The Economic Stimulus Plan (ESP) endorsed by His Majesty Sultan Haitham bin Tarik on Tuesday aims to support economic recovery efforts and enhance the performance of the national economy. A set of mechanisms and procedures has been adopted to ensure a speedy recovery of economic activities and to ensure fast economic growth.
In October 2020, the Ministry of Economy set up a working group to develop policies and programmes to stimulate the Omani economy.
Measures of ESP expected to contribute to –
Recovery of the local market
Stimulate small and medium enterprises
Enhance efforts to improve the business environment
Attract more investments
Stimulate enterprises active in the economic diversification sectors that were identified in the Tenth Five-year Plan (2021-2025)
Protect institutions from exiting the market due to the current temporary economic and financial effects
Incentives for labour market and employment
Allocate RO20mn in the 2021 budget to train and qualify Omani jobseekers to be appointed in vacancies in government and private sectors
Reduce licence fees for recruitment and renewal of expat labour permits
Incentives to improve business and investment environment
Incentives related to taxes and fees
Banking incentives offered by Central Bank of Oman