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Studies Center of the City Squares Company, Sultanate of Oman
Studies Center of the City Squares Company, Sultanate of Oman Branch: Foreign investment in Oman grows 23% in the first quarter of 2023. Mohammed bin Rashid bin Adhwan Al-Mudhaibiri Chairman of the Board of Cities Squares Company The Sultanate of Oman enjoys investment elements that will encourage and facilitate local and foreign investment under the patronage of His Majesty Sultan Haitham bin Tariq, which stems from the future vision "Oman 2040".
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Mr. Mohammed bin Rashid bin Adhwan Al-Mudhaibari, Chairman of the Board of City Squares Company, said that the Sultanate of Oman has worked over the past years to create an encouraging climate to attract foreign investments and stimulate local capital, so it has improved the economic environment and introduced encouraging incentives, as well as enacted many laws and legislations regulating this vital sector as one of the tributaries on which the Sultanate of Oman relies in implementing economic diversification programs and policies.
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The Sultanate of Oman enjoys many investment advantages that enabled it to attract local and foreign investments, including security and political stability, the application of a free economic system, allowing foreigners to own projects by up to 100%, the absence of restrictions on the transfer of money and profits abroad, the absence of income tax on individuals, and the unification of tax treatment on all Omani and foreign companies and institutions to be 12% annually, the government also offers soft loans with low interest rates and convenient repayment periods for many projects, as well as lucrative corporate tax breaks of up to 10 years.
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The Sultanate of Oman enjoys investment elements that will encourage and facilitate local and foreign investment, the distinguished geographical location of the Sultanate of Oman, overlooking international and regional sea lanes in light of the presence and glory of Omani ports, opens up prospects for investment and free trade exchange. The Sultanate of Oman is developing frameworks and legislation to support this open economic trend to encourage foreign investment, which is growing with the accession of the Sultanate of Oman to a number of international organizations, the World Trade Organization and the Free Trade Agreement with the United States of America
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In his speech on February 23, 2020, His Majesty Sultan Haitham bin Tariq outlined the pillars of economic development in the Sultanate of Oman, which stems from the future vision "Oman 2040", which the various spectrums of Omani society participated in drawing its aspirations and setting its economic, social and cultural orientations and goals
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In his speech, His Majesty stressed that "the past five decades have witnessed a major transformation in building a modern state and creating modern and advanced infrastructure throughout the country," stressing that the next phase is "an important stage of development and construction in Oman" and aims to achieve a more prosperous future that keeps pace with the aspirations of youth and the aspirations of Omani society and faces local and global economic challenges
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The Sultanate of Oman also aims to attract foreign investments by providing a number of incentives, including: (competitive service prices - Tax exemption for five years: It can be extended according to certain conditions - There is no income tax for individuals - Freedom to transfer capital and profits: and their exit to and from the Sultanate of Oman and freedom to convert to foreign currencies with almost constant exchange rate - Full foreign ownership: ownership percentage starting from 70% and up to 100% after the approval of the Council of Ministers - One-stop services: Helps investors get all the inquiries and transactions they need as soon as possible - Opening branches or representative offices for foreign companies in Oman: Companies that carry out business through special contracts or agreements with the government are allowed to establish a branch or open a commercial representative office in the Sultanate of Oman - Different forms of business entities and their main advantages: More than one legal entity can be formed in the Sultanate of Oman to regulate the work of the investor, including public shareholding companies, closed joint stock companies, limited liability companies and companies holding).
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Within the framework of economic diversification based on exports, the Sultanate of Oman has sought to exploit and manufacture its natural resources, especially natural gas, and to increase the added value of those resources. The government has intensified its efforts to promote this, and these efforts have resulted in the signing of agreements to establish some major industrial projects with the participation of foreign capital as a project. Polypropylene, the urea and ammonia project, the methanol project, the aluminum smelter, the steel and iron project, and other projects, in addition to the fertilizer project in Sur and the Qalhat LNG Company project.
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