RO 1.2 billion in projects for Invest Oman Lounge
Published: 03:10 PM,Oct 13,2024 | EDITED : 06:10 PM,Oct 13,2024
The Lounge provides a streamlined approach to facilitate investments.
BUSINESS REPORTER
MUSCAT, OCT 13
The Invest Oman Lounge has localised 29 investment projects worth RO 1.2 billion since its launch in January 2023. This platform, designed to attract investors and promote foreign direct investment (FDI), aligns with the strategic goals of Oman Vision 2040 by focusing on key sectors like renewable energy, technology, and tourism.
Operating under the Ministry of Commerce, Industry, and Investment Promotion, the Lounge provides a streamlined approach to facilitate investments. It acts as a gateway for businesses by offering attractive incentives, high-quality infrastructure, and access to skilled labor, helping investors navigate Oman’s investment landscape.
The Lounge has played a pivotal role in enabling major investments, especially in Oman’s industrial sector. One of the most notable projects is the polysilicon factory in the Sohar Free Zone, valued at more than RO 520 million. This facility, expected to open in 2025, will play a significant role in strengthening Oman’s industrial capabilities and economic diversification.
Additionally, the Lounge has facilitated substantial investments in Sultan Haitham City, where total investments have reached RO 439 million. These projects are being developed in collaboration with the Ministry of Housing and Urban Planning, further enhancing Oman’s real estate and urban development sectors.
One of the distinguishing features of the Invest Oman Lounge is its ability to bring together 15 representatives from various government entities. These representatives have the authority to issue approvals, permits, and licenses, significantly reducing the time and complexity of investment procedures. Investors can also access a commercial bank and a visa accreditation office directly within the Lounge, allowing them to complete all necessary procedures in one location.
To further simplify the investment process, the Lounge offers a personalised service through its “Relationship Manager” program. Each investor is assigned a dedicated manager who supports them throughout the investment journey, assisting with regulatory procedures and ensuring a smooth experience. From opening a bank account to registering a company, the Relationship Manager provides end-to-end assistance, ensuring that investors can focus on their projects without administrative hurdles.
Hafsa bint Salem al Rashidi, Investor Relations Manager at Invest in Oman, highlighted the Lounge’s success in attracting a diverse range of investments, with the industrial sector leading the way. The renewable energy and health sectors have also seen significant investment, positioning Oman as a key player in the global shift towards sustainable development.
The Lounge is part of Oman’s broader strategy to create a business-friendly environment that attracts both local and international investments. It offers a map of investment opportunities, supported by feasibility studies, to help potential investors make informed decisions. Specialised teams also analyse the quality of incoming investments, ensuring that projects align with Oman’s long-term economic goals.
Rabab bint Mustafa al Lawati, Director of the National Negotiation Team, noted that the Lounge has been crucial in speeding up the approval process for investment projects. “When an investor arrives at the Lounge, they are welcomed by the ‘Service Ambassadors’ team, who guide them through every step, from obtaining official documents to finalising contracts,” she said.
The Lounge also prepares detailed guides for investors, outlining the procedures for using its electronic system and navigating the investment process. These guides are distributed to Oman’s governorates and embassies to ensure that investors worldwide have easy access to essential information.
As Oman continues its efforts to position itself as a global investment hub, the Invest Oman Lounge will play a central role in attracting and facilitating foreign investments. The Lounge is working to enhance its digital platforms and expand its services to match international standards, ensuring that Oman remains a competitive destination for global investors.
By focusing on sectors aligned with global economic trends, such as renewable energy, artificial intelligence, and sustainable tourism, the Lounge is contributing to Oman’s transformation into a diversified and innovation-driven economy. Through its proactive approach to investor relations and a streamlined process, the Invest Oman Lounge is helping to secure Oman’s place as a leading investment destination in the region.
MUSCAT, OCT 13
The Invest Oman Lounge has localised 29 investment projects worth RO 1.2 billion since its launch in January 2023. This platform, designed to attract investors and promote foreign direct investment (FDI), aligns with the strategic goals of Oman Vision 2040 by focusing on key sectors like renewable energy, technology, and tourism.
Operating under the Ministry of Commerce, Industry, and Investment Promotion, the Lounge provides a streamlined approach to facilitate investments. It acts as a gateway for businesses by offering attractive incentives, high-quality infrastructure, and access to skilled labor, helping investors navigate Oman’s investment landscape.
The Lounge has played a pivotal role in enabling major investments, especially in Oman’s industrial sector. One of the most notable projects is the polysilicon factory in the Sohar Free Zone, valued at more than RO 520 million. This facility, expected to open in 2025, will play a significant role in strengthening Oman’s industrial capabilities and economic diversification.
Additionally, the Lounge has facilitated substantial investments in Sultan Haitham City, where total investments have reached RO 439 million. These projects are being developed in collaboration with the Ministry of Housing and Urban Planning, further enhancing Oman’s real estate and urban development sectors.
One of the distinguishing features of the Invest Oman Lounge is its ability to bring together 15 representatives from various government entities. These representatives have the authority to issue approvals, permits, and licenses, significantly reducing the time and complexity of investment procedures. Investors can also access a commercial bank and a visa accreditation office directly within the Lounge, allowing them to complete all necessary procedures in one location.
To further simplify the investment process, the Lounge offers a personalised service through its “Relationship Manager” program. Each investor is assigned a dedicated manager who supports them throughout the investment journey, assisting with regulatory procedures and ensuring a smooth experience. From opening a bank account to registering a company, the Relationship Manager provides end-to-end assistance, ensuring that investors can focus on their projects without administrative hurdles.
Hafsa bint Salem al Rashidi, Investor Relations Manager at Invest in Oman, highlighted the Lounge’s success in attracting a diverse range of investments, with the industrial sector leading the way. The renewable energy and health sectors have also seen significant investment, positioning Oman as a key player in the global shift towards sustainable development.
The Lounge is part of Oman’s broader strategy to create a business-friendly environment that attracts both local and international investments. It offers a map of investment opportunities, supported by feasibility studies, to help potential investors make informed decisions. Specialised teams also analyse the quality of incoming investments, ensuring that projects align with Oman’s long-term economic goals.
Rabab bint Mustafa al Lawati, Director of the National Negotiation Team, noted that the Lounge has been crucial in speeding up the approval process for investment projects. “When an investor arrives at the Lounge, they are welcomed by the ‘Service Ambassadors’ team, who guide them through every step, from obtaining official documents to finalising contracts,” she said.
The Lounge also prepares detailed guides for investors, outlining the procedures for using its electronic system and navigating the investment process. These guides are distributed to Oman’s governorates and embassies to ensure that investors worldwide have easy access to essential information.
As Oman continues its efforts to position itself as a global investment hub, the Invest Oman Lounge will play a central role in attracting and facilitating foreign investments. The Lounge is working to enhance its digital platforms and expand its services to match international standards, ensuring that Oman remains a competitive destination for global investors.
By focusing on sectors aligned with global economic trends, such as renewable energy, artificial intelligence, and sustainable tourism, the Lounge is contributing to Oman’s transformation into a diversified and innovation-driven economy. Through its proactive approach to investor relations and a streamlined process, the Invest Oman Lounge is helping to secure Oman’s place as a leading investment destination in the region.