MUSCAT: Granting long term residency to foreign investors will improve business environment in the country, according to Dr. Said Al Saqri, Minister of Economy.

Early this week, His Majesty Sultan Haitham Bin Tarik approved the plan to offer long term visa status to expat investors as part of the economic stimulus package. The details of the decision will be soon issued by the Council of Ministers. “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.

“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 (2021-2025), and protecting many institutions from suffering due to the current temporary economic and financial situation,” he added.