Sultan Haitham Bin Tariq Al Said, successor of Sultan Qaboos Bin Said.
Sultan Haitham Bin Tariq Al Said. Image Credit: Gulf News archives

Dubai: Oman’s Sultan Haitham bin Tarik has issued royal orders to settle the outstanding claims against owners of some small and medium enterprises (SMEs), local media reported.

The decree also covers other individuals who were handed down prison sentences in accordance with standard procedures.

According to Oman News Agency, the Supreme Judiciary Council, acting in coordination with the Ministry of Finance, has repaid the loans of 1,169 SME owners and individuals, totalling RO 2,445,563, and cancelled the related prison sentences and seizure of properties.

Earlier last month, Oman announced it will repay 512 million Omani rials ($1.33 billion) loan, ahead of maturity, as the sultanate uses revenue from soaring oil prices to reduce public debt and increase spending on priority projects.