Muscat: His Majesty Sultan Haitham Bin Tarik presided over a meeting of the Council of Ministers at Hisn Al Shumoukh Palace yesterday [March 9, 2021].

At the outset of the meeting, His Majesty the Sultan gave thanks and praise to the Almighty Allah for the bounties and riches He has bestowed on Oman and its noble people. He prayed to the Almighty to eternalize these bounties on Oman, wishing that security and stability shall prevail in the Sultanate and the world at large.

Then, His Majesty the Sultan reviewed the position of the national economy and the challenges posed to it due to the slump in oil prices and the ensuing rise in fiscal deficit and general debt, coupled with the impact of measures that had to be undertaken due to the prevalence of coronavirus (COVID-19) pandemic in early 2020 when the Sultanate took quick action through a set of precautionary and preventive measures that overshadowed economic growth in general.

His Majesty the Sultan pointed out that, as part of steps undertaken by government departments, an Economic Stimulus Plan (ESP) aimed to achieve high growth rates, as per Oman Vision 2040, has been endorsed.

His Majesty the Sultan reaffirmed that the ESP covers a variety of incentives and initiatives, such as cutting down taxes and fees imposed on companies that are actively engaged during 2021 in Economic Diversification Sectors of industry, tourism, logistics, agricultural and fisheries resources and mining.

The incentives also include cutting down Income Tax for small and medium enterprises during 2020 and 2021, in addition to the reduction of the lease value of lands in the Special Economic Zone in Duqm and industrial estates till 2022.

Other procedures related to the ESP include incentives to spruce up business and investment through the facilitation of entrepreneurship, offering prolonged residency for a number of foreign investors in line with terms and conditions to be announced later by the Council of Ministers, as well as incentives related to the labour market to generate employment opportunities for Omani job seekers.

In particular, His Majesty the Sultan expressed his keenness on the steps undertaken by the departments concerned to address labour market developments.

His Majesty the Sultan also stated that the Council of Ministers has endorsed the National Urban Development Strategy (NUDS). He pointed out that NUDS is a prime enabler towards the realization of Oman Vision 2040.

It is the first long-term strategy that orients urban development in a manner that strikes a balance between socioeconomic development and the environment over the next 20 years, said His Majesty the Sultan, adding that the NUDS has been the product of wide-scale institutional and societal partnership.

It is also worth noting that NUDS is sufficiently flexible to accommodate new developments and future challenges. It charts out a general framework of urban development policies, both at a countrywide level and at the level of each governorate. It also introduces investment programmes and development projects across different sectors.

During the meeting, His Majesty the Sultan touched on the latest developments of Covid-19 and the concerted efforts undertaken by the government to provide vaccines and make them available to different segments of the society.

His Majesty the Sultan commended those efforts and underscored the need to accelerate the pace of providing the vaccines for the largest percentage of citizens and residents. He also laid emphasis on maintaining the ongoing public awareness drive and applying precautionary and preventive measures against the spread of the pandemic.

On the occasion of International Women’s Day, His Majesty the Sultan expressed his sincere greetings “to the woman in Oman and in all parts of the world”.

In this context, His Majesty the Sultan commended Omani women’s accomplishments as they attend to their respective families and upbringing the offspring while at the same time performing the tasks entrusted to them in public life.

His Majesty the Sultan reiterated the great attention accorded to women by enabling them to shoulder responsibilities in the nation-building process. He noted that women in Oman proved their mettle in this regard.

Speaking about regional and international relations of the Sultanate, His Majesty the Sultan reviewed Oman’s continuous cooperation and its support for all efforts made to establish security and stability for all countries and nations of the world.