#Oman announces increased budget of $34.4bn for 2020 - Arabianbusiness

Oman announces increased budget of $34.4bn for 2020 - Arabianbusiness:

Oman has increased its 2020 budget spend by OR300 million ($780m) to OR13.2 billion ($34.4bn).

The budget, which is the final year of the ninth Five-Year Development Plan (2016-2020), is focused on the five promising sectors, logistics, manufacturing, tourism, fisheries and mining sectors, with the aim to increase economic diversification efforts away from a reliance on hydrocarbons.

Spending on investment projects, particularly job creation projects, is expected to reach OR5.3bn ($13.8bn), out of which OR2.7bn ($7bn) will be paid by state-owned enterprises (SOEs) for service and industrial projects, whereas an amount of OR1.3bn ($3.4bn) will be spent by various government entities for infrastructure projects.

In addition, OR1.3bn ($3.4bn) will be allocated for oil and gas production, according to the Ministry of Finance document.