Oman’s Ministry of Trade, Industry and Investment Promotion has revealed that a total of 3,433 foreign investors from 60 countries around the world have received long-term resident visas in the country as of the end of December.
Key Highlights:
- The Ministry disclosed this information during its annual media meeting to review its plan for 2024, titled ‘Digital Transformation Roadmap’.
- The volume of foreign direct investments in the Sultanate reached more than OMR25 billion (approximately $65 billion) by the end of the third quarter of 2023.
- The Ministry also stated that the industrial sector is expected to attract around 35 new industrial projects with investments exceeding OMR800 million (approximately $2 billion) in various industrial activities across different industrial and free zones by the end of the first quarter of 2024.
Oman’s Efforts to Attract Foreign Investment
- Oman has been actively working to attract foreign investors to the country, offering long-term resident visas as an incentive.
- The long-term resident visas provide foreign investors with the opportunity to live and work in Oman for an extended period, which can help to attract and retain investment in the country.
- The Ministry’s efforts to promote Oman’s investment opportunities and provide a favorable business environment have been successful, as evidenced by the significant influx of foreign direct investment in the country.
Diversifying Oman’s Economy
- Oman’s focus on attracting foreign investment is part of its broader strategy to diversify its economy and reduce its reliance on the oil and gas sector.
- The industrial sector is a key area of focus, with the Ministry expecting to attract 35 new industrial projects with significant investments in the coming months.
- These investments are expected to contribute to the growth and development of Oman’s industrial base, creating new job opportunities and supporting the country’s economic diversification efforts.
Conclusion
Oman’s success in attracting over 3,400 foreign investors with long-term resident visas is a testament to the country’s efforts to create a favorable business environment and promote investment opportunities. The significant volume of foreign direct investment and the expected growth in the industrial sector suggest that Oman is making progress in its goal of diversifying its economy and reducing its reliance on the oil and gas sector.
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