On 1 January 2015, His Majesty Sultan Qaboos issued a Royal Decree 1/2015 approving the State General Budget for the fiscal year 2014 with approved spending of RO14.1 billion (approx. US$36.6 billion). This amount is an increase of 4.5% over 2014 and represents the largest-ever budgeted expenditure. In addition, the Government assured continued support for completion of announced major projects. The Government also plans to privatize state-owned companies over the next three years (2015-17). It will also reduce expenditures on participation and subsidies by 19% as compared to 2014.

Source: Ernst & Young