Sultan Haitham bin Tariq Chairs Council of Ministers Meeting at Al-Barakah Palace

By: Ahmed Al Harthi

BSc in Software Engineering with Multimedia and Masters of Business Administration in Project Management. Ahmed works as an IT manager and content creator at Omanspire.
Royal Decrees and Council of Ministers Decisions

Royal Decrees and Council of Ministers Decisions

1. Incentive Program Launch

His Majesty the Sultan, may God protect him, directs the launch of an incentive program that includes a number of initiatives to transform a number of companies wishing to benefit from the program into public joint stock companies and list them in the capital markets, and to establish a sub-market in ⁧‫Muscat Stock Exchange‬⁩ called the “promising companies market” targeting private, family, small, medium and emerging companies. Additionally, an initiative to transform limited liability companies into closed joint stock companies by providing a package of incentives to these companies will be introduced.

2. Omani Endowment Foundation

His Majesty, may God protect him, directs the establishment of the (Omani Endowment Foundation) to invest the funds of endowments and the treasury, in accordance with best practices in this regard, and to provide them with qualified competencies in the field of investment and financial management from the public and private sectors, so that they can carry out their desired role.

3. Industrial Strategy 2040

The Council of Ministers approves the Industrial Strategy 2040 with the aim of promoting economic diversification, improving the level of products of Omani industries, and forming a modern technology-based manufacturing base.

4. Housing Assistance Program

The Council of Ministers approved the allocation of an additional amount of (70) million Omani riyals to strengthen the housing assistance program at the Ministry of Housing and Urban Planning for the years 2024 and 2025, so that part of the amount will be allocated to purchase ready-made housing for those eligible in modern projects within the national initiatives for residential neighborhoods supervised by the Ministry.

5. State’s Final Account for Fiscal Year 2023

The Council of Ministers approved the state’s final account for the fiscal year 2023, which showed an improvement in financial conditions and a decline in the size of public debt, which led to a continued improvement in the Sultanate’s credit rating.

6. Internal Scholarship Students

His Majesty directs the concerned authorities to take the necessary measures to grant internal scholarship students studying in private higher education institutions who are eligible – according to the principles in force by the National Support System Committee – monthly allowances starting from the next academic year.

7. Regional and International Issues

During his presidency of the Council of Ministers meeting, His Majesty the Sultan addressed regional and international issues, the situation in the region, the unjust war on ⁧‫Ghaza‬⁩, bilateral relations with brotherly and friendly countries, and the recent period of visits and meetings with sisterly countries that resulted in good results. He stressed his preservation. May God protect him/ The Sultanate ⁧‫‬⁩ was keen to strengthen its relations with all brotherly and friendly countries, and its constructive cooperation in a way that serves the mutual interests of the peoples.

Author

  • Ahmed Al Harthi

    BSc in Software Engineering with Multimedia and Masters of Business Administration in Project Management. Ahmed works as an IT manager and content creator at Omanspire.

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