Muscat: His Majesty Sultan Haitham bin Tarik on Wednesday issued Royal orders on the anniversary of His Majesty’s Accession Day.
The Diwan of Royal Court released a statement to this effect reading as follows: “In celebration of the 11th of January, anniversary of His Majesty Sultan Haitham bin Tarik’s Day of Accession to power in Oman, His Majesty the Sultan issued Royal orders to provide financial support to charity teams operating within Social Development Committees in all the wilayats of Oman and honour the volunteers therein.
“The Royal orders also provide for extending financial support to charities supporting the Ministry of Social Development in appreciation for their efforts and roles in serving the community. In confirmation of the objectives of augmenting market value of Muscat Stock Exchange and enhancing the contribution of foreign investment in it, His Majesty the Sultan issued Royal orders mandating the cessation of Tax Deducted at Source (TDS) on dividends and interest levied on non-resident persons.
“To encourage investments in Oman, His Majesty the Sultan issued Royal orders to augment Oman Development Bank (ODB) maximum lending limit from RO 1 million to RO 5 million.”
“The Royal directives allow an increase in this limit for development projects that contribute to augmenting added value. They also stipulate increasing the percentage of contribution towards financing the cost of projects and raising the bank’s capital in line with this increase.
“Regarding investment plans in the governorates and employment opportunities in them, His Majesty the Sultan issued Royal directives to expand the list of activities and areas financed by Oman Development Bank (ODB), while at the same time providing additional incentives for projects that are established outside the Governorate of Muscat. His Majesty the Sultan also underscored the significance of fostering the existing partnership between the Oman Housing Bank and other local banks, with the prime aim of accelerating financing to applicants on waiting lists. This should cover housing loan applications submitted to the Ministry of Housing and Urban Planning. May the Almighty Allah protect His Majesty the Sultan and guard him as a symbol of pride for Omani people. May He grant Oman further progress and prosperity under His Majesty’s prudent leadership.” — ONA
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