Friday 19 / April / 2024
Muscat: Oman’s planned investment during the Ninth Five-Year Plan, which is the final phase of the country’s Vision 2020 economic diversification programme, is around $106.5 billion.
An important factor that will influence this investment is the Public-Private Partnership (PPP) framework as it enables the Sultanate to draw in private investment for planned projects, according to MEED, which is organisingthe Outlook Oman Forum next month.
Of the total investment, as much as 48 per cent will come from the government sector, while the remaining 52 per cent will come from the private sector.
The annual average real gross domestic product (GDP) growth is projected at 3 per cent during 2016 to 2020 period, which is against the 3.3 per cent annual growth achieved in the previous five year plan between 2011 and 2015.
The country’s average daily crude oil production is also estimated at 990,000 barrels per day during the this period.
Further, the average price of Oman Crude is assumed at $45, $50, $55 and $60 per barrel during the first four years of the plan period, respectively.
However, the contribution of oil in gross domestic production is targeted to come down to 26 per cent by 2020 from 44 per cent now.
Further, MEED’sstatement said the Sultanate’s budget deficit as a percentage of total government revenue will come down to 25 per cent by 2020, from as high as 38 per cent in 2016.
The six priority sectors during the plan period are manufacturing, logistics, fisheries, transportation, tourism and mining.
Dr. Ali Masoud Al Sunaidy, minister of Commerce and Industry, HamoudSangour Al Zadjali, executive president of the Central Bank of Oman and Paul Gregorowitsch, chief executive officer of Oman Airwill address the forum, which will be held on October 24.
