His Majesty’s wise policies helped Oman in facing economic challenges

His Majesty’s wise policies helped Oman in facing economic challenges

The report highlighted the success in increasing foreign investments in the country.

Washington: The wise leadership of His Majesty Sultan Haitham bin Tarik has successfully handled the challenges faced by the Sultanate of Oman during the COVID-19 pandemic and the crisis posed by reduction in international oil prices.

According to a report prepared by British writer Jonathan Campbell and published in the website of The Washington Institute for Near East Policy, His Majesty the Sultan took timely steps to diversify the Sultanate’s economy on the back of legislations and laws relating to foreign direct investment and public-private partnership (PPP).

Consonant with this, laws were ratified for the improvement of the State’s administrative apparatus, streamlining of financial audit and enhancement of appropriate business environment. The steps and decisions fall under the key objectives of the Tenth Five-Year Plan (2021-2025) and are consistent with Oman Vision 2040.

The report highlighted the success in increasing direct foreign investments, amounting to 19 percent during the first quarter of 2022, increase in oil exports in 2021 and the conduct of a number of conferences, including ‘Oman Renewable Energy’ Conference in London last July which saw appreciable presence of a number of multi-national companies which executed projects in the Sultanate