Oman is planning a 500 million rial (Dh4.77bn) waterfront development around Port Sultan Qaboos in the capital Muscat that will be paid for by investment from the private sector, Oman News Agency reported.
The project is the first announced following the publication of the sultanate’s five-year plan on Sunday, which highlighted an increased role for outside investment to help maintain development projects at a time of lower oil prices and squeezed state finances.
Financing will be arranged through pension funds and private sector investment, with no government cash involved, state news agency ONA quoted Minister of Transport and Communications Ahmed bin Mohammed Al-Futaisi as saying.
The project, due to be completed over four phases up to 2027, will be 51 per cent state-owned through the Oman Tourism Development Company (Omran) and the remaining 49 per cent will be held by investors, it added.
Oman, one of the smaller members of the six-nation GCC, plans to cut its budget deficit to 3.3bn rials this year from an actual 4.5bn rials last year.
The shortfall, like in other GCC members such as Saudi Arabia and Kuwait, is primarily due to lower oil revenue and Oman is looking to amend economic policy to cover the gap, including cuts in spending and subsidies, as well as more borrowing.
The sultanate is targeting more infrastructure projects through public private partnerships (PPPs), with 52 per cent of total investment to come from the private sector, according to the 2016-2020 economic plan, against 42 per cent in the last incarnation.
The waterfront development will span 451,000 square metres, and will include hotels, as well as residential apartments and houses around the marina, ONA said.
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UAE tour of the Netherlands
UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures: Monday, first 50-over match; Wednesday, second 50-over match; Thursday, third 50-over match
Credit Score explained
What is a credit score?
In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.
Why is it important?
Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.
How is it calculated?
The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.
How can I improve my score?
By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.
How do I know if my score is low or high?
By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.
How much does it cost?
A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.
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