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Oman issues $460m in grants to support citizens

Oman's latest grant to citizens includes support for those on pensions of less than OR350 a month Alamy via Reuters
Oman's latest grant to citizens includes support for those on pensions of less than OR350 a month
  • Aid for 100,000 citizens
  • Housing and pensions assistance
  • Small business funding increased

Oman has provided funding of OR178 million ($460 million) to support more than 100,000 citizens in housing and businesses. 

Sultan Haitham bin Tariq, in a royal decree marking the fifth anniversary of his accession to the throne, increased the allocation for this year’s housing assistance programme, which provides housing to lower income families. 

The grants will pay off outstanding loans issued by the Ministry of Housing and Urban Planning, Oman Housing Bank and the Ministry of Defence for those who receive monthly salaries or pensions of OR400 ($1,000) or less.

Loans for stalled or closed projects that were financed by the Al Raffd Fund and Development Bank will also be paid off. 

The government will extend social and insurance protection to citizens this year by continuing to pay social security pensions and will provide additional pension to those on less than OR350 ($900).

Funding to support small and medium-sized businesses will be increased this year to support entrepreneurship and job creation in the sultanate.

Earlier this month, Oman estimated a budget deficit of OR620 million ($1.61 billion) this year in its revenue, with total spending likely to reach OR11.8 billion, an increase of 1.5  percent. 

The revenue forecast was based on an average oil price of $60 a barrel.

Oman economy at a glance

Preliminary results for the 2024 budget show a surplus of OR540 million, a turnaround from the previously expected deficit of OR640 million. 

The sultanate is planning some large-scale projects in the coming years, including the $2.6 billion Muscat metro, which is part of an overall $19 billion investment in the Omani capital. It is estimated that the investment would yield a $50 billion return for Muscat.