Muscat: The Invest in Oman Hub, the official gateway for investments under the Ministry of Commerce, Industry, and Investment Promotion, has successfully facilitated the localization of numerous promising investment projects since its inception.
To date, the hub has facilitated the localization of 29 projects, each valued at over OMR1.2 billion. Established in January 2023, the hub functions as a comprehensive platform designed to attract investors, including financial institutions and development funds, with a focus on strategic sectors identified as priorities for bolstering Oman's economy through foreign direct investment, in line with the vision of Oman Vision 2040.
The hub provides a suite of enablers aimed at simplifying the investment process for foreign investors. These include highlighting incentives, robust infrastructure, and a skilled workforce that supports the development of high-quality projects in sectors such as renewable energy, technology, innovation, tourism, circular economy, mining, food security, and more. Additionally, it offers an opportunity map, feasibility studies, and specialized teams dedicated to attracting global companies and analyzing incoming investments to ensure the provision of appropriate incentives.
Facilitating High-Value Investments
Hafsa bint Salem Al-Rashdiya, the Director of Investor Relations at the Invest in Oman Hub, has highlighted the hub's success in attracting investments, with the industrial sector leading the way, followed closely by renewable energy and healthcare.
The hub has been instrumental in facilitating significant investments from both local and international real estate companies in the development of Sultan Haitham City, a project in collaboration with the Ministry of Housing and Urban Planning, with investments reaching OMR439 million.
Among the notable local investments in the industrial sector is a polysilicon plant within the Sohar Free Zone in North Al Batinah Governorate, valued at over OMR520 million, with an anticipated opening date of 2025.
Al-Rashdiya underscored the hub's critical role in the attraction and encouragement of high-value investments, emphasizing its focus on strategic sectors through coordinated efforts with relevant ministries and international embassies.
Electronic Window for Investment Promotion
Since its establishment, the Invest in Oman initiative has cultivated a digital platform designed to enhance the investment climate in Oman.
This platform provides prospective investors with crucial information, including an interactive opportunity map, legal frameworks, incentives, and a self-service feature that facilitates the initiation of foreign-owned businesses in Oman, thereby streamlining the process and reducing the burden on time and effort. As of May 2024, the database has been enriched with 1,881 contacts, representing both investors and delegations received.
Efficient Streamlining and Support Provision
Rabab bint Mustafa Al-Lawatiya, the Head of the National Negotiation Team at the Invest in Oman Initiative, elucidated that the initiative is committed to expediting the completion of procedures.
Upon their arrival, investors are welcomed by service ambassadors who assist with the necessary documentation, such as the establishment of a bank account or the registration of a business entity.
Each investor is allocated a relationship manager who offers ongoing support throughout their investment journey, ensuring a smooth and uninterrupted experience even post-project implementation.
Maintaining a Strategic Role
Al-Lawatiya emphasized that the initiative will persist in its strategic role in the development of services for investors, positioning Oman as an internationally favored destination for investment.
The focus will be on sectors that align with global economic trends, including renewable energy, artificial intelligence, technology, and sustainable tourism, in harmony with the Oman Vision 2040. The initiative aims to strengthen investor relations, leverage global platforms, and portray Oman as an attractive and promising investment destination.
