MUSCAT: The Internal Investment Committee of the Ministry of Transport, Communications, and Information Technology, in collaboration with the Public Authority for Special Economic Zones and Free Zones (OPAZ), in a move to bolster the country’s digital economy, has announced an exciting investment opportunity for both local and international companies and investors.
This initiative invites specialised firms to submit investment proposals for the creation and management of specialised tech zones. The submissions can be made through the "Tatwir" platform (www.tatwir.om), managed by the Ministry of Housing and Urban Planning. This effort aligns with the goals of the National Digital Economy Programme and Oman Vision 2040, aiming to prioritise and support the digital economy as a crucial contributor to the national economy.
The project is designed to attract tech startups from across the region, fostering their growth and facilitating their global expansion through a range of incentives and benefits offered within the tech startup zone. Before participating in the investment opportunities, investors must register as a commercial entity and subscribe to an annual membership costing RO 100, plus a 5% banking tax (RO 5).
The investment opportunities are structured into four distinct phases: 1. Purchase phase: This initial phase involves purchasing the investment opportunity booklet, which typically lasts 30 days. The booklet contains all the terms and requirements for the opportunity. Participants can also download and review other relevant documents, such as financial solvency forms, initial concept models, and land plot maps. During this period, participants are encouraged to note down any questions or inquiries they may have in preparation for the subsequent phase.
2. Inquiry phase: Participants can raise their questions and seek clarifications about the investment opportunity.
3. Bidding and proposal submission phase: During this phase, participants will submit their bids and proposals for the investment opportunity.
4. Grant phase: The final phase involves the evaluation and awarding of the investment opportunity to the successful bidders.
This strategic initiative is expected to attract a wide range of tech startups from the region, providing them with various incentives and advantages within the tech startup zone. By fostering an environment conducive to growth and innovation, Oman aims to position itself as a regional hub for technology and digital economy, thereby contributing significantly to the national economy.
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