Latest news with #ForeignCapitalInvestmentLaw
Muscat Daily
08-07-2025
- Business
- Muscat Daily
MoCIIP warns of fake ministerial statement used in online fraud
Muscat – Ministry of Commerce, Industry and Investment Promotion (MoCIIP) has issued a warning regarding the circulation of a fabricated 'ministerial statement' being used to promote fictitious online stores claiming official registration in Oman. In a statement, the ministry confirmed that it recently detected this fraudulent activity, which aims to mislead consumers by promoting unlicensed e-commerce platforms under the guise of official endorsement. MoCIIP clarified that it has not issued any such statement and urged the public to exercise caution. Consumers are advised to engage only with online stores officially licensed through the Oman Business Platform and verified via the Maroof Oman platform. The ministry also stressed the importance of verifying the contact information provided by online stores, ensuring it matches the data listed in the official commercial register, to avoid falling victim to scams. As part of efforts to regulate and boost the e-commerce sector, MoCIIP issued Ministerial Decision No 499/2023 two years ago outlining comprehensive regulations for online trade in Oman. Under these regulations, individuals who do not have a commercial register can apply for an e-commerce licence electronically, provided they meet certain criteria. Commercial entities must be registered in the commercial registry, while non-Omani investors are permitted to engage in e-commerce in accordance with the Foreign Capital Investment Law. To ensure compliance, MoCIIP holds the authority to take enforcement actions, including fines of up to RO500, temporary suspension of licence, or in severe and repeated violations within a three-year period, permanent revocation of licence and blocking of offending online stores.
Zawya
30-06-2025
- Business
- Zawya
Oman emerges investor friendly destination
MUSCAT - In a rapidly evolving regional economic landscape, Oman has emerged as one of the Gulf's most promising and investor-friendly destinations. Anchored by Oman Vision 2040, a stable business environment, and a suite of progressive investment laws, Oman continues to attract robust foreign direct investment (FDI) across a range of strategic sectors. According to the latest data from the National Centre for Statistics and Information (NCSI), total FDI in Oman soared to RO 30.1 billion by the end of 2024, up sharply from RO 22.9 billion in 2023. This growth has been fuelled by opportunities in manufacturing, logistics, finance, real estate and green energy — alongside the traditional oil and gas sector. The Foreign Capital Investment Law, enacted in 2019, has opened the door to a more competitive investment environment. It allows full foreign ownership across most sectors and removes minimum capital requirements, significantly simplifying company formation for international investors. The Ministry of Commerce, Industry and Investment Promotion emphasises that this legal framework provides strong investor protections and has greatly reduced registration times, supported by the unified digital platform "Invest in Oman," which streamlines licensing and government approvals. Oman offers a suite of incentives, including tax exemptions of up to 25 years in free zones, customs exemptions, free repatriation of profits and capital, and long-term residency visas (5 to 10 years) for eligible investors and their families. While hydrocarbons still account for around 79 per cent of total FDI, there is notable diversification into non-oil sectors. Manufacturing attracted RO 2.1 billion, financial services RO 1.3 billion, and real estate nearly RO 1 billion. 'We chose Oman because of its stability, strategic location, and skilled workforce,' says Sanjay Menon, an Indian entrepreneur operating a light industrial facility in the Salalah Free Zone. 'The government is supportive, and procedures are clear and efficient.' Free zones and economic areas have become major investment engines. The Special Economic Zone at Duqm (SEZAD) has attracted over RO 6 billion in committed investments across hydrogen, petrochemicals, logistics, and tourism. Meanwhile, Sohar Industrial Port has secured more than $30 billion in cumulative investment, drawing strong interest from European, Chinese and GCC investors. With three world-class ports (Salalah, Sohar and Duqm), four international airports, and an expanding highway and railway network, Oman is strategically positioned as a logistics and re-export hub. The World Bank ranks Salalah Port among the most efficient globally, while Duqm is quickly developing into a fully integrated industrial and trade city. Oman's location offers unique logistical advantages and enhanced security, key factors valued by global supply chains. The Sultanate Oman is also leading in digital facilitation. The 'Invest in Oman' portal functions as a one-stop platform for business registration, site selection, licensing and scheduling meetings with government agencies. It supports both English and Arabic and provides tailored advisory services for foreign investors. Since its launch, the portal has issued more than 1.2 million electronic documents and over a million automatic licences, underscoring Oman's push towards digital governance and transparency. Investor confidence continues to rise, with the UK leading at RO 13.7 billion in investments, followed by the US with RO 5.2 billion. Other key contributors include the UAE, Kuwait, China and Switzerland. The British-Omani Business Council notes, 'Oman offers significant opportunities not only in energy but also in education, healthcare, and clean technologies. The investment environment is maturing - it's time for global players to take a closer look.' Guided by Oman Vision 2040, Oman