MUSCAT : The Economic Stimulus Plan (ESP) approved by His Majesty Sultan Haitham Bin Tarik will help ease investment inflows into the Sultanate, according to the country’s Minister of Commerce, Industry and Investment Promotion.

As per ESP, expat investors will be entitled to long-term residency for the first time, foreign companies can own own land of over 5,000 sq metres or leased land for commercial or residential or for tourism, or industrial purposes.

Speaking in an interview Qais bin Mohammed Al Yousuf said the packages will benefit the business community impacted by the pandemic. “I know the pandemic has created some difficulties and slowed down the economy, but now that the financial stimulus package, with the medium-term fiscal balance plan has been announced, it is the right time for people to start their businesses in Oman,” the Minister said.

“We are here to support businesses and see what we can do to improve the investment and economic climate in the country”, he added.