Renew Oman Investment Ecosystem is a programme launched by the Omani government to create a favorable environment in Oman for investment and to promote economic diversification in the country.
The government continues working to make Oman an attractive investment hub of the GCC, setting out a clear investment strategy which outlines its priorities and objectives for investment in key sectors such as tourism, logistics, and manufacturing.
A range of reforms have been implemented to attract foreign direct investment (FDI) into the country. Some of the key reforms include:
Encouraging private sector investment: The programme seeks to encourage private sector investment by creating a supportive regulatory environment and providing incentives to investors. Oman has actively promoted public-private partnerships (PPPs) to attract private investment in infrastructure development, such as roads, airports, and ports. This model provides investors with an opportunity to participate in the development of large-scale infrastructure projects in the country.
Attracting foreign investment: The programme aims to attract foreign investors by offering a range of incentives such as tax exemptions, ownership, streamlined procedures, and access to various services.
Promoting economic diversification: The programme seeks to promote economic diversification and create new job opportunities by attracting FDI in non-oil sectors such as tourism, agriculture, manufacturing, and logistics. Oman has implemented a range of measures to diversify its economy, reducing the country's reliance on oil revenue.
Facilitating investment opportunities through Nazdaher — Oman National Investment Programme : The programme aims to facilitate investment opportunities by providing information on investment opportunities in Oman and facilitating connections between investors and local businesses.
Investment Law: Oman has introduced a new investment law that aims to simplify investment procedures, reduce bureaucratic hurdles, and provide various tax exemptions and incentives for foreign investors.
The Public Authority for Special Economic Zones and Free Zones (OPAZ) : OPAZ plays a crucial role in promoting economic development and attracting investments to Oman through the establishment of Special Economic Zones and Free Zones. Oman has established several free zones across the country, which offer a range of benefits to foreign investors, including a streamlined regulatory environment, exemption from customs duties, and taxes.
Developing human capital: The programme seeks to develop the human capital of the country by providing training and education to local talent and promoting entrepreneurship.
E-Platform for Investors: Oman has launched an online platform called Invest Easy, which provides foreign investors with easy access to information on investment procedures, registration, and licensing.
Invest in Oman : Invest Oman Lounge aims at enhancing the investment environment through which all procedures and requirements for the establishment, operation and completion of an investment project in the Sultanate of Oman are completed.
Labor Law: Oman has implemented a new labor law that offers more protection for workers and investors alike. This includes provisions for non-discrimination, equal pay, and protection against unfair dismissal.
Develop Infrastructure: Oman continues to invest in its infrastructure, to provide a business-friendly environment for foreign investors, improving access to transport, communications and energy. This will help to enhance the competitiveness of the country and create opportunities for investment in various sectors.
Renew Oman Investment Ecosystem is a comprehensive government-led programme that seeks to provide a supportive and attractive environment for investors, driving sustainable growth and economic diversification in the country. Growth and diversification creates new job opportunities and develops our human capital, enhancing the competitiveness of the Omani economy and attracting further investment.
Dr Yousuf Hamed al Balushi
yousufh@omaninvestgateway.com
www.omaninvestgateway.com
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