SCP reviews major economic projects, financial challenges

Muscat: Health sector projects in addition to plans to increase the maximum height of commercial and residential buildings were discussed during the Supreme Council for Planning’s (SCP) second meeting on Wednesday, June 12.
The meeting was chaired by Dr Ali Al Sunaidy, the Ministry of Commerce and Industry (MoCI), and the Deputy President of SCP, in the presence of SCP members.
The Council reviewed the procedures of the PSC General Secretariat to develop the tenth Five-Year Plan (2021-2025 ) which shall be the first executive plan for the ‘Oman 2040 vision’.
In addition, the members reviewed the executive position of the Ninth Five-Year Development Plan (2016-2020), the major strategic projects, other key projects and challenges in executing some of these projects, and the alternative finances available during the upcoming phase.
The Council also reviewed Oman’s Economic Performance Report, and the local and global economic situation, including government companies’ investments and GDP indicators.
Tanfeedh
The GDP exceeded OMR30 billion at current prices by the end 2018, despite the decrease in oil prices, thanks to the policies adopted by the Government during the first four years of the plan, economic diversification projects (Tanfeedh), government investments and private sector investments, aimed at reducing dependence on oil revenues to finance production projects.
The report pointed out that GDP at the end of the last quarter of 2018 grew at a rate of 12 per cent at current prices.
The growth rate of non-oil activities was 2.9 per cent; while the GDP continued to achieve good growth rates, driven by the rise in total oil activities, including the activities of crude oil and natural gas. This can be compared and contrasted to a slight increase in inflation rates. The report also pointed to the rise in non-oil exports during the last interval, which climbed by 34 per cent at the end of November 2018.
Financial Projects
Moreover, the Supreme Council for Planning (SCP) reviewed the Great Strategic Financial Projects Follow up Report under progress in the different governorate of the Sultanate of Oman, particularly, those to be carried out in the Economic, Free and Industrial Zones and Ports.
The attendants have closely discussed the various social projects and schemes particularly those pertaining to the health sector. The esteemed Supreme Council for Planning (SCP) has reviewed the topic relevant to the Urban Planning, including the controls to increase the maximum limits of commercial and residential buildings heights; in addition to other topics on the agenda of the SCP.