Salalah: The Ministry of Commerce, Industry and Investment Promotion today organized an event titled “Sustainable Business Environment” at the Sultan Qaboos Youth Compound for Culture and Entertainment in Salalah. The event was held under the patronage of HH Sayyid Marwan bin Turki Al Said, Governor of Dhofar, and in the presence of Qais bin Mohammed Al Yousef, Minister of Commerce, Industry, and Investment Promotion, along with other ministers, senior officials, dignitaries, and investors from various sectors.
According to Oman News Agency, the event marked the launch of three developmental programs that signify a transformative shift in Oman’s investment landscape. These include the Golden Residency Program for Investors, the “Distinguished Companies” Initiative, and the electronic attestation service for transferring commercial registry ownership via the “Oman Business” platform. Strategic cooperation agreements in the construction sector were also signed during the event.
Ibtisam Ahmed Al Farooji, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Investment Promotion, highlighted that these initiatives align with national strategies to enhance the investment environment, aiming for sustainability and competitiveness. This approach supports the development of a diversified economy rooted in knowledge and innovation, resonating with the objectives of Oman Vision 2040.
She noted that foreign direct investment (FDI) inflows accounted for 12.1% of GDP in 2023, with an annual growth rate of 10.6%. By the end of 2024, the cumulative total of FDI reached approximately RO 30 billion, indicating an improved investment climate in Oman.
Additionally, the “Invest Oman” platform, operational since February 2023, has shown significant progress, receiving 90 investment requests with a combined value of RO 5.38 billion. It has successfully localized 43 investment projects worth RO 2.25 billion in strategic sectors including industry, health, food security, and renewable energy.
Regarding the simplification of commercial and industrial procedures, Al Farooji explained that the “Oman Business” platform processed over 800,000 transactions in 2024 and launched 24 new digital services, increasing the percentage of e-services to 89% of the Ministry’s total services. This integration with 17 government entities for licensing has enhanced business efficiency and addressed investment requirements.
The Golden Residency Program for Investors is designed to establish Oman as an attractive hub for long-term investments. It grants renewable ten-year residency to investors and their families, fostering stability and growth in a secure environment. Pathways for obtaining residency include property ownership, company establishment, acquisition of government bonds or shares, and bank deposits, among others.
Nasima Yahya Al Balushi, Director General of the Investment Services Center at the Ministry, emphasized the Golden Residency’s role in ensuring a balanced investment environment, combining quality opportunities and long-term stability. She highlighted that Oman ranked fourth globally in the Quality of Life Index for 2024, boosting its appeal as both an investment and living destination.
The Ministry also introduced the “Distinguished Companies” Initiative in collaboration with the Ministry of Labour, the Tax Authority, the Royal Oman Police, and Oman Chamber of Commerce and Industry. This initiative aims to support high-performing Omani companies, enabling their growth and expansion locally and internationally through various incentives and facilitations.
Tariq Nasser Al Harrasi, Project Manager of the Distinguished Companies Initiative, explained that companies are classified based on institutional, financial, and administrative performance criteria. Listed companies will benefit from incentives that enhance their local and international presence, fostering a culture of quality and creativity in the private sector.
In the realm of digital transformation, the Ministry launched the electronic transfer of commercial registry ownership service via the “Oman Business” platform. This service, initially targeting single-person companies and individual establishments, aims to enhance transparency and facilitate commercial transactions.
Said Jumaa Al Salmani, Secretary of the Commercial Registry, stated that this service marks a pivotal advancement in the digital transformation journey, simplifying procedures, reducing costs, and boosting investor confidence.
Moreover, strategic partnerships were established with entities such as the Oman Society for Energy (OPAL) and educational institutions to develop professional standards in the construction sector, support research, and adopt smart and sustainable building technologies.
Shahsawar Jamdoust Al Balushi, Advisor to the Minister of Commerce, Industry and Investment Promotion for Construction and Engineering Consultancies, noted that these partnerships are crucial for advancing the construction sector’s competitiveness, integrating modern technologies, and supporting small and medium enterprises in alignment with Oman Vision 2040.
The Ministry of Commerce, Industry and Investment Promotion aims to enhance the business environment, attract qualitative investments, and empower national companies through these programs, initiatives, and partnerships, laying the groundwork for a diversified and sustainable economy based on knowledge and innovation.