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Ahmed bin Hassan Al Dheeb, the undersecretary to the Sultan of Oman, spoke recently at the Oman Project Forum 2013, where he announced that the country will spend more than $50 billion over the next few years as it invests in some of the largest projects in infrastructure, transport, the oil and gas sector, and the manufacturing sector, that it has ever developed.
Speaking at the forum, Al Dheeb explained that the agenda would include a planned $20 billion investment in the transport sector, on infrastructure projects such as the Oman National Railway; the Sohar, Ras Al Hadd, Duqm and Adam airports, and the expansion of the existing Muscat and Salalah airports; and the Batinah Coastal Road.
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The oil and gas sector would receive $17 billion of investment, and another $13 billion would be invested in projects in the manufacturing sector. Several billion dollars would also be invested in tourism, a logistics hub, and the power and water sectors.
Al Dheeb explained that “the challenge is to leverage these to create further opportunities within the country rather than letting the outcomes of such projects merely turn into foreign exchange outflows, and creation of jobs and economic activity abroad.”
This planned investment in projects will help to develop the country and build on the back of its strong economic growth. Al Dheeb said that, since 2009, when most economies around the world struggled due to the economic crisis, Oman’s GDP has been steadily growing thanks to stimulus measures and liquidity injection by the Central Bank of Oman. In 2011 GDP rose by 19% and 2012 it grew 11.6%; it is expected that this year will be even better, driven by strong oil prices and increased output.
By. Joao Peixe of Oilprice.com
Joao is a writer for Oilprice.com