Muscat: Oman leader Sultan Qaboos Bin Saeed on Wednesday presided over his first cabinet meeting in Muscat since returning home following eight months of treatment in Germany.
Sultan Qaboos, who returned to Muscat on March 23 to public celebrations, called for speeding up plans to achieve economic diversification as well as completing major projects.
Oman has been affected significantly by plummeting oil prices internationally in recent months. The plunge took place during Sultan Qaboos’ absence from the country.
Oil minister Mohammad Al Rumhi said in January the Sultanate was losing $55 million (Dh202 million) a day in opportunity cost due to the fall in prices.
At an energy conference in Kuwait in January, he lashed out at Opec members for allowing oil prices to drop in favour of maintaining market share.
“This is politics that I don’t understand — this is your politics that I don’t understand. We are failing to understand. Business? This is not business,” he said.
Hydrocarbon sales account for the bulk of Oman’s revenues.
In the cabinet meeting, Sultan Qaboos also called for attracting more investments, activating areas of partnership with the private sector and encourage setting small and medium enterprises.
On regional and international development, Sultan Qaboos affirmed the importance of global efforts aimed at establishing peace, stability and harmony in the region and serving the common interest of its people.
He also expressed his thanks and appreciation to all citizens and residents for their sincere sentiments and faithful prayers during his treatment abroad.
— with inputs from agencies
