MUSCAT: Favourable regulations, business incentives and tax breaks are at the heart of a significant uptrend in foreign direct investment (FDI) inflows into the Sultanate, according to Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion.
Welcoming a delegation of Iranian government officials and business leaders at the ‘Invest in Oman’ pavilion on Thursday, Al Yousef pointed that Oman offers foreign investors full ownership, tax exemptions for up to 30 years, and customs duty relief. Consequently, by Q3 2024, FDI reached RO 26.677 billion, up 16.2 per cent in 2023. The "Invest in Oman" pavilion provides support for investors, while the Investor Residence Programme offers renewable permits for up to 10 years, he noted.
The FDI law also allows fund transfers to and from Oman, offers up to 30 years of tax exemptions, and eliminates import duties in free zones. Investors also enjoy income tax exemptions for the first five years, customs duty exemptions on key imports, and a 30-year renewable lease. Oman's economic agreements, including with the GCC and the US, further enhance its appeal to foreign investors, he said.
Highlighting the role of the "Invest in Oman" pavilion, the Minister said the facility offers a unique, integrated service model. The pavilion provides invaluable support at every stage of the investment process—from identifying opportunities, establishing and localising projects, to their completion. It serves as the first point of contact for those looking to invest in Oman, offering an overview of the country's investment climate, available incentives, and industrial, free, and economic zones. The pavilion also enables various government authorities to assist investors in overcoming any challenges they may encounter during their investment journey, all in one convenient location.
Further boosting Oman's investment appeal is the Investor Residence Programme, a key initiative designed to attract high-quality foreign investments and stimulate diverse economic sectors. This programme ties residency to investment, offering residence permits for investors and their families for periods ranging from five to ten years, with the option for renewal.
With foreign direct investment growing steadily and trade volumes on the rise, Oman is increasingly recognised as a prime destination for international investors seeking sustainable, long-term opportunities.
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