MUSCAT : The economic stimulus package approved by His Majesty Sultan Haitham Bin Tarik will strengthen efforts to improve the business environment including attracting foreign investments in the country, according to Dr. Said Al Saqri, Minister of Economy.

His Majesty the Sultan on Tuesday approved a plan to grant long term residency status to foreign investors. “This will certainly help to restore the confidence of foreign investors and we are working towards that and this will be our priority,” Al Saqri said in an interview.

“While we value and appreciate His Majesty Sultan Haitham bin Tarik’s support for all the efforts made during the past months to put in place a suitable framework for these measures, we expect that these measures will contribute to reviving the local market, stimulating small and medium enterprises. strengthening efforts to improve the business environment, attracting more Investments, stimulating the institutions operating in economic diversification sectors identified in the tenth five-year plan (2025-2021), and protecting many institutions from suffering due to the current temporary economic and financial situation,” he said.

“We expect that these incentives will contribute to stimulating the domestic tourism traffic, enabling the sector to achieve its desired goals. The incentives will also complement the measures aimed at improving the social protection system for individuals, especially those who have been laid off from their jobs and borrowers. We look to see the fruits of these efforts and to be crowned with success through the joint orchestrated efforts of the various institutions involved in implementing these incentives to achieve the common interests,” Al Saqri added.