The ‘Invest Oman Lounge' – the Sultanate of Oman’s premier hub for investment facilitation – was formally inaugurated at the Ministry of Commerce, Industry and Investment Promotion (MoCIIP) here on Monday, February 27, 2023. Its primary role is to support improvements to the business environment in Oman and attract local and foreign investments by offering various incentives.
The inauguration ceremony was under the auspices of Sultan bin Salem al Habsi, Minister of Finance, in the presence of Qais bin Mohammad al Yousef, Minister of Commerce, Industry and Investment Promotion, and a number of Royal Family members, ambassadors of the Gulf countries, and other business dignitaries.
The Invest Oman Lounge has been conceived as a unified window for integrated services to provide all the required assistance to investors and offer investment opportunities that exceed RO 1 million.
Besides showcasing investment opportunities, the Lounge makes available information about pathways to project localization, the investment environment, facilities and services provided by various agencies, target sectors for investment, expected timeframes for processing of proposals, and service level agreements reached with the various permitting agencies whose approvals are required as part of the overall process.
To achieve the objective of the Invest Oman Lounge initiative, 20 governmental and private entities are represented on the premises: They are: Ministry of Commerce, Industry & Investment Promotion; Ministry of Interior; Muscat Municipality, Royal Oman Police (Immigration and Passports); Public Authority for Economic zones & Free Zones (OPAZ); Environment Authority; Ministry of Housing and Urban Planning; Ministry of Heritage and Tourism; Ministry of Agriculture, Fisheries & Water Resources; Ministry of Labour; Council of Administrative Affairs for the Judiciary (Notary Public); Ministry of Transport, Communications and Information Technology; Ministry of Health; and Ministry of Education, in addition to six private entities, a commercial bank, telecom company, legal advisory office, and accreditation office.
Further, in line with the government’s digitalization strategy, a portal has been established to serve as an electronic platform for the benefit of investors (https://investoman.om). The platform provides information, as well as investment procedural criteria, covering key investment sectors: logistics, manufacturing, Education, technology, information technology, health, circular economy, mining, fisheries, renewable energy, agricultural wealth and tourism.
With the aid of the portal, an investor can establish his company in only three main steps, thus enabling investment in Oman in a flexible and easy way. The website also introduces the non-oil exports of Oman, features an interactive map, and includes the most important information that the investor should know, such as the incentives offers, laws, and investment-related guides. A call center in the Hall handles investor inquiries and complaints.
Speaking at the event, Shaikh Hilal bin Abdullah al Hinai, Project Head, said: "It is a matter of pride for everyone who contributed to this project across various stages of planning, implementation and operation. Therefore, we are pleased to extend our sincere thanks and abundant gratitude to all entities, institutions and individuals who spared no effort to make this project a real and an effective element in the system of stimulating the business and investment environment in the Sultanate of Oman.”
Abbas bin Irshad al Lawati, CEO of Invest Oman Lounge, said the platform enabled an integration with the investment procedures not prescribed by the government, but also the Oman Investment Authority, National Program for Investment and Export Development (Nazdaher), investment promotion department at MoCIIP and other entities. This integration with help with facilitating and accelerating procedures.
Additionally, the "Invest Oman Lounge”, in cooperation with the Ministry of Foreign Affairs and its representatives in the hall, will enable links with the embassies of Oman across the world.
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