Latest news with #AbdullahbinSalemalHarthy
Observer
19-05-2025
- Business
- Observer
Oman prepares framework for 2026 budget and 11th five-year plan
MUSCAT: The Ministry of Finance held a preparatory meeting today to set the stage for the state's general budget for 2026 and the financial framework of the Eleventh Five-Year Development Plan (2026–2030). The meeting, aligned with Financial Circular No. 1/2025, brought together representatives from 70 government units to ensure a unified approach to fiscal planning. The session aimed to clarify the budget preparation guidelines and development project approval rules outlined in the circular. It also stressed the importance of aligning financial allocations with annual plans, adhering to performance indicators, controlling public expenditure, and reinforcing program and performance-based budgeting. Abdullah bin Salem al Harthy, Under-Secretary of the Ministry of Finance, highlighted the positive impact of the government's fiscal measures since 2020, supported by higher oil prices. He noted improvements in key economic indicators, including reduced public debt and restored credit ratings. However, he cautioned that these gains remain fragile due to global economic uncertainty and ongoing geopolitical tensions, which continue to affect energy and commodity markets. Al Harthy stressed the need for continued collaboration across government entities to manage public finances effectively, boost non-oil revenues, and enhance spending efficiency. Mohammed bin Ahmed al Barashdi, Director General of the General Directorate of Budget, emphasized the Ministry's commitment to fostering integration and coordination among government units. He said the meeting was essential to ensure accurate budget estimates for 2026 and alignment with the priorities of the Eleventh Five-Year Plan in line with the government's fiscal reform agenda. – ONA
Muscat Daily
13-04-2025
- Business
- Muscat Daily
H M's visit marks new chapter in Oman-Dutch ties
Muscat – His Majesty Sultan Haitham bin Tarik's state visit to the Kingdom of the Netherlands marks a significant step forward in deepening bilateral relations between the two nations, building on nearly four centuries of diplomatic and trade engagement. The visit is expected to enhance cooperation across multiple sectors, including trade, investment, technology, logistics, education, water management, and renewable energy. Both sides view the visit as an opportunity to establish a long-term strategic partnership grounded in mutual economic interests and shared global values. Oman's ambassador to the Netherlands, H E Dr Abdullah bin Salem al Harthy, highlighted the historic depth of the relationship, noting that diplomatic ties date back to 1670 when the Dutch first opened an office in Muscat. 'Today, our relationship spans trade, energy, logistics, and innovation, and His Majesty's visit will serve as a foundation for building strong and sustainable strategic ties,' he said. According to the Ministry of Commerce, Industry and Investment Promotion, trade between the two countries reached RO181.2mn in 2024 (approximately US$471.5mn). Oman's exports to the Netherlands included base metals and derivatives, while machinery and electrical equipment formed the bulk of Dutch exports to the sultanate. Foreign direct investment from the Netherlands in Oman reached RO390.5mn by the end of 2024, while Omani investment in the Netherlands stood at RO278.3mn by the end of 2023. There are currently around 155 Dutch-linked companies registered in Oman, with combined capital exceeding RO147mn. H E Harthy noted that cooperation is expanding in energy, including green hydrogen, water technologies, agriculture, port development, and tourism. Cultural exchanges are also growing, with events such as the Dutch Travel Week and Embassy Festival in The Hague offering platforms for deeper engagement. On the Dutch side, Ambassador H E Stella Kloth praised Oman's efforts to diversify its economy and pursue green energy development. She pointed to the 2022 Memorandum of Understanding on green hydrogen signed at COP27 as a foundation for concrete collaboration. 'It lays the groundwork for hydrogen trade corridors between Oman and Europe,' she said. She also cited the Port of Rotterdam's longstanding partnership with Sohar Port and Freezone and the presence of Dutch company APM Terminals at the Port of Salalah as examples of the countries' growing logistics ties. H E Stella emphasised the shared commitment to multilateral cooperation and a rules-based global order. 'Both Oman and the Netherlands believe that global challenges—whether climate, economic or geopolitical—require collective action,' she said. The state visit is expected to result in further agreements and memoranda of understanding, laying the groundwork for expanded collaboration in investment, education, and innovation, aligned with Oman Vision 2040.
