(MENAFN- Muscat Daily) Bank Muscat is optimistic on the outlook for Oman's economy notwithstanding the challenges arising from volatile oil prices.
AbdulRazak Ali Issa chief executive said 'The outlook on Oman's economy continues to remain strong owing to its stable fundamentals and expansive policies to support growth of both oil and non-oil sectors. The government affirmation that development projects will continue as planned without any negative impact on the lives of citizens is a clear indication that the economy is on track in achieving its objectives.'
Issa added 'The sultanate has weathered similar crises in the past including the global financial crisis in 2008 as well as fluctuations in oil prices and overcome the challenges. The Vision 2020 which serves as the economic blueprint of the sultanate has paved the way for comprehensive economic diversification polices investment opportunities and infrastructure development in the country. During challenging situations the cushioning effect from budget surplus has led to sustained momentum for development projects in the country. In the prevailing situation the government has initiated comprehensive measures as reflected in the 2015 budget to maintain economic and social growth.'
The chief executive added 'The key to sustaining economic development is attracting both local and foreign investment in strategic projects and enhancing the role of the private sector. Oman has identified alternatives for oil and gas revenues by investing heavily in agricultural industrial fisheries tourism and other sectors. The promotion of small and medium enterprise (SME) sector is another priority for Oman to equip the youth to embark on self-employment ventures and thereby contribute to nation-building.'
Issa said 'The prevailing situation confirms the importance of intensifying efforts to diversify the sources of national income away from a reliance on oil revenues to overcome fluctuation of financial resources. Oman has adopted realistic Five-Year development plans to diversify the source of national economy and leverage the human natural and non-oil resources. The big challenge for Oman is to reduce reliance on oil revenues.'
He said 'The current value of projects being executed in Oman is about RO30bn. This is part of a pipeline of projects valued at RO49bn to be delivered within the country's 8th Five-Year development plan which ends in 2015. Oman's quest to develop economic clusters in strategic locations around the country with the objective of creating jobs for local people and spreading development across the nation is gaining momentum in Salalah Sohar Sur and Duqm where world-scale maritime and industrial ventures are underway. Capitalising on Oman's vantage geographical position the focus is on the transportation sector - airports railways ports and highways – as well as the tourism sector. Oman's efforts aimed at building trade infrastructure will help the country become a major player in global trade as well as a very competitive producer of goods in the region.'
'Oman has all the main ingredients to be not only an international player but also a hub for trade and transit Issa added in a press release on Monday.
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