MUSCAT: With Oman launching the Investor Residency Card (IRC) for expats, top officials said it aims to attract quality investments to the Sultanate.
Applications for long-stay residency status will begin to be received electronically on 3 October via the Ministry’s Investment Services Centre. 22 expat investors were granted 10-year residency.
His Excellency Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion said the 22 expats hail from different countries and have invested in the Sultanate for long durations and in different quality economic sectors. “More applications will be sorted out next week,” the Minister added.
Read More
- Oman police detain 10 over street racing in Nizwa and Izki
- Oman’s Musandam seeks tourism relief, studies new port in Khasab
- Crude oil spill reported after tanker overturns in Oman’s Al Dhahirah
- Invest Oman secures RO 3.09 billion in projects as investment drive gathers pace
- Institutions with high energy use must appoint efficiency officers, Oman ministry says
Meanwhile, Abdulsalam Al Murshidi, Executive President of the Omani Investment Authority (OIA), underscored the launch of the programme, hoping that the IRP will usher in a new stage of incentives and investments. He welcomed all investors, particularly those utilizing foreign capital and considers them as ‘partners in development’. “The programme will open new markets for Omani products. OIA will always encourage partnership with the private sector—foreign, as well as Omani citizens,” Al Murshidi added.
Speaking to The Arabian Stories, Mohammed Ameen, Managing Director of Sea Pride who received the long-term residency said IRC will attract investors from around the world. “This is a great decision from the government. It will certainly attract investment. I am truly honoured to get this,” Ameen added.
Recently, the Sultanate offered various sets of incentives to investors within the context of the Foreign Capital Investment Law. Among the incentives is the fact foreign investors will be entitled to 100% ownership of their projects, without limitation to minimum volumes of capital. To facilitate entrepreneurship in the Sultanate, the Ministry’s automatic licensing service via “Invest-Easy” portal offers 1,500 economic activities.
As many as 62,896 licenses were issued through Sanad offices (using Invest-Easy) between 4 April 2021 and 27 September 2021, and more programmes and initiatives will be launched in the forthcoming stage of incentives.
