Foreign Investment norms eased in Oman

Foreign Investment norms eased in Oman

Muscat: Several steps have been taken to make it easier to attract foreign investment, and improve operating standards of businesses in Oman, according to Qais Al Yousef, Minister of Commerce, Industry and Investment Promotion (MOCIIP). Speaking at a session of the Majlis Al Shura, the minister added that the incentives include enabling business, commercial and investment activities to be conducted after obtaining an initial licence, providing the same treatment to foreign investment companies as is given to national companies, granting residency to investors and labour market and employment incentives. Al Yousef pointed out that the contribution of service activities to the GDP increased by 50. 20 percent to reach about OMR16, 571. 4 million until the end of December 2021 and that the contribution of wholesale and retail trade amounted to about 8. 60 percent as a result of the gradual opening of the service activities sectors. The total trade exchange of the Sultanate of Oman with the countries of the world increased by 47. 1 percent to reach OMR28, 986. 234 million until the end of 2021. He added that the number of business registrations recorded with the ministry stood at 349, 894 until the end of December 2021.