Minor hurdles remain in prisoner exchange negotiations

The Sultanate of Oman has decided to cancel all celebrations and decorations on the occasion of the 53rd National Day, which falls on Saturday. This is in solidarity with the tragedy experienced by the civilian population in the Gaza Strip. The General Secretariat for National Celebrations of the Sultanate of Oman announced that the program of the 53rd National Day will be limited to a military parade under the high patronage of Sultan Haitham bin Tariq and the raising of the flags of the Sultanate of Oman. This is “in solidarity with the brotherly Palestinian people.”

Oman celebrates its 53rd anniversary this year, which falls on 18 November each year, in a context of great developments witnessed by the Sultanate, on the economic level and in the restructuring of the state administrative apparatus, to keep pace with “ Oman Vision 2040”, which is based on supporting economic growth and diversification of income sources, achieving financial sustainability, increasing spending efficiency and maintaining a high-quality education and healthcare system.

Last October, in the Sultanate of Oman, elections were held for the members of the tenth term of the Shura Council, during which citizens cast their votes for the first time using modern technologies through the application “elect ”, also used for the elections of city council members for the third term. The participation rate reached 65.7% to choose 90. One member.

The Sultanate of Oman recently witnessed the enactment of the Social Protection Law, which ensures the implementation of the Sultanate of Oman’s vision and policy of adequate and adequate insurance coverage for various segments of society. Sultan Haitham bin Tariq said he hoped “that the social protection system, which we have launched, will be comprehensive and will address all segments of society; “So that everyone can enjoy a dignified life”.

In addition to its other tasks, the Social Protection Fund oversees a number of programs that will start operating next January, and eligibility for most of them does not depend on social research, such as cash benefits for the elderly, children , persons with disabilities, orphans, widows, family income support and social security programs, including insurance for the elderly, disability, death, accidents at work, occupational diseases, job security, maternity, illness and unusual leave. This law also achieves good results for the people of Oman in accordance with what is included in the basic law of the state and the objectives of “Oman Vision 2040” in relation to social aspects.

Safe working environment

In its report on the occasion of the National Day, the Oman News Agency said that the Sultanate of Oman is working to recruit, manage, train and qualify national cadres and create a working and entrepreneurial environment. Legislation and laws, including labor law, have helped provide a safe environment by defining rights and duties and stabilizing the relationship between productive parties. The Sultanate is also working to develop national leadership and administrative skills of the public and private sectors and to prepare and train Omani cadres, as Sultan Haitham bin Tariq opened the Royal Academy of Administration.

The Sultanate of Oman also seeks, through the National Urban Development Strategy, to strengthen social and economic prosperity, the main driver of development sectors, through its seven main objectives that it aims to achieve, namely flexible cities and communities suitable for living, preserving Omani identity, responding to climate change, adapting to it and mitigating its effects, and growth and diversity. The economic plan is based on the characteristics of each governorate, on the sustainable use of resources, on the production of energy and its renewable sources, the efficiency of water and waste management, as well as the protection and enhancement of the environment through management and monitoring of impacts on environmentally sensitive areas.

Economic growth

The economy of the Sultanate of Oman recorded growth at constant prices of 2.1% in the first half of the current year, and until the middle of the current year it managed to reduce public debt to 16 billion and 300 million Omani riyals by rationalizing and increasing spending efficiency, increasing government revenues following the increase in oil prices and taking financial measures to increase non-oil revenues, as well as managing the loan portfolio by buying back some sovereign bonds at less than the value of their issue, repaying high-cost loans, replacing smaller loans with them, and issuing local bonds for trading on the Muscat Stock Exchange at a relatively low cost.

The contribution of the tourism sector to the gross domestic product of the Sultanate of Oman reached 1.7 billion Omani riyals in 2022, and is hoped to reach 2.75% in the next two years, compared to the final 2.4%. of last year.

Foreign direct investments recorded an increase of 23.3% at the end of the first quarter of this year, reaching 21 billion and 270 million Omani riyals.

The Sultanate of Oman aims to attract investments for projects in various fields, including renewable energy and green hydrogen, for which land has been allocated: last June two agreements were signed for an investment value of around 10 billion dollars, to develop two new green hydrogen production projects in Al Wusta Governorate, where total production will reach the expected 250 metric kilotons, equivalent to 6.5 GW of renewable energy capacity.

The Oman Future Fund, launched under royal directives last May, with a capital of two billion Omani riyals, will work to target the tourism and industrial sectors, manufacturing, logistics, food, fisheries, mining, communications and IT, services and ports, to improve economic activity. Encourage the private sector to form partnerships or finance sustainable investment projects in these sectors targeted by Oman Vision 2040.

The Sultanate of Oman seeks to maximize the advantages of its geographical location through special economic zones and free zones and to benefit from maritime transport corridors to connect the markets of the Arabian Gulf countries, Europe, Asia and Africa . It has strengthened this through establishing an economic city in South Al Batinah Governorate this year, called “Khazaen” Economic City, and establishing that it has two free zones, and has been able to attract local and foreign investments totaling 300 million Omani riyals, joining the Sohar Free Zone, Industrial Zone (Madayn), Duqm Special Economic Zone, Salalah Free Zone and Al Mazyouna Free Zone, supported by legislation, laws and systems that encourage investments, low taxes and a workforce. Qualified and advanced infrastructure and solid policies and economic stability.

This economic movement in the Sultanate of Oman and subsequent positive results towards improving financial and economic indicators and reducing the state’s public debt have prompted credit rating institutions to increase and modify their credit outlook for the Sultanate of Oman. Oman, as Standard & Poor’s raised the credit rating for The Sultanate of Oman to “BB+” with a stable outlook. Last September, Fitch raised the rating of the Sultanate of Oman to “BB+” with a stable outlook and Moody’s raised the rating of the Sultanate of Oman to the level of “Ba2” maintaining a positive outlook.

The Sultanate of Oman has made progress in several global indicators, including ranking 56th in the world and fifth in the Arab world in the Competitive Industrial Performance Report for the current year, published by the United Nations Development Organization industrial (UNIDO), as well as advancing 10 positions in the Global Innovation Index for the year 2023, ranking 69th globally, out of 132 countries.