Omans 2024 budget targets priority sectors and social welfare


Oman’s state budget for 2024 aims to maintain spending levels in essential sectors including education, health and housing. In addition, it prioritises the development and investment in strategic projects and the enhancement of social welfare schemes while simultaneously reducing public debt.

The Ministry of Finance estimates total public spending at OMR 11.65 billion (USD 30.25 billion) for this year, a 2.6% increase compared to 2023. Total estimated revenues are expected to be OMR 11.01 billion (USD 28.6 billion), an increase of 9.5% against last years figures. Its 2024 budget aligns with the objectives of Omans Vision 2040 as well as the Medium Term Fiscal Plan (2021-2025) to maintain financial, economic and social stability as well as sustainable growth.

The Minister of Finance revealed that oil income constitutes 54% of total revenue in the 2024 budget, with the gas sector contributing a further 14%. Conversely, non oil income totals 32% of total revenues. Oman’s estimated oil revenues are based on the price of USD 60 per barrel and an average daily oil production of 1.031 million barrels per day.

Importantly, Oman’s budget considerably supports social welfare by empowering the Social Protection Fund. As a result, it will incorporate initiatives aimed at enhancing insurance coverage and social protection for citizens. Therefore OMR 1.31 billion (USD 3.4 billion) has been allocated to these programmes. Out of this, OMR 560 million (USD 1.45 billion) will support benefits for the elderly, children, persons with disabilities, widows and orphans.

Positively, the Ministry also highlighted the fact that Oman’s public debt to gross domestic product (GDP) ratio stood at approximately 35% at the end of 2023. This figure represents a 50% decline compared to its 2020 peak when the Sultanate’s public debt reached around 70% of GDP.

Business Start Up Oman offers a network of experts and specialists within the lifecycle of a business. We offer expertise in Market Research and Assessment Oman, Oman Business Case, Oman Business Model Development, Feasibility Study and Business Plan Oman, Organizational and Operational Structuring Oman, Oman Sponsorship and Partnership, Company Formation Oman among others.

Please click on the link to learn more about the opportunities and possibilities in the Sultanate of Oman as well as the initiatives of Business Start Up Oman.

Other News

News 25 - Thumb

Oman Airports celebrates record profits in 2023

Oman Airports and its subsidiaries have achieved remarkable growth in both financial performance and operational efficiency as highlighted in a latest report.

According to Oman Airports...

Read more
News 24 - Thumb

Oman Ministry showcases investment opportunities

Omans Ministry of Commerce, Industry and Investment Promotion recently promoted notable investment opportunities to foreign ambassadors and heads of global diplomatic missions.

The forum was hosted...

Read more
News 23 - Thumb

Oman unveils OMR 500 million waterfront project in Muscat

Oman’s Ministry of Housing and Urban Planning (MoHUP) has announced plans for a reimagined waterfront project in the capital covering 3.3 million square metres.

Termed as the Al Khuwair Muscat Downtown...

Read more
News 22 - Thumb

Oman`s National Finance continues to support SMEs

Oman`s National Finance Company has further strenghtened its commitment to local enterprises by extending its collaboration with Sharakah.

Sharakah is an organisation...

Read more
News 21 - Thumb

Oman Free Zones attract massive green industry investments

Oman's Public Authority for Special Economic and Free Zones (OPAZ) has revealed total invested capital has exceeded OMR 17 billion (USD 44 billion) as of Q2 2023.

Several contributing factors include...

Read more
News 20 - Thumb

Oman Vision 2040 implementation progress impresses IMF

Oman has made substantial progress in diversifying its economy and implementing its Vision 2040, according to the International Monetary Fund (IMF).

The IMF has recognised the Oman governments decisive...

Read more
News 18 - Thumb

Oman attracts foreign direct investment worth USD 59 billion

Omans foreign direct investment (FDI) reached almost OMR 23 billion by the third quarter of 2023 according to preliminary data from the National Centre for Statistics and Information (NCSI).

The oil...

Read more
News 17 - Thumb

Oman boosts local products with 'Made in Oman' campaign

Omani products have significantly benefitted from the recent 'Made in Oman' campaign which took place across the Sultanate. The campaign played an important role in enhancing public awareness of purchasing...

Read more

Page Break