Law on public-private partnership soon

Jan 2: Oman’s 2017 Budget underlines the need of the private sector role in driving economic growth in the country.

In this regard, the process to enacting the much acclaimed publicprivate partnership law is being expedited.

“Such law will facilitate the partnership between public and private sectors, as well as activate relevant private sector initiatives”, said the budget statement issued by the ministry of finance.

Engaging private sector in implementing and managing government projects, facilities and activities has been given significant importance in the Ninth Plan as well.

“This will ease the burden on the budget and maintain good levels of investment that help to spur economic growth”, said the statement. The government’s privatisation programme envisages expanding the role of the private sector in acquiring, financing and managing government projects.

Experts are of the opinion that privatising government assets, especially those entail higher operating expenses or maintenance costs, will help the government in its diversification plans.

“The country now has a basic physical infrastructure in place, and in order to increase the socio-economic development of Oman, it is essential to build up a strong, efficient and competitive private sector”, said Saleh al Kiyumi, managing partner of a construction company.