Foreign direct investment (FDI) inflows into the Sultanate of Oman reached to RO 18.14 billion by the end of the third quarter of 2022, recording an increase of 10.4 per cent, compared to the same period in 2021, according to the Ministry of Commerce, Industry and Investment Promotion. Trade between Oman and the rest of the world also increased 46.18 per cent to RO 30.421 billion over the same period.
The value of FDI in the manufacturing sector amounted to RO 1.717 as of Q3 2022, up from RO 1.512 billion a year earlier.
Meanwhile, the number of investment licenses issued through the “Invest Easy” portal totaled 25,484 from November 17, 2021 to February 22, 2023, according to the Ministry.
“Investor Residency” cards issued from the start of the service till February 22, 2023, reached 1416. They include 884 cards for the 10-year category, 527 cards for the 5-year category, and 5 cards for the retirees category.
According to Khalid Said al Shuaibi, Head of the National Program for Investment and Export Development (Nazdaher), a number of initiatives have been launched to drive investment inflows. Notable is the "National Negotiation Team" initiative, which works with investors to resolve any impediments. Likewise, the "Investment Incentives Guide" serves as an integrated system that includes all incentives offered to the investor in partnership with government and private agencies.
Further, the “Fast Track initiative” is overseen by a technical committee composed of agency representatives that meet on a weekly basis to solve the challenges facing investment projects.
There is also the “Framing Investment Opportunities” initiative, which aims at increasing the volume of Omani exports of non-Omani origin.
Other initiatives include the “Permanent Residency” initiative, which is also looking at adding innovators as a category; the “National Investment Strategy” which is an initiative to develop an integrated investment strategy that works to unify all investment efforts in Oman, and the "Investment Map" – a comprehensive guide to investment lands and investment opportunities.
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