aims to transform into a competitive, knowledge-based economy and position itself as a regional leader in sustainable development. Key advantages include political stability, a transparent legal system, zero personal income tax, and a strategic geopolitical location. Oman scores consistently high on regional transparency indices and remains largely insulated from regional volatility. For investors, Oman offers a blend of economic openness and regulatory clarity, with predictable policies, efficient dispute resolution mechanisms, and dedicated commercial courts for investment cases. As Oman rolls out major reforms and mega-projects under Oman Vision 2040, international interest is only set to grow. Whether you are a startup looking for a regional base, a logistics company seeking new trade routes, or a green energy firm with global ambitions — Oman offers the access, incentives and confidence to thrive. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Observer
29-06-2025
- Business
- Observer
Oman emerges investor friendly destination
MUSCAT, June 29 In a rapidly evolving regional economic landscape, Oman has emerged as one of the Gulf's most promising and investor-friendly destinations. Anchored by Oman Vision 2040, a stable business environment, and a suite of progressive investment laws, Oman continues to attract robust foreign direct investment (FDI) across a range of strategic sectors. According to the latest data from the National Centre for Statistics and Information (NCSI), total FDI in Oman soared to RO 30.1 billion by the end of 2024, up sharply from RO 22.9 billion in 2023. This growth has been fuelled by opportunities in manufacturing, logistics, finance, real estate and green energy — alongside the traditional oil and gas sector. The Foreign Capital Investment Law, enacted in 2019, has opened the door to a more competitive investment environment. It allows full foreign ownership across most sectors and removes minimum capital requirements, significantly simplifying company formation for international investors. The Ministry of Commerce, Industry and Investment Promotion emphasises that this legal framework provides strong investor protections and has greatly reduced registration times, supported by the unified digital platform "Invest in Oman," which streamlines licensing and government approvals. Oman offers a suite of incentives, including tax exemptions of up to 25 years in free zones, customs exemptions, free repatriation of profits and capital, and long-term residency visas (5 to 10 years) for eligible investors and their families. While hydrocarbons still account for around 79 per cent of total FDI, there is notable diversification into non-oil sectors. Manufacturing attracted RO 2.1 billion, financial services RO 1.3 billion, and real estate nearly RO 1 billion. 'We chose Oman because of its stability, strategic location, and skilled workforce,' says Sanjay Menon, an Indian entrepreneur operating a light industrial facility in the Salalah Free Zone. 'The government is supportive, and procedures are clear and efficient.' Free zones and economic areas have become major investment engines. The Special Economic Zone at Duqm (SEZAD) has attracted over RO 6 billion in committed investments across hydrogen, petrochemicals, logistics, and tourism. Meanwhile, Sohar Industrial Port has secured more than $30 billion in cumulative investment, drawing strong interest from European, Chinese and GCC investors. With three world-class ports (Salalah, Sohar and Duqm), four international airports, and an expanding highway and railway network, Oman is strategically positioned as a logistics and re-export hub. The World Bank ranks Salalah Port among the most efficient globally, while Duqm is quickly developing into a fully integrated industrial and trade city. Oman's location offers unique logistical advantages and enhanced security, key factors valued by global supply chains. The Sultanate Oman is also leading in digital facilitation. The 'Invest in Oman' portal functions as a one-stop platform for business registration, site selection, licensing and scheduling meetings with government agencies. It supports both English and Arabic and provides tailored advisory services for foreign investors. Since its launch, the portal has issued more than 1.2 million electronic documents and over a million automatic licences, underscoring Oman's push towards digital governance and transparency. Investor confidence continues to rise, with the UK leading at RO 13.7 billion in investments, followed by the US with RO 5.2 billion. Other key contributors include the UAE, Kuwait, China and Switzerland. The British-Omani Business Council notes, 'Oman offers significant opportunities not only in energy but also in education, healthcare, and clean technologies. The investment environment is maturing - it's time for global players to take a closer look.' Guided by Oman Vision 2040, Oman aims to transform into a competitive, knowledge-based economy and position itself as a regional leader in sustainable development. Key advantages include political stability, a transparent legal system, zero personal income tax, and a strategic geopolitical location. Oman scores consistently high on regional transparency indices and remains largely insulated from regional volatility. For investors, Oman offers a blend of economic openness and regulatory clarity, with predictable policies, efficient dispute resolution mechanisms, and dedicated commercial courts for investment cases. As Oman rolls out major reforms and mega-projects under Oman Vision 2040, international interest is only set to grow. Whether you are a startup looking for a regional base, a logistics company seeking new trade routes, or a green energy firm with global ambitions — Oman offers the access, incentives and confidence to thrive.
