MANAH: His Majesty Sultan Haitham bin Tarik on Tuesday presided over a meeting of the Council of Ministers at Hisn Al Shumoukh Palace.
At the outset of the meeting, His Majesty the Sultan gave thanks and praise to the Almighty Allah for the bounties and riches He has bestowed on Oman and its noble people. He prayed to the Almighty to eternalise these bounties on Oman, wishing that security and stability shall prevail in the Sultanate and the world at large.
Then, His Majesty the Sultan reviewed the position of the national economy and the challenges posed to it due to a slump in oil prices and the ensuing rise in fiscal deficit and general debt, coupled with the impact of measures that had to be undertaken due to the prevalence of coronavirus (Covid-19) pandemic in early 2020, when the Sultanate took quick action through a set of precautionary and preventive measures that overshadowed economic growth in general.
STIMULUS PLAN
His Majesty the Sultan pointed out that, as part of steps undertaken by government departments, an Economic Stimulus Plan (ESP) aimed to achieve high growth rates, as per Oman Vision 2040, has been endorsed.
His Majesty the Sultan reaffirmed that the ESP covers a variety of incentives and initiatives, such as cutting down taxes and fees imposed on companies that are actively engaged during 2021 in Economic Diversification Sectors of industry, tourism, logistics, agricultural and fisheries resources and mining.
The incentives also include cutting down of income tax for small and medium enterprises (SMEs) during 2020 and 2021, in addition to the reduction of the lease value of lands in the Special Economic Zone in Duqm and industrial estates till 2022. Other measures related to the ESP include incentives to spruce up business and investment through the facilitation of entrepreneurship, offering prolonged residency for a number of foreign investors in line with terms and conditions to be announced later by the Council of Ministers, as well as incentives related to the labour market to generate employment opportunities for Omani job-seekers.
URBAN DEVELOPMENT
In particular, His Majesty the Sultan expressed his keenness on the steps undertaken by the departments concerned to address labour market developments. His Majesty the Sultan also stated that the Council of Ministers has endorsed the National Urban Development Strategy (NUDS). He pointed out that NUDS is a prime enabler towards the realisation of Oman Vision 2040.
It is the first long-term strategy that orients urban development in a manner that strikes a balance between socioeconomic development and the environment over the next 20 years, said His Majesty the Sultan, adding that the NUDS is the product of wide-scale institutional and societal partnership.
It is worth noting that NUDS is sufficiently flexible to accommodate new developments and future challenges.
It charts out a general framework of urban development policies, both at a countrywide level and at the level of each governorate. It also introduces investment programmes and development projects across different sectors.
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