Following the issuance of a Royal Decree No. 1/2020 by HM Sultan Qaboos Bin Said, the Sultanate’s General Budget for 2020 has been passed, with the budget having noted that housing loans will increase to 1,587 worth $207.9m (OMR80m) by the end of 2020.
According to the Oman News Agency, the number of housing loans provided by Oman Housing Bank will surge from the ones granted in 2019 that accounted to 1,375 loans valued at $155.8m (OMR60m) in 2019.
Additionally, Oman’s spending on investment projects, including particularly job creation projects that have economic returns, is expected to reach $13.8bn (OMR5.3bn), $7bn (OMR2.7bn) of which will be paid by state-owned enterprises (SOEs) for service and industrial projects.
According to the Sultanate’s Ministry of Finance that has prepared the budget, $3.4bn (OMR1.3bn) will be spent by various government organisations on infrastructure projects.
Meanwhile, another $3.4bn (OMR1.3bn) has been allocated for oil and gas production, with the projects set to create employment opportunities in the country.