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Wed 10 Jun 2020 10:51 AM

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Oman approves $779m funding to support development projects

No details have been given on how the money will be spent

Oman approves $779m funding to support development projects

Sultan Haitham bin Tariq.

Oman’s ruler, Sultan Haitham bin Tariq, has given the go ahead for RO300 million ($779m) to be spent on developmental projects to support the country’s economic growth, according to the state-run Oman News Agency (ONA).

A statement from the Private Office, which was set up in the first week of June, said: “Pursuant to the Royal attention of His Majesty the Sultan to foster the Sultanate’s sustainable and enhanced economic growth and development march, His Majesty Sultan Haitham Bin Tarik has issued his Royal directives to execute developmental projects to the tune of RO300m.”

There were no details given on what projects would benefit from the funding.

On Thursday last week, a royal decree announced that Oman will combine its two wealth funds into one entity, which will hold assets valued at about $17 billion.

All government companies, except Petroleum Development Oman and the nation’s international investments, will fall under the new entity.

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