MUSCAT: A high-calibre national team well-versed in the complexities of deal-making has been assembled by the Omani government to negotiate directly with investors to help achieve a speedy and mutually beneficial outcome to any medium and large-scale investment proposals from local and international investors.
The move is one of several initiatives spearheaded by the government as part of it Vision 2040 strategy to help enhance the Sultanate of Oman’s appeal as a destination for business and international investment.
According to Aisha al Saifi (pictured), Vice President of the National Investment & Export Development Programme (Nazdaher) – an initiative set up under the auspices of Vision 2040 – the National Negotiation Team has been trained to ‘speak the language of business and investment’.
“The national negotiation team, which is a centralized decision making platform, represents the government in the negotiation process in all investment projects that exceed RO 50 million and above. They can speak the same language as business. They speak the language of tax employment, land allocation, gas allocation, utility prices, and so on -- all under one umbrella. They’re a team that is able to negotiate with you,” Al Saifi stated in a presentation during an investment forum held in the city last week.
The Vision 2040 platform is overseeing a major investment drive that aims to attract around RO 11 billion worth of new project investments in some 175 projects and initiatives offered up to local and international players over the 2021 – 2025 timeframe. Of this target, investments of around RO 4.3 billion have been garnered to date, with another RO 6.7 billion yet to be nailed down by the 2025 timeframe.
Seeking to strengthen Oman’s business environment across the board, construction work is also underway on a full-fledged ‘Invest in Oman’ Centre, said the official. “Hopefully towards the start of next year, this centre will be a one-stop-shop that will be serving you with the required business permits and processes, ensuring that you have one account manager who will take care of all your permits. We have (representatives) from all the concerned entities for which permits are required, stationed in one place to ensure that you have the right VIP treatment.”
Additionally, a new high-powered panel has been constituted with the mandate to fast track approvals and permits for major investment projects, said Al Saifi. The Fast Track Platform has been empowered to resolve as many as 28 sticking points that investors typically face when setting up operations in the Sultanate of Oman, she noted.
“We want to ensure that any issues faced by businesses are addressed. So we have established the fast track platform, which consists of 12 under-secretaries to ensure that any issues that are faced by the investors can be resolved in a matter of two weeks.”
Meanwhile, the second wave of visa issuances under the government’s Investor Residency programme targeting eligible expatriates will be launched soon, according to the official.
“We have already launched the first wave that has seen over 400 investors applying for investor residency. We are now working on the second wave of the scheme that will see entrepreneurs, such as digital nomads, researchers, and so on, being granted residency as well,” she stated.
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