New five-year plan to raise standard of living for Omanis
A five-year plan recently presented by Oman's Minister of Economy will aim to improve the standard of living of the nation's citizens, increase employment opportunities, and improve education.
The plan is Oman's seventh five-year plan, and strives to achieve average annual economic growth of at least 3 percent. To do so, said minister Ahmad Bin Abdul Nabi Macki, local and foreign investments will be encouraged.
The average investment rate will reportedly increase to some 24 percent of the gross domestic product during the plan, as compared with 16 percent in the previous five-year plan.
The plan will include investment of some 13.1 billion riyals (Dh125.187 billion), of which, said Macki, "public and private sectors are expected to contribute 54 per cent 46 per cent, respectively." Macki expected private sector investments to increase to more than 6 billion.
He added that "We are [also] looking at social welfare, sustainable human resource development, enhancing water resources, preserving the national heritage, strengthening capabilities of the judicial system, development of tourism and fishery sectors and encouraging exports and local and foreign investments," according to <i>Gulf News</i>.
Government resource estimates for the period are based on an average production of about 827,000 barrels of oil daily at an average price of $30 per barrel.
If such predictions hold true, overall government revenue during the five-year period should stand at around 18.636 billion riyals, of which 12.884 billion is from oil and 5.752 billion from other sectors.
The construction of a flyover is also planned for the five-year period in an attempt to ease traffic congestion in Muscat.