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Facilities and incentives for citizens, private sector

10 Jan 2021

As COVID-19 ravaged the world, the economy of the region including Oman’s was severely affected. Banks, industries, tourism and airlines were the hardest hit. To ease the severe impact due to the pandemic, on the orders of His Majesty Sultan Haitham bin Tarik, the Ministry of Finance approved a number of packages. 

For the year 2021, the Ministry of Finance issued a major decision ensuring a package of facilities and incentives to citizens and the private sector.

The incentives include housing loans provided by Oman Housing Bank whereby its annual provision for borrowing has been raised during the year 2021 to RO100mn instead of the RO60mn specified in the bank’s budget for the year 2021.

‘This will help to increase the number of loan applications from 1,350 to about 2,250 for the year 2021 and will help to reduce the waiting period for citizens to obtain housing loans,’ a statement from the Ministry of Finance said. 

Among other facilities and incentives, the Ministry of Housing and Urban Planning will give out 1,000 plots of land for residential purpose in various parts of the country in response to the requests submitted by citizens for residential land.

In another move, starting from January 1, 2021, small and medium enterprises owned by Omanis are exempted from all licence fees for the first three years. ‘The businesses in the list include mostly manufacturing industries and service activities such as transportation, tourism and logistical activities, and fisheries and agricultural activities,’ the statement said.

The Ministry of Finance also reduced the rental contract fee from five to three per cent.

 

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