Opec close to extending output cut
About half a million applications for land have been received so far by the Ministry of Housing, which is working overtime to speed up distribution of the same.
This was revealed by Shaikh Saif bin Mohammed al Shabibi, Minister of Housing, during the 17th regular session of the second annual sitting of Majlis Ash’shura held under the VIENNA: Opec and non-member oil producers moved closer on Wednesday to clinching a deal on extending output cuts by nine months to clear a global stocks overhang and prop up the price of crude.
The Organization of the Petroleum Exporting Countries meets in Vienna on Thursday to consider whether to prolong the accord reached in December in which Opec and 11 non-members agreed to cut oil output by about 1.8 million barrels per day in chairmanship of Shaikh Khalid bin Hilal al Maawali, Chairman of the Majlis on Wednesday.
Al Shabibi said the ministry had received about 500,000 applications for different purposes from 2008 until now.
His statement covered various aspects, including the preparation of layouts and land plots for various uses, distribution methodology, issues related to housing loans, besides social the first half of 2017.
The market sees an extension by nine months as the base-case scenario since Saudi Arabia and top nonmember Russia said this month they favoured such a move.
Kuwait signalled on Wednesday Opec could discuss deepening the cuts, in what would come as a positive surprise for market bulls, but hopes quickly faded after a key committee recommended keeping the curbs unchanged. housing.
He said plots have been distributed as per seniority, and in case of complaints, necessary procedures have been followed.
Al Shabibi highlighted difficulties and challenges facing the ministry in executing its housing and urban plans, providing general inputs for residential layouts which include topography of the Sultanate, such as mountains and valleys in some governorates and wilayats.
He said the government is in collaboration with the private sector in executing various projects, including social housing projects in Barka.
Some small and medium enterprises (SMEs) have launched an initiative to build residential units and grant loans for the needy families, he added.