Oman has unveiled a funding initiative worth OR178 million ($460 million) aimed at assisting over 100,000 citizens in housing and business development.
In a royal decree commemorating the fifth anniversary of his reign, Sultan Haitham bin Tariq expanded this year’s housing assistance program. The initiative provides support for lower-income families by settling outstanding loans issued by the Ministry of Housing and Urban Planning, Oman Housing Bank, and the Ministry of Defence. This relief applies to those earning monthly salaries or pensions of OR400 ($1,000) or less.
Additionally, loans for stalled or closed projects funded by the Al Raffd Fund and Development Bank will also be cleared. The government has pledged to extend social and insurance protections by continuing to pay social security pensions and offering additional pensions to individuals earning less than OR350 ($900).
To further bolster the economy, Oman plans to increase funding for small and medium-sized enterprises (SMEs), encouraging entrepreneurship and creating more jobs within the sultanate.
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Earlier this month, Oman projected a budget deficit of OR620 million ($1.61 billion) for the year, with government spending expected to total OR11.8 billion, marking a 1.5% increase. The revenue forecast is based on an average oil price of $60 per barrel.
Oman’s Economic Outlook
Preliminary results for the 2024 budget indicate a surplus of OR540 million, a significant improvement from the earlier forecasted deficit of OR640 million. The country has also outlined ambitious plans for large-scale projects, including the $2.6 billion Muscat metro, which is part of a broader $19 billion investment in the capital. This investment is anticipated to generate returns of approximately $50 billion for Muscat.
Engagement
