Wednesday, December 06
01:22 AM

Oman simplifies procedures to attract foreign investors


Muscat – H E Qais bin Mohammed bin Moosa al Yousef, Minister of Commerce, Industry and Investment Promotion, has issued a ministerial decision (No 361/2023), introducing measures to streamline investment procedures and encourage foreign investment.

The decision empowers the investment service centre within the Ministry of Commerce, Industry, and Investment Promotion (MoCIIP) to oversee the issuance of necessary approvals, permits, and licences for investment projects through its dedicated Invest Oman lounge, thereby simplifying the process for investors.

The Invest in Oman lounge will serve as a centralised hub for obtaining the required documentation and information for investment projects. It will play a vital role in issuing approvals, permits, and licences, ensuring the swift facilitation of investment initiatives.

Moreover, the decision mandates the submission of quarterly reports to the minister, providing comprehensive insights into the centre’s operations. These reports will include detailed information on the volume of completed transactions, compliance with quality service standards, and proposals for enhancing service quality, transparency, and performance.

Furthermore, the minister has the authority to allocate certain spaces within the centre to sector companies and institutions, such as telecommunications companies, banks, and finance firms.
These entities will offer their services to investors, contributing to a comprehensive investment support ecosystem.

The allocation of these spaces will be subject to a monthly rental fee, determined based on guidelines set forth by the minister in coordination with the Ministry of Finance.

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