official Oman News Agency, Sunday, January 31, the ownership of projects for the agency has been transferred. And stakes in some companies, to the group in order to play an effective role in the tourism sector.
In order to contribute, in turn, to the economic diversification process that Oman seeks, as the executive arm of the Omani government, in developing this vital and important sector.
This step also aims, according to the Omani agency, to unify tourism real estate investments under a single, highly efficient administration. To be consistent with the future Omani vision 2040.
Oman Investment Authority
It is worth noting that this step also comes in line with the “Rawabet” program launched by the Oman Investment Authority in September of last year 2020.
Which, in turn, aims to link the policies and regulations of its subsidiaries with its supreme policies that serve the Sultanate.
This is in order to unify and harmonize them, create a state of integration with the roles of the private sector, and give it the opportunity to contribute to the tourism sector. Which promotes economic diversification in the country.
On the subject, Hashel bin Obaid Al Mahrouqi, who is the CEO of Omran Group, said that this step would pay off. In the growth process of the group, as it enters a new stage of work.
Al Mahrouqi added that this step reinforces the pioneering role of Omran Group in supporting the economic diversification of the Sultanate, as it is. Strategic partner in Oman 2040 future vision.
All this is in addition to doubling the group’s contributions in order to achieve the desired national goals. In addition to companies in the tourism sector and other economic sectors.
The tourism sector in the Sultanate is among the objectives of the Omani plan, which seeks to create a state of economic diversification, and also in order to focus on the field of tourism. Because of its considerations that it is one of the most vital and effective sectors in supporting the Omani economy. The move also aims to increase the volume of non-oil revenues in Oman’s GDP, and also comes in the context of the process of attracting foreign investments to Oman.
The statements of the Omani Minister of Finance in early 2021
For his part, the Omani Minister of Finance, Sultan bin Salem Al Habsi, reassured the Omani Prime Time Zone about the economy of their country and the vision of 2040. In turn, announcing the date of stabilization of the country’s economy, which would achieve a surplus in the state’s general budget.
In his statements at the beginning of the current year 2021, the Omani Minister of Finance said that work has been made to prepare the state’s general budget for the year 2021. In order to be consistent with Oman 2030 priorities, and in the context of the financial framework of the tenth five-year plan 2021/2025.
Al Habsi indicated that this comes with taking into account the main trends and goals to achieve financial sustainability and reduce the size of public debt. And achieving economic growth rates that contribute to operating national forces and continuing to enhance the role of private sector institutions in the development process.
Minister Sultan Al Habsi said during an interview with the Oman News Agency that a package of initiatives aimed at improving financial performance and its sustainability for 2021 had been taken.
And enhancing the pace of economic growth in line with the directions and objectives of the government in financial and economic development policies that achieve financial balance in the medium and long term.
He added that the government’s plan for 2021 includes a number of measures aimed at economic stimulus.
Royal directives have been issued regarding them, which it is hoped will give a positive impetus to various economic activities.
And that is in order to provide job opportunities, which are the housing loans provided by the Oman Housing Bank. And the distribution of residential lands to citizens.
Exempting borrowers from the Oman Development Bank and the Small and Medium Enterprises Development Authority from borrowing benefits for one year 2021. In addition to exemption from licensing fees for small and medium enterprises.
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