The Sultanate of Oman announced the Investment Residency Programme, which grants foreign investors extended residency permits to attract quality investments.
The new IR Programme will launch in September 2021, available through the Online Services Centre of the Ministry of Commerce, Industry and Investment Promotion.
The Programme aims to facilitate the residency grant for individuals willing to invest in Oman by offering residency permits of 5 or 10 years, renewable as long as regulations are correctly followed. It comes alongside other enhancements to the Sultanate’s commercial environment, such as providing quality digital services and streamlining procedures and processes.
During a meeting held at the Ministry of Commerce, Industry and Investment Promotion under Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, the announcement was made. The goal is to attract investments, create jobs and enhance growth
The IRP is a clear demonstration of Oman’s commitment to open up new routes for investment in the wealth of opportunities presented by Oman Vision 2040.
The new IRP targets sectors like industry, tourism, mining, logistics, agriculture, fisheries, education, health and information technology (IT), and the enabling sectors represented by the green and circular economy.
The green economy is defined as a system of economic activities connected with the production, distribution and consumption of goods and services that result in better human well-being. In the long term, the goal is to avoid exposing future generations to significant environmental risks.
Oman plans to reduce its deficit from more than OMR4bn – Omani Rial ($10.4bn) in 2020, or 15.8% of GDP, to OMR537mn in 2024, which would be equivalent to 1.7% of GDP. Oman is also aiming to increase non-oil revenue to 35% of the GDP in the coming years from 28% last year.