Observer
31-05-2025
- Business
- Observer
Oman Vision 2040 is a blueprint for sustainable growth: World Bank
From digital corridors to investment pipelines, Oman Vision 2040 is transforming the present for a stronger future, and symbolizes yet another chapter of strategic evolution that has characterized the country from prehistoric Majan to modern Oman, said the World Bank in its blogs. "Developed through extensive consultations with citizens, Vision 2040 enshrines a diversified and resilient economy less reliant on oil while fostering a globally integrated and prosperous society. What began under the leadership of the late Sultan Qaboos bin Said, with the careful planning of His Majesty Sultan Haitham bin Tarik, is a roadmap charting how Oman can adapt to changing economic conditions, shifting culture, and disrupting technology to steer Oman toward economic diversification, sustainability, and global competitiveness. Oman's steady progress under Vision 2040 offers a model for other emerging economies navigating uncertainty through long-term planning. It further guides Oman's increased global engagement and partnership with organizations like the World Bank Group," the blog said. Oman and the World Bank Group have enjoyed an active partnership for decades. This has led to working together on a range of areas aligned to Vision 2040, from national development plans and budget system modernization to transport and fisheries. A key focus right now is strengthening the investment climate to support private sector-led growth and job creation. The World Bank is bringing global knowledge and advice on best practices in business environment reforms tailored to the Omani context. IFC, the Bank Group's private sector arm, recently announced new investments to bolster the country's sustainable finance market and empower the private sector. MIGA, home of the World Bank Group Guarantee Platform, secured $1.2 billion in commercial financing of the infrastructure works for the Duqm Special Economic Zone. Central to Oman Vision 2040 is the imperative of economic diversification and building a knowledge, technology-driven economy. In practice, this means investing in digital infrastructure, encouraging R&D, and nurturing new industries. Major regulatory reforms have been rolled out to catalyze private-sector growth and foreign investment. For example, a new Foreign Capital Investment Law took effect in 2020, removing minimum capital requirements and allowing 100% foreign ownership in many sectors. Attracting foreign direct investment and strengthening the private sector are key components of the Vision, and these reforms unlock those opportunities. Oman is also leveraging its strategic geography to become a logistics and trade hub. Positioned outside the Strait of Hormuz on major global trade routes, it has prioritized modernizing ports, free zones, and airports. The development of Duqm – a vast special economic zone with a deep-sea port – and upgrades at Salalah and Sohar ports exemplify this push. Such investments aim to streamline the flow of goods and make Oman a vital link in global supply chains. Already, early results of the economic transformation are visible: non-oil sectors like construction, manufacturing, and transport are growing quickly. Maintaining this momentum will require sustained reform, and Oman's multi-pronged approach – from startup incubators to industrial free zones – is steadily transforming the economy. Sustainable development is an overarching principle, and Oman's fisheries sector is a standout success story for this agenda. Fisheries have evolved from a traditional, artisanal industry into a technology-enabled sector that contributes to diversification. The government, with World Bank support, crafted a Fisheries and Aquaculture Vision to create a profitable world-class sector that is ecologically sustainable and a net contributor to Oman's economy. The innovation shown in the Omani sustainable fisheries sector is yielding impressive results. The sector is expanding at near double-digit rates, with a recorded 7.5 percent sectoral growth in the first three quarters of 2024. This progress reinforces the country's ambition for economic diversification by setting a high bar, with the sector aiming to reach 10 percent annual growth and contribute 2 percent to the national GDP. Developing human capital is another key element of Oman's vision. A skilled, educated populace is the bedrock of competitiveness. Educational reforms are underway to align curricula with future labor market needs and improve quality at all levels. Oman's ambition includes ranking among the