Oman announced on June, 23 a renewable five and ten-year extended residency permit to foreign investors to attract quality investments.
The new Investment Residency Program (IRP), to be launched in September 2021, targets sectors like industry, tourism, mining, logistics, agriculture, fisheries, education, health, and information technology (IT), Times of Oman reports.
The major announcement was made to attract investments, create jobs, and enhance growth during a meeting held at the ministry under the chairmanship of Qais Mohammed Al Yousef, Minister of Commerce, Industry, and Investment Promotion.
The IRP is a clear demonstration of Oman’s strong commitment under the leadership of His Majesty Sultan Haitham Bin Tarik for opening up new routes for investment in the wealth of opportunities presented by Oman Vision 2040.
This program comes alongside other enhancements to the Sultanate’s commercial environment, such as the provision of quality digital services and the streamlining of procedures and processes.
This landmark program shows Oman’s determination to become globally competitive, increase trade, strengthen the industry and empower its business community.
The new IRP also targets the enabling sectors represented by the green and circular economy.
The green economy is defined as a system of economic activities connected with the production, distribution, and consumption of goods and services that results in better human well-being in the long term, to avoid exposing future generations to significant environmental risks.
The program targets the sectors of industry, tourism, mining, logistics, agriculture, fisheries, education, health, and information technology, as well as the enabling sectors represented by the green and circular economy.