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Muscat: His Majesty Sultan Haitham bin Tariq chaired a meeting of the Council of Ministers at Barakah Palace on Tuesday.
At the beginning of the meeting, His Majesty the Sultan thanked and praised Almighty Allah for the blessings bestowed on Oman, its noble people and all the people living in its land.
His Majesty the Sultan prays that Allah grants wealth to all and health, happiness and prosperity to all.
His Majesty then reviewed the domestic situation. On the economic front, the Council of Ministers approved the financial statements for the 2023 fiscal year, which showed an improvement in the fiscal situation and a decrease in the volume of public debt, thus improving the credit rating of the Sultanate of Oman. His Majesty expressed appreciation for all efforts made in this regard.
In response to the urgent need of the Omani Council to develop the capital market sector, leverage its role as a financing option, strengthen the contribution of business companies to the local economy, increase the market value of the Muscat Stock Exchange and increase the number of listed companies, His Majesty the Sultan issued a Royal Directive to launch an incentive program with a series of measures aimed at converting companies interested in the above program into joint stock companies and listing them on the stock market.
The royal directive also provides for the establishment of a secondary market on the Muscat Stock Exchange, called the “Promising Companies Market”, targeting private companies, family businesses, small and medium-sized enterprises (SMEs) and start-ups.
The Royal Directive also points to the launch of an initiative to transform limited liability companies into close companies, in particular by providing a package of incentives to the above-mentioned companies.
In view of the importance of the industrial sector as one of the main economic diversification sectors and a driver of Oman’s “Vision 2040”, and in order to establish a culture of industrial innovation in the Sultanate of Oman, the Council of Ministers approved the “Industrial Strategy 2040”, which aims to accelerate economic diversification, improve the standards of Omani industrial products and establish a modern technology-based infrastructure for the transformation of industries.
In this context, His Majesty the Sultan supports all efforts made by government departments involved in the development of the above-mentioned strategy.
In recognition of the importance His Majesty has attached to the social aspect, in particular the priority given by the Government to the development of the Waqf system in the Sultanate of Oman and its contribution to the consolidation of the principles of cooperation and compassion among members of society, the introduction of new concepts of endowment, the sustainability of the Waqf and its preparation for investment, His Majesty the Sultan has ordered the establishment of the “Oman Endowment Foundation”. The Foundation will be responsible for investing the funds of the Waqf and Bait Al Mal (House of Endowments). The new Foundation will be established in accordance with the best practices in this field. The Foundation will be composed of experts in the field of investment and financial management from both the public and private sectors.
In line with the government’s ongoing quest to develop norms for dignified living and provide citizens with decent housing in line with development plans, the Council of Ministers approved an increase of 70 million riyals to strengthen the Ministry of Housing and Urban Planning’s residential assistance program for 2024 and 2025.
Part of the funds will be used to purchase ready-made homes (in modern projects) for those who qualify. This is being developed in the context of the National Community Initiative, which is overseen by the Ministry of Housing and Urban Planning.
His Majesty the Sultan continues to pay attention to education and take action to address the livelihood challenges faced by some scholarship recipients of private higher education institutions. To this end, His Majesty the Sultan has instructed the relevant departments to provide monthly grants to eligible domestic scholarship recipients of private higher education institutions starting from the next academic year, in accordance with measures approved by the National Subsidy System Committee.
Reviewing regional and international issues, His Majesty the Sultan mentioned the state of the region and the ongoing unjust war in the Gaza Strip. He also spoke about bilateral relations with Arab and friendly countries and the results of recent visits and meetings with Arab countries. In this context, His Majesty the Sultan affirmed the Sultanate’s desire to strengthen relations with all Arab and friendly countries and to enhance cooperation with them in a manner that is in the common interests of the peoples of all countries. At the end of the meeting, His Majesty the Sultan touched on various aspects of national and civic concern and issued royal directives in this regard. His Majesty the Sultan wished Oman and its people all the best for growth and prosperity.
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