Sultan Qaboos takes economic policy to people

MUSCAT: On a cold, hazy morning in the desert outside the northern town of Bahla last week, Oman’s ruler told a group of local people that he had ordered the creation of a fund to help them establish small businesses.
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Flanked by two bodyguards, the 72-year old H M Sultan Qaboos bin Said, dressed in simple, traditional robes, sat on a wooden bench discussing economic policy with a group of about 300 people sitting a few metres away from him.
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“This fund will help young men and women with their projects. The initial capital of the fund has been set at OR70m ($182m), which will be increased by OR7m each year,” Sultan Qaboos said.
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Oman is approaching an economic crossroads, and the Sultan’s visit to Bahla was a sign of that. The economy is booming on the back of high oil prices, but it has struggled to create enough jobs for a young and growing population, and the state’s oil production may start declining later this decade as Oman’s reserves - not as lavish as those of neighbouring Saudi Arabia and Abu Dhabi - are used up.
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