Oman will more than double public spending over the next five years to 30 billion Omani rials (Dh286.18bn) as it seeks to stimulate growth and generate jobs for young nationals.
The sultanate also unveiled a record budget for this year, a 9 per cent increase on last year to 8.13bn rials. Education, transport and health will account for the bulk of spending under a five-year plan unveiled yesterday.
The proposals are intended to promote an annual GDP expansion of 5 per cent while keeping inflation under control.
"This gives us a clear sense of policy direction and suggests that the government is committed to an expansionary stance," said Liz Martins, a senior economist for HSBC Middle East. "The plans are broadly affordable, barring a major downturn in oil prices. We expect continued surpluses for the government."
GCC states are drawing up their budgets for the coming year and beyond. Oman and Qatar are expected to push up their respective expenditure further.
Oman is focused on expanding its private sector by investing in infrastructure projects and creating employment for its growing population.
As one of the smallest of the Gulf oil producers, it is also looking to expand its oil and gas production to raise state revenue and encourage investment.
About 6bn rials from the plan would be spent within the oil industry, the economy minister Ahmed bin Abdulnabi Macki was cited as saying by the official Oman News Agency.
The plan is based on an average oil price of US$59 a barrel and an oil output of 897,000 barrels per day (bpd) during the five-year period, the agency said. Output was at about 875,000 bpd last month.
Oman weathered the impact of the global financial crisis as robust government policies and an increase in oil production helped to prevent the economy from decelerating too rapidly. Rising oil output and a recovery in crude prices have ensured Oman's fiscal expansion plans have remained intact.
As a result, the economy easily outperformed growth forecasts in its previous five-year plan. GDP growth was 7.3 per cent in 2009 and 6.1 per cent last year, according to government estimates.
Under the new plan, average GDP growth of 5 per cent is forecast during the period. Average inflation is projected at 4 per cent.
Roads, ports and airports will account for a large bulk of the expenditure rolled out in the coming years.
Another priority will be improving education and skills training for Omanis as part of an overall drive to create employment among nationals. Oman's population has grown 15 per cent in the past seven years, and particularly strongly among the young, the results of the latest census conducted by Oman showed last month.
tarnold@thenational.ae
The%20US%20Congress%20explained
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VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
Company%20Profile
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Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Movie: Saheb, Biwi aur Gangster 3
Producer: JAR Films
Director: Tigmanshu Dhulia
Cast: Sanjay Dutt, Jimmy Sheirgill, Mahie Gill, Chitrangda Singh, Kabir Bedi
Rating: 3 star
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
The line up
Friday: Giggs, Sho Madjozi and Masego
Saturday: Nas, Lion Bbae, Roxanne Shante and DaniLeigh
Sole DXB runs from December 6 to 8 at Dubai Design District. Weekend pass is Dh295 while a one day pass is Dh195. Tickets are available from www.soledxb.com
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
%E2%80%98FSO%20Safer%E2%80%99%20-%20a%20ticking%20bomb
%3Cp%3EThe%20%3Cem%3ESafer%3C%2Fem%3E%20has%20been%20moored%20off%20the%20Yemeni%20coast%20of%20Ras%20Issa%20since%201988.%3Cbr%3EThe%20Houthis%20have%20been%20blockading%20UN%20efforts%20to%20inspect%20and%20maintain%20the%20vessel%20since%202015%2C%20when%20the%20war%20between%20the%20group%20and%20the%20Yemen%20government%2C%20backed%20by%20the%20Saudi-led%20coalition%20began.%3Cbr%3ESince%20then%2C%20a%20handful%20of%20people%20acting%20as%20a%20%3Ca%20href%3D%22https%3A%2F%2Fwww.google.ae%2Furl%3Fsa%3Dt%26rct%3Dj%26q%3D%26esrc%3Ds%26source%3Dweb%26cd%3D%26ved%3D2ahUKEwiw2OfUuKr4AhVBuKQKHTTzB7cQFnoECB4QAQ%26url%3Dhttps%253A%252F%252Fwww.thenationalnews.com%252Fworld%252Fmena%252Fyemen-s-floating-bomb-tanker-millions-kept-safe-by-skeleton-crew-1.1104713%26usg%3DAOvVaw0t9FPiRsx7zK7aEYgc65Ad%22%20target%3D%22_self%22%3Eskeleton%20crew%3C%2Fa%3E%2C%20have%20performed%20rudimentary%20maintenance%20work%20to%20keep%20the%20%3Cem%3ESafer%3C%2Fem%3E%20intact.%3Cbr%3EThe%20%3Cem%3ESafer%3C%2Fem%3E%20is%20connected%20to%20a%20pipeline%20from%20the%20oil-rich%20city%20of%20Marib%2C%20and%20was%20once%20a%20hub%20for%20the%20storage%20and%20export%20of%20crude%20oil.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EThe%20%3Cem%3ESafer%3C%2Fem%3E%E2%80%99s%20environmental%20and%20humanitarian%20impact%20may%20extend%20well%20beyond%20Yemen%2C%20experts%20believe%2C%20into%20the%20surrounding%20waters%20of%20Saudi%20Arabia%2C%20Djibouti%20and%20Eritrea%2C%20impacting%20marine-life%20and%20vital%20infrastructure%20like%20desalination%20plans%20and%20fishing%20ports.%C2%A0%3C%2Fp%3E%0A
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
UAE currency: the story behind the money in your pockets
Company%20Profile
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'Spies in Disguise'
Director: Nick Bruno and Troy Quane
Stars: Will Smith, Tom Holland, Karen Gillan and Roshida Jones
Rating: 4 out of 5 stars
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
UAE currency: the story behind the money in your pockets
Moonfall
Director: Rolan Emmerich
Stars: Patrick Wilson, Halle Berry
Rating: 3/5
MATCH INFO
Barcelona 2
Suarez (10'), Messi (52')
Real Madrid 2
Ronaldo (14'), Bale (72')
Company%20Profile
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TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%209
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
MATCH INFO
Delhi Daredevils 174-4 (20 ovs)
Mumbai Indians 163 (19.3 ovs)
Delhi won the match by 11 runs
Fighting with My Family
Director: Stephen Merchant
Stars: Dwayne Johnson, Nick Frost, Lena Headey, Florence Pugh, Thomas Whilley, Tori Ellen Ross, Jack Lowden, Olivia Bernstone, Elroy Powell
Four stars
COMPANY%20PROFILE%20
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Kat Wightman's tips on how to create zones in large spaces
- Area carpets or rugs are the easiest way to segregate spaces while also unifying them.
- Lighting can help define areas. Try pendant lighting over dining tables, and side and floor lamps in living areas.
- Keep the colour palette the same in a room, but combine different tones and textures in different zone. A common accent colour dotted throughout the space brings it together.
- Don’t be afraid to use furniture to break up the space. For example, if you have a sofa placed in the middle of the room, a console unit behind it will give good punctuation.
- Use a considered collection of prints and artworks that work together to form a cohesive journey.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
MATCH INFO
What: Brazil v South Korea
When: Tonight, 5.30pm
Where: Mohamed bin Zayed Stadium, Abu Dhabi
Tickets: www.ticketmaster.ae
COMPANY%20PROFILE
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