MUSCAT: At least 7,000 commercial registrations in the Sultanate of Oman by the GCC investors have been reported at the end of the first quarter of the fiscal, according to the Ministry of Commerce, Industry and Investment Promotion data.
The number of commercial registrations for investors from the Gulf Cooperation Council states – Bahrain, Kuwait, Qatar, Saudi Arabia, and the United Arab Emirates – in the Sultanate amounted to 7,068 by end of first quarter of2022.
The largest investors (49) this year alone came from the UAE taking their total in the Sultanate to 3,405 followed by Saudi investors numbering 45 during the first quarter 2022 bringing their total to 1,259.
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Following is the split of investors from other GCC states: Bahrain(this year 12, total 942), Kuwait (this year 20, total 952) and Qatar (this year 15 and total 510).
The Ministry of Commerce, Industry and Investment Promotion confirmed that its action plan is in line with Oman’s 2040 vision, which is represented in diversification and economic growth, raising the Sultanate of Oman’s classification in international indicators and local added value, promoting foreign direct investment, balanced development in the governorates, and promoting and diversifying exports.
The ministry indicated that the various initiatives and plans that it has put forward during the last period, aim to facilitate procedures and contribute to the promotion of investment opportunities and attract qualitative investments in the sectors of economic diversification, and to create the appropriate environment for the success and development of all investments, and to empower the private sector and motivate it to invest and transfer investments to them, and to develop sectors.
The In-Country Value Programs in partnership with the private sector, improving the trade balance, enhancing the market share of the Omani product are expected to ensure the achievement of the rules of free competition, strengthening the principle of decentralization and developing a competitive business environment.
