Muscat – H E Abdussalam Mohammed al Murshidi, chairman of Oman Investment Authority (OIA), said on Sunday that more than 110 investment projects are being implemented in 2021 and 2022 and the volume of actual investments in 2021 stood at RO2.6bn.

In 2022, the volume of spending will be RO2.9bn through the expansion of current projects and setting up new ones. “In 2022, the volume of investments in the tourism sector is expected to be RO193mn, RO57mn in the mining sector, RO116mn in the logistics sector, and RO156mn in communications and information technology,” H E Murshidi said.

“This is in addition to RO99mn in the food sector, RO54mn in fisheries, RO1.41bn in the energy sector, RO803mn in the general services sector and RO52mn in other sectors,” he added.

He informed that sate-owned companies will operate themselves to cover their expenses without the help of the Ministry of Finance.

“Companies owned by OIA are working on several sustainable projects and will cover their own expenses,” he said.

Meanwhile, H E Dr Said Mohammed al Saqri, Minister of Economy, said that his ministry is working in cooperation with other government departments to provide initiatives to boost the economy. “The Economic Stimulus Programme is still valid and we are working to upgrade it,” he said.

H E Dr Nassir al Maawali, Undersecretary in the Ministry of Economy, has informed that the target average growth of the national economy from 2021 to 2040 is five per cent, while affirming that the national economy will recover at the right pace.

Citing the International Monetary Fund, H E Maawali said the expected rate of growth of Oman’s economy this year is 2.5 per cent, the second best in the GCC region.