top 20 countries in global education indices by 2030, and top 10 by 2040. Investments in schools and universities over the past decades have dramatically expanded access. Now the focus is on boosting outcomes in science, technology, engineering, and math to nurture a knowledge economy. Equally important, Oman is fostering a culture of research and entrepreneurship. Through its Ministry of Higher Education, Research, and Innovation, new programs are funding research and the commercialization of ideas. Innovation parks and incubators have been launched in partnership with the private sector to mentor startups and turn student projects into marketable products. Aspiring young entrepreneurs receive support via financing initiatives and training programs, often co-sponsored by government and industry. Public-private partnerships are helping build this innovation ecosystem – for example, technology companies are collaborating with Omani colleges on coding academies, and energy firms are investing in technical training centers. These efforts are bearing fruit: a burgeoning startup scene is evident in Muscat, and the number of Omani tech SMEs is on the rise. In parallel, Oman has worked to make its labor market more flexible and dynamic, implementing new labor policies in 2023–24, adding more benefits for women, and encouraging private-sector hiring of Omanis. With 64% of the population under 30, all these measures aim to harness Oman's demographic dividend by equipping its youth with the skills and opportunities to innovate. To ensure the successful realization of Oman Vision 2040, a specialized entity—the Oman Vision 2040 Implementation Follow-up Unit—was established by Royal Decree 100/2020. Reporting directly to the Council of Ministers, the Unit plays a central role in monitoring the progress of the vision, facilitating coordination across sectors, addressing challenges, and providing strategic support to align efforts with the national vision. Looking forward to the next 15 years, there will be continued opportunities as well as challenges in realizing the vision. Successful implementation requires continued commitment, adaptability, and engagement with global partners. Oman's journey towards realizing its 2040 vision can serve as a valuable case study for other countries navigating uncertainties and striving for economic diversification, sustainability, and global integration.
Observer
29-05-2025
- Business
- Observer
World Bank support focused on enhancing Oman's investment climate
MUSCAT: The World Bank's contribution to advancing Oman's ambitious Vision 2040—a long-term strategy for economic diversification, sustainability, and global integration—has been spotlighted in a recent article on the official blogging platform of the World Bank Group. Titled 'Oman Vision 2040: A Blueprint for Sustainable Growth and Global Integration,' the article is co-authored by Dr Khamis bin Saif Al Jabri, Chairman of the Oman Vision 2040 Implementation Follow-up Unit, and Ousmane Dione, Vice President for the Middle East and North Africa at the World Bank. According to the article, a decades-long partnership between Oman and the World Bank has made the institution a key ally in supporting the country's shift from an oil-reliant economy to a knowledge-based, globally competitive nation. The Bank's support aligns with strategic national goals outlined in Vision 2040, spanning multiple sectors. A central pillar of this collaboration is improving the investment climate to foster private sector-led growth. To that end, the World Bank has worked closely with Omani authorities to introduce global best practices in business environment reform, adapted to local needs. These efforts are producing results: foreign direct investment is on the rise, and the regulatory framework has improved. A notable milestone is the 2020 Foreign Capital Investment Law, which eliminated minimum capital requirements and opened numerous sectors to full foreign ownership. In parallel, the World Bank Group's private sector arm—the International Finance Corporation (IFC)—has expanded its engagement in Oman by promoting sustainable finance and supporting private sector development. The Multilateral Investment Guarantee Agency (MIGA), another World Bank Group institution, played a key role in mobilizing $1.2 billion in commercial financing for infrastructure projects in the Duqm Special Economic Zone—a lynchpin in Oman's logistics and industrial diversification strategy. The partnership also extends to human capital development, a core objective of Vision 2040. The World Bank has supported education reform, helping Oman