Sunday 13 / October / 2024
Muscat: The Invest in Oman Hub, the official investment interface under the Ministry of Commerce, Industry, and Investment Promotion, has successfully localised numerous promising investment projects since its establishment.
To date, the hub has localised 29 projects worth OMR1.2 billion. Launched in January 2023, the hub serves as an integrated platform to attract investors, including financial institutions and development funds, targeting strategic sectors that Oman seeks to bolster with foreign direct investment, in alignment with Oman Vision 2040.
The hub offers a range of enablers to simplify the process for foreign investors, highlighting incentives, robust infrastructure, and a skilled workforce to support qualitative projects in sectors such as renewable energy, technology, innovation, tourism, circular economy, mining, food security, and more. It also provides an opportunity map, feasibility studies, and specialized teams to target global companies and analyze incoming investments, ensuring that appropriate incentives are provided.
Encouraging High-Value Investments
Hafsa bint Salem Al-Rashdiya, Director of Investor Relations at the Invest in Oman Hub, stated that the hub has attracted several investments, with the industrial sector leading, followed by renewable energy and healthcare.
Notably, the hub played a key role in enabling major investments from renowned local and global real estate companies to develop Sultan Haitham City in cooperation with the Ministry of Housing and Urban Planning, with investments totalling OMR439 million.
Among the major localised projects in the industrial sector is a polysilicon plant in the Sohar Free Zone in North Al Batinah Governorate, with an investment exceeding OMR520 million, expected to open in 2025.
Al-Rashdiya emphasised the hub’s pivotal role in attracting and encouraging high-value investments, focusing on strategic sectors through coordinated efforts with relevant ministries and international embassies.
Electronic window for promoting investments
Since its inception, the Invest in Oman hub has developed a digital platform aimed at promoting Oman’s investment environment.
This platform offers investors essential information such as an interactive opportunity map, laws, incentives, and a self-service function for foreign investors to start their businesses in Oman, saving time and effort. To date, the database includes 1,881 contacts, comprising investors and delegations received as of May 2024.
Streamlining procedures and providing support
Rabab bint Mustafa Al-Lawatiya, Head of the National Negotiation Team at the Invest in Oman Hub, explained that the hub works to complete procedures efficiently.
Upon arrival, investors are greeted by service ambassadors who assist them with the necessary paperwork, such as opening a bank account or registering a business.
Each investor is assigned a relationship manager to provide continuous support throughout their investment journey, ensuring seamless service even after the project’s implementation.
Continuing the strategic role
Al-Lawatiya noted that the hub will continue to play a strategic role in developing services for investors, making Oman a globally preferred investment destination.
The focus will remain on sectors aligned with global economic shifts, such as renewable energy, artificial intelligence, technology, and sustainable tourism, in line with Oman Vision 2040. The hub aims to enhance investor relations, utilize global platforms, and present Oman as a competitive, promising investment destination.
