Muscat – A total of 26 investors received Investor Residence Cards on Sunday, according to the Ministry of Commerce, Industry and Investment Promotion (MoCIIP).

A statement said, ‘H E Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, granted 26 investors of different nationalities cards of the ten-year Investor Residence Programme, under which foreign investors and retirees are granted the right of long-stay in the sultanate.’

On the occasion, H E Yousef informed said that the Investor Residence Programme aims to facilitate granting residency to investors wishing to invest in the sultanate through the ministry’s Investment Services Centre electronically for periods ranging from five to ten years, subject to extension, according to clear controls and procedures. Investors are given incentives provided that the controls are adhered to throughout the specified period of stay.

“The programme aims to attract and promote qualitative investments that contribute to the growth of the domestic product and create job opportunities to supplement the national economy in line with the objectives of Oman Vision 2040. It also aims to localise industries, transfer technologies, and enhance economic diversification according to a well-studied plan that enhances the investment environment and takes into account security, legal, social and economic aspects,” the minister said.

According to MoCIIP, there are several factors that prompt investors to choose the sultanate as an investment destination, including its strategic location close to emerging markets in the Middle East, East Africa and India and the presence of an efficient logistics network.