HM approves economic stimulus plan

Muscat: His Majesty Sultan Haitham bin Tarik on Tuesday morning presided over a meeting of the Council of Ministers, at Hisn Al Shomoukh Palace. His Majesty approved an economic incentive plan aimed to achieve a high growth rate as planned by Oman Vision 2040. His Majesty pointed out that the Council of Minister’s approval of the national strategy for urban development is a major enabler of achieving Oman Vison 2040. The plan comprises several initiatives including tax and fee reductions for the companies that will resume activities during this year in the economic diversification sectors as well as reducing the income tax on small and medium enterprises for the years 2020 and 2021. The plan also includes reducing the rental value at the Special Economic Zone at Duqm (SEZAD) until the end of 2022, in addition to incentives for businesses and investments including facilitating for doing business and granting long-term residential visa for foreign investors in accordance with specific regulations that will be announced later. His Majesty praised the strenuous efforts being made by the government to tackle the virus outbreak and provide vaccines for different segments of the society. His Majesty praised efforts aimed at accelerating the vaccination plan for a greater number of citizens and residents and the continuation of community awareness about the pandemic. On the occasion of International Women’s Day, His Majesty expressed his greetings to women all over Oman and the whole world, pointing to the contributions of Omani women in family welfare and the upbringing of the successive generations beside the roles assigned to them. His Majesty reviewed the Sultanate’s cooperation with the efforts aimed at achieving peace and stability for all countries and peoples of the world. His Majesty reviewed the situation of the national economy and the impact of low oil prices which resulted in financial deficit and increased public debt as well as the effect of the measures taken by the government to tackle the Convid-19 pandemic at the beginning of the previous year.