Over 1900 development projects approved under Oman’s 10th Five Year Plan

MUSCAT : Reviewing the distribution of financial allocations for projects being implemented in different governorates, the Ministry of Economy indicated that the number of approved projects, until the end of July 2023, reached 1915.

The infrastructure sector had the largest share, with 940 projects, or 53 percent, followed by the social structures sector, with 524 projects (26 percent), the service production sector, with 258 projects (15 percent), and the commodity production sector, with 193 projects (6 percent).

At the media meeting today, H.E. Dr. Said Mohammed Al Saqri, Minister of Economy, explained that the GDP at constant prices achieved a growth of about OMR 17 billion during the first half of this year, compared to about OMR 16.7 billion during the first half of 2022; the GDP at current prices reached about OMR 20.4 billion during the first half of this year.

Oman’s economy grew during the first half of 2023, driven by the growth of non-oil activities by 2.1%. This growth was driven by transport, storage, agricultural and fisheries activities and is a direct gain for economic diversification efforts under the 10th Five Year Plan.

Dr. Salim Al-Sheikh, Director General of Research and Development Studies discussed the Ministry’s role in following up the competitiveness of the Sultanate of Oman in international indicators. He indicated that total number of projects related to the national economy, enhanced by artificial intelligence, reached 18.

The Ministry is working on several projects, including supporting economic projects enhanced by artificial intelligence in addition to studies related to measuring total productivity in the Omani economy, and developing manuals for applied behavioral economics.

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The post Over 1900 development projects approved under Oman’s 10th Five Year Plan appeared first on The Arabian Stories News.

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