Oman is splashing three times as much cash in 2015, and spending more per head of population, than its glitzy neighbour over the border Dubai.
Both Dubai and Oman have released their budgets for the coming year, but contrary to what many might have expected, it’s the Sultanate which is investing the most over the next 12 months.
That comes despite the oil price crisis, it was trading at $49.07 per barrel on Tuesday. Across the border in the UAE, Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, announced on the state news service WAM at the weekend that he had approved spending plans of Dh41 billion, equivalent to OMR4.29 billion.
However, under the plans approved by His Majesty Sultan Qaboos bin Said, Oman is to spend OMR14.1 billion, around Dh135 billion.
That puts the total the Sultanate is investing in infrastructure and services this year at more than three times Dubai’s total.
Oman does have almost twice the population of the Emirate, but it is also spending almost twice as much per head than Dubai.
According to official statistics some 2,298,000 people live in the Emirate and the 2015 plan equates to Dh17,841 per person (OMR 1,870).
Compare that to Oman which currently has a population of 4,091,814, again according to the official figures. Breaking that down, the amount it spends per person works out at OMR3,445.9 (Dh 32,874).
According to Noaman Abdul Majid, country manager, Pak Oman Investment Company, “Oman’s steady budget spending indicates the depth in the country’s economy and government finances and also reinforces Oman’s reputation for economic stability. The continued focus on infrastructure and human development will further consolidate foundations for long term economic development.”
(*Source and credit : Times of Oman)