Oman Announces Investment Residency Program Designed to Attract investment
Muscat, 23 Jun (ONA) —- The Sultanate, represented by the Ministry of Commerce, Industry & Investment Promotion today announced a new investment residency program (IRP) for expatriate, to be launched in September 2021.
Designed to attract high-impact foreign investment, help create jobs and enhance growth, the IRP offers two extended residency programs through real estate and commercial investment on a renewable five and ten-year basis subject to applicants meeting specific criteria.
The program targets the sectors of Industry, tourism, mining, logistics, agriculture, fisheries, education, health and information technology, as well as the enabling sectors represented by the green and circular economy.
The IRP is a clear demonstration of Oman’s strong commitment under the wise leadership of His Majesty Sultan Haitham Bin Tarik to opening up new routes for investment in the wealth of opportunities presented by Oman Vision 2040. Alongside other enhancements to the Sultanate’s commercial environment such as the provision of quality digital services and the streamlining of procedures and processes, this landmark program shows Oman’s determination to become ever more globally competitive, increase trade, strengthen industry and empower our business community.
The announcement of the program came during a meeting held at the ministry today under the chairmanship of Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion.