Oman plans massive investments
The Omani Minister of Economy, Ahmed Macki has stated the Sultanate of Oman to spend OR30 billion (US$77.92 billion) in the new five-year economic plan, which includes the allocation of about OR6 billion for the oil sector. Maki said the bulk of the spending in the new plan, which runs from 2011 to 2015, would be directed to the sectors of roads, hospitals and education.
The plan forecasts an average oil production of 897,000 barrels per day. It should be mentioned that the Omani Oil Minister said last month that oil production reached 875,000 barrels per day at the end of November.
On his part, Macki said that the five-year plan is based on an average oil price of US$59 per barrel. He pointed out that the plan expects inflation to average 4%, pointing out that Oman's annual inflation rate hit 4.2% in October.
- China-Pakistan economic corridor: a game-changer for the Middle East?
- Suspended tax transfers pushed Palestinian economy to the brink
- Egypt passed the economic conference with flying colours, but what's next?
- Why the GCC really needs a VAT tax
- Selfies, jokes, and billions: Sisi 'boisterous' after economic summit, but the hard part has just begun
- Time to catch up to its neighbours: $145 billion worth of projects underway in Oman
- Batelco announces massive investment in Bahrain’s communications infrastructure
- Qatar's economic boom continues supported by massive investment flows and rising oil and gas exports
- Algeria plans massive investments in energy sector