MUSCAT, JAN 7
The first phase of the government’s Fast Track programme, aimed at accelerating investments in key economic sectors, has so far pulled in $2.779 billion in new project investments, according to the Ministry of Commerce, Industry and Investment Promotion (MoCIIP).
The programme is part of a raft of initiatives launched by the Ministry in recent years, in collaboration with fellow government agencies, in a bid to strengthen the Sultanate of Oman’s global investment appeal.
The Fast Track Initiative aims at supporting investment projects under implementation or development that face challenges in their implementation, in order to assess their status and the reasons for obstruction, and to take quick and effective decisions to end outstanding issues with the relevant authorities so as to implement the project, and ensure the continuity of business implementation, the Ministry said.
Phase 1 of the programme targeted 39 investment projects, of which 27 ventures worth $2.779 billion have been fully implemented. They related to the renewable energy, industry, mining, tourism, logistics and food security sectors.
Also notable is the establishment of the National Negotiation Team, a high-powered panel that represents the government of the Sultanate of Oman in negotiations involving large-scale investments and economic initiatives.
The team relies on a matrix that was built internally in accordance with several criteria, including the compatibility of the project with the strategic investment direction of the sector, the objectives of Oman Vision 2040, the economic impact, the realities of the project and the local content, and then to grant incentives to companies with a focus on the extent to which Oman benefits from these projects.
Further, to help attract foreign investors to live and operate in the Sultanate, the Ministry has launched the Investor Residency Initiative. It seeks to attract qualitative foreign investments and stimulate various economic sectors, including linking residency with investment by facilitating the granting of residency to investors and their family members, who are interested to invest in Oman over periods ranging from 5 to 10 years, subject to further extension.
Since the launch of the programme, as many as 1219 investors of various nationalities have been issued residency cards under the initiative. They 725 investor residency cards for the 10-year category, and 489 cards for the 5-year category, as well as 5 Retirement cards.