Muscat – In efforts to boost the economy and attract foreign investment, the Ministry of Commerce, Industry and Investment Promotion (MoCIIP) will launch an Investors Residency Programme (IRP) on Wednesday.
The programme grants residency to investors in Oman. The residency will be for a period of five to ten years, subject to renewal, while adhering to the procedures and controls regulating the programme. According to MoCIIP, the programme is well planned and takes into account security, legal, social and economic aspects.
The ministry stated that IRP aims to attract and promote qualitative investments that will contribute to the growth of domestic products and the national economy, localisation of industries, transfer of advanced technologies, promotion of economic diversification sectors and creation of job opportunities.
IRP targets several sectors, including industry, tourism, mining, education, health, information technology, logistics, agriculture, fisheries, and green and circular economy.
According to H E Dr Nasser bin Rashid al Maawali, Undersecretary in Ministry of Economy, IRP complements the government’s efforts to diversify the economy and achieve higher growth rates.
Applications for the programme will be submitted via the Investment Services Centre of MoCIIP through an electronic system that links all the concerned authorities, including the Ministry of Health, the Ministry of Labour, the Ministry of Transport, Communications and Information Technology, the Ministry of Housing and Urban Planning, the Ministry of Higher Education, Research and Innovation, Royal Oman Police and Oman Vision 2040’s Implementation Follow-up Unit.