Ithraa, Oman’s investment promotion and export development agency, unveiled the Invest in Oman portal on Monday at a ceremony held at the Implementation Support & Follow-up Unit (ISFU) in Muscat.
The first and only investment platform dedicated to driving and facilitating foreign investment into the Sultanate, Invest in Oman has been designed specifically to enable local companies and entrepreneurs showcase their projects and connect them with investors worldwide. For potential international investors, the portal provides a wealth of information and guidance including details on the Sultanate’s pro-business environment, industry trends, workforce, intellectual capital, incentives, tax and available land. Importantly, it also provides guidance on the steps involved in investing in and setting up operations in Oman.
Speaking at the launch event, Azzan al Busaidi, CEO, Ithraa, stated: “The Invest in Oman portal has been developed in response to a growing demand for investment in large, as well as early stage Omani businesses. The portal provides a platform to present world-class investment opportunities featuring high-growth companies in the Sultanate on a global scale.”
Ibrahim Said al Mamari, CEO, Invest Services Centre, said: “This initiative is a great milestone in the development of Oman’s business environment. The “Invest in Oman” and “Invest Easy” platforms will play a major role in attracting further investment to support Oman’s ambitious economy. By launching this platform, business opportunities in Oman will be easily realised by local and overseas investors through a single window. Going forward, the Investment Services Centre and Ithraa will strive to constantly improve the portal’s offer.”
Highlighting some of the key reasons driving the interest of the international investment community to Oman, Mr Al Busaidi noted that the World Bank ranks Oman as one of the most cost-effective countries in the region for doing business in terms of labour, utilities, facilities, transportation, financing and taxes.
Ithraa’s CEO added: “On top of this, Oman is the ideal location for reaching the growing and emerging markets of the Middle East, Africa and Asia. By 2025 one billion people will enter the global consuming class and around 600 million of them will live in emerging markets on our doorstep. Companies that understand and respond to these shifting dynamics will experience tremendous benefits.”
Dr Dhafir Awadh al Shanfari, CEO, Public Authority for Privatization & Partnership, stated: “Invest in Oman is set to be the meeting place for project promoters and investors. We greatly look forward to the impact it will have on our investment landscape and the benefits this will bring to the sultanate’s business community as they take their ambitions forward.”
The portal allows investors to self-certify, browse live investment opportunities, open dialogue with business founders, perform due diligence and establish working relationships with Oman-based businesses and investors. Given its role in attracting investment to the sultanate as well as promoting Oman’s non-oil exports, Ithraa works with a range of public and private sector organisations. And with regards enhancing the domestic business environment, Ithraa co-ordinates with ISFU. The Invest in Oman portal is of particular interest to ISFU, an initiative it intends to support and monitor through its various channels.
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