Oman to get more than a third of revenues from non-oil activities in five-year plan

Oman to get more than a third of revenues from non-oil activities in five-year plan

DUBAI: Non-oil activities will contribute more than a third of Oman's total government revenues by 2025, a government official said.

The target forms part of the "10th Five-Year Development Plan“ (10th FDP) which was launched partly in response to the impact of COVID-19 and driven by the need to reduce the country's reliance on oil.

Undersecretary Nasser bin Rashid Al-Maawali said the ministry has chosen particular sectors to drive the five-year diversification plan, taking into consideration the sector's "competitiveness, its ability to provide job opportunities for citizens, its sustainability and its ability to support other sectors,“ The Times of Oman reported.

Financial sustainability is also important to achieve this vision, Abdullah bin Salem Al-Harthi, undersecretary of the Ministry of Finance, said at a dialogue session at the Sultan Qaboos University.

The 10th FDP was announced in January this year to buffer the blow of the COVID-19 pandemic, and lead Oman's recovery strategy.

It aspires to generate around 135,000 jobs, and decrease the country's deficit to 1.7 percent by 2024, as well as to achieve a surplus of 65 million Omani riyals ($169.8 million) by 2025.

Updated 3 min 44 sec ago

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