Wednesday 19 January 2022

Diversification sectors beat growth estimates in Oman

MUSCAT, November 21, 2021

The contribution of some economic diversification sectors in the first year of Oman’s 10th Five-Year Development Plan has witnessed a remarkable increase in 2021, a media report said.

"Many economic diversification sectors targeted in the 10th Five-Year Development Plan (2021-2025) achieved remarkable growth rates (at current prices) between the 2021 target and the actual as of June 2021," Times of Oman reported, citing a Ministry of Economy statement.

In manufacturing sector the actual growth at the end of June 2021 was 34.2 per cent where the targeted growth rate 8.7 per cent for 2021. The growth registered in the transport storage and communication sector at the end of June 2021 was 15.8 per cent while the expected growth was 7.9 per cent only. In the fisheries sector, 21.9 per cent was the actual growth at the end of June 2021, and the targeted growth rate was 9 per cent. The mining sector witnessed growth by 7.7 per cent in 2021.

"In 2021, a number of development projects were implemented to complement the infrastructure and improve the quality of services provided to citizens in various governorates,” the ministry said.

“The appropriations in the development budget for the projects under - implementation, as of August 2021, increased by 5.7 per cent as a result of approvals for new projects.”

The most important of such projects include the completion of the Al Batinah Coastal Road Project Phase One (Barka-Widam Al Sahel), Musandam Gas Processing Plant Project, Housing Aid Programme for 2021 and Governorates Development Programme.

In addition, the most important development projects financed by the Ministry of Economy from the 2021 budget are:

1.    17,000 internal scholarships each year in higher education institutions

2.    First main phase MC 1 for civil works at Muscat Airport

3.    The Housing Aid Programme for 2018 and 2019

4.    Water Transmission Line from Barka to Al Dakhiliyah and associated works

5.    Adam-Thumrait dual carriageway project - phase one (352 km)

6.    1,500 overseas scholarships

7.    Construction of the third and fourth lanes of the Rusayl Nizwa Road.

8.    Cash compensation for the families affected by Sohar Industrial Port

9.    Consultancy services and implementation of Sohar Barka Water Transmission Line

10.    Expansion of the Royal Hospital - MRI and catheterisation laboratory

11.    Expansion of Nizwa Hospital , MRI catheterisation Lab

12.    Expansion of Sohar Hospital , MRI and catheterisation Laboratory

13.    Construction of water network in the Wilayat of Bidiyah

14.    Construction of a sports stadium in North Al Sharqiyah in the Wilayat of Ibra.

15.    Training of job seekers.


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