An innovative effort by the Omani government to enhance the business environment for local and international investors will be launched on Monday, February 27, 2023, at the Ministry of Commerce, Industry and Investment Promotion (MoCIIP).
Dubbed the ‘Invest in Oman Hall’, this unique setting will be inaugurated by Sultan bin Salem al Habsi, Minister of Finance, in the presence of a number local and international dignitaries.
In essence, investors seeking approvals for projects valued at RO 1 million and more will have the opportunity to submit their proposals which will be reviewed by officials representing 14 different government stakeholder entities, as well as six private sector organizations, each having a presence in the Invest in Oman Hall. The overall goal is to reduce bureaucracy in the processing of project projects and ensure speedy issuance of the requisite permits and approvals.
According to the Ministry, the Hall serves as a first point of reference for investors seeking to complete all prescribed procedures to ensure the speedy disbursal of approvals for their projects in the Sultanate of Oman.
Tastefully furnished, the Hall also has access to all kinds of investment information and national databases to help prospective investors get all the information they need to make informed decisions. Information about the laws and regulations relevant to the nature of their investments will be on hand as well. An electronic platform for the submission of applications, and a communications centre for inquiries and complaints are in operation as well.
In a statement, Ibtisam bint Ahmed al Faroujiya, Under-Secretary for Investment Promotion at the Ministry, said: “The Ministry is working to facilitate and improve the business environment in order to enhance the rank of the Sultanate of Oman, as a fertile environment for business and investment growth, and a leading destination for attracting investors, and entrepreneurs, all that through enhancing the integration of efforts between the concerned authorities.”
She further added: “The Invest in Oman hall is considered the first platform to provide all services to investors and offer investment opportunities, that exceed RO 1 million, in cooperation with the relevant governmental and private agencies, in accordance with the best international practices. The Invest In Oman Hall embodies the concept of complementarity of the roles of government and private agencies, as it provides a unique model in the service offered to the investors starting from the stage of discovering investment opportunities, reaching the stage of establishing and localizing the project.”
The Under-Secretary added that as many as 14 government entities are operating within the Invest In Oman Hall to serve investors, in addition to six private bodies that can meet the needs of investors. The goal is to smoothen and expedite the review of applications. In addition, an account manager will be assigned to each investor to ensure that each applicant has the focused attention they need for their proposal to be suitably and swiftly processed.
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