26 January 2010
MUSCAT -- "Oman's economic policies have been highly consistent and stable and its well thought-out economic plan doesn't believe in 'shining in the feathered robes'", says P Mohammed Ali, Vice-Chairman, Galfar, and Chairman of India-based Mfar Group. He praised the governance of the nation's economy and the wise leadership of His Majesty.
"As a result of the wise policies of our government, the economy hasn't experienced any artificial growth. We always had a sustainable economic policy because of which we never had an astronomical boom in the past like some other countries in the region that had a speculative growth," Mohammed Ali mentioned to the Observer in an exclusive interview.
Oman's economy has been mostly depending upon the government spending and there has been a very little private contribution to the growth. Nevertheless, Oman's real estate sector has been witnessing an unprecedented growth over the past couple of years and land prices have shot up. But still, it was slightly affected by the credit call.
"Of course, the broken bubble in the rest of the region has had a ripple effect on us but it wasn't very substantial. "The government is going ahead with all its development programmes in full swing. Six airports in the country are being built simultaneously which is quite enviable to other countries. Construction in Muscat, Salalah, Duqum, Ras al Hadd, Sohar and Adam, besides the Duqum port project are underway", Mohammed Ali said.
He is optimistic that if the country could maintain the same tempo of growth, it would soon be reaching greater heights in terms of GDP and per capita income. "They are focusing on tourism and other diverse activities which is a good sign of sustainable growth. This can contribute in the collective development. Along with tourism, real estate, small-scale industry, housing projects and all other related activities will improve. Nearly 1,800 kilometres of virgin coastline can attract more visitors in the future too. If this present momentum is maintained Oman would be scaling far heights of growth in the next ten years".
While appreciating the wise economic policies, he attributed the reason for the sustainable growth to the leaders' love for heritage, culture and traditions. "While embracing modernity, Oman has always been holding its own tradition, culture and heritage as precious as they are close to the heart and the development plans are being made from that purview", Mohammed Ali said.
MUSCAT -- "Oman's economic policies have been highly consistent and stable and its well thought-out economic plan doesn't believe in 'shining in the feathered robes'", says P Mohammed Ali, Vice-Chairman, Galfar, and Chairman of India-based Mfar Group. He praised the governance of the nation's economy and the wise leadership of His Majesty.
"As a result of the wise policies of our government, the economy hasn't experienced any artificial growth. We always had a sustainable economic policy because of which we never had an astronomical boom in the past like some other countries in the region that had a speculative growth," Mohammed Ali mentioned to the Observer in an exclusive interview.
Oman's economy has been mostly depending upon the government spending and there has been a very little private contribution to the growth. Nevertheless, Oman's real estate sector has been witnessing an unprecedented growth over the past couple of years and land prices have shot up. But still, it was slightly affected by the credit call.
"Of course, the broken bubble in the rest of the region has had a ripple effect on us but it wasn't very substantial. "The government is going ahead with all its development programmes in full swing. Six airports in the country are being built simultaneously which is quite enviable to other countries. Construction in Muscat, Salalah, Duqum, Ras al Hadd, Sohar and Adam, besides the Duqum port project are underway", Mohammed Ali said.
He is optimistic that if the country could maintain the same tempo of growth, it would soon be reaching greater heights in terms of GDP and per capita income. "They are focusing on tourism and other diverse activities which is a good sign of sustainable growth. This can contribute in the collective development. Along with tourism, real estate, small-scale industry, housing projects and all other related activities will improve. Nearly 1,800 kilometres of virgin coastline can attract more visitors in the future too. If this present momentum is maintained Oman would be scaling far heights of growth in the next ten years".
While appreciating the wise economic policies, he attributed the reason for the sustainable growth to the leaders' love for heritage, culture and traditions. "While embracing modernity, Oman has always been holding its own tradition, culture and heritage as precious as they are close to the heart and the development plans are being made from that purview", Mohammed Ali said.
By Kabeer Yousuf
© Oman Daily Observer 2010
