Oman: Ministry of Economy launches 10th five-year plan

Muscat: Oman Ministry of Economy has published details about the tenth five year plan (FYP), 2021-2026, which will also form the base budget for National Vision 2040.

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Per the file published Tourism sector has taken a back seat, compared to other key sectors which has received more focus. High targets have been set for Education, Manufacturing, Transport and Logistics, Fishery Wealth and Mining.

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Oman has set a target of 2.5 per cent for Tourism towards country’s Gross Domestic Product (GDP) in the new FYP, which is lower than the 3.3 per cent set during the previous five-year plan 2016-2020.

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Among others, Oman’s tourism sector was one of the most affected sectors in 2020 due to COVID-19 pandemic. The Ministry of Heritage and Tourism estimated the sector’s direct losses at about RO 500 million till the end of September 2020. Domestic tourism in Oman is seeing an uptick currently as the cooler months are in fray with restrictions still in tow to travel abroad.

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Oman’s Education sphere is also undergoing a paradigm transformation in the methodologies of education offered, with the higher education scenario too witnessing positive changes in terms of admissions, scholarships and job-potential courses on offer for students.

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Oman’s strategic position between Southeast Asia and Africa, its long coastline and its safe natural harbours, are strong and natural points to substantiate its pivotal position in transport and logistics. A target of 6.4 per cent of GDP has been set for sector of Transport and Logistics.

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