Oman’s Sultan Haitham Bin Tarik issued a royal decree on Friday, approving the state’s general budget for the financial year 2021.
The Arabian Gulf state is projecting a 2.24 billion Omani rials deficit in the fiscal year that is equivalent to 8 per cent of its gross domestic product, the state's Oman News Agency tweeted.
Almost 73 per cent (1.6bn rials) of the deficit will be covered through external as well as domestic borrowing. While the remaining shortfall, estimated at 600 million rials, will be financed through withdrawal from the state’s own reserves.
Government revenue for the year 2021 is projected to decrease by 19 per cent year-on-year to 8.64bn rials. The total spending is estimated to decrease to 10.88bn rials, an annual drop of 14 per cent. This is based on an oil price projection of $45 a barrel this year.
Oman also approved the tenth five-year development plan 2021-2025 on Friday.
The plan seeks to stimulate the economic activity, develop the macroeconomic environment and raise the efficiency of public financial management, ONA tweeted.
It aims to achieve a balance between measures to control and rationalise public spending and adopt disciplined financial policies to achieve sustainable growth rates in the future, it added.
Oman's economy is projected to shrink 0.5 per cent in 2021, according to the International Monetary Fund's latest forecasts.
To reduce its reliance on hydrocarbons and attract more foreign investment, Oman has taken a slew of measures in the past.
In November, it opened up its real estate market to foreign investors further by allowing them access to a wider selection of residential properties as part of reform measures aimed at improving the country's fiscal position.
Oman is also proposing reforms to the labour market to make it more flexible and the Sultanate is planning to allow visa-free entry to more than 100 nationalities to boost its tourism industry.
Earlier in March, it also approved a raft of measures including budget cuts of 5 per cent in different ministries and units in response to the coronavirus pandemic and drop in oil prices.
The new five-year plan looks forward to stimulate private sector investment and focuses on increasing the contribution of non-oil sectors to the economy. It sets a target for an average annual growth of around 3.2 per cent in the GDP of non-oil activities by focusing on promising economic sectors, according to ONA.
Some of these sectors include manufacturing, agriculture, fish farming, food processing, transportation, storage and logistics.
Global state-owned investor ranking by size
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United States
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2.
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China
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UAE
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4.
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Our Time Has Come
Alyssa Ayres, Oxford University Press
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Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Avatar%20(2009)
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In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Breast cancer in men: the facts
1) Breast cancer is men is rare but can develop rapidly. It usually occurs in those over the ages of 60, but can occasionally affect younger men.
2) Symptoms can include a lump, discharge, swollen glands or a rash.
3) People with a history of cancer in the family can be more susceptible.
4) Treatments include surgery and chemotherapy but early diagnosis is the key.
5) Anyone concerned is urged to contact their doctor
The specs: 2019 Jeep Wrangler
Price, base: Dh132,000
Engine: 3.6-litre V6
Gearbox: Eight-speed automatic
Power: 285hp @ 6,400rpm
Torque: 347Nm @ 4,100rpm
Fuel economy, combined: 9.6L to 10.3L / 100km
RACECARD
4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m
5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m
5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m
6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m
6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m
7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m
7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m
House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
- Edinburgh, Scotland
- Westminster, London
- Camden, London
- Glasgow, Scotland
- Islington, London
- Kensington and Chelsea, London
- Highlands, Scotland
- Argyll and Bute, Scotland
- Fife, Scotland
- Tower Hamlets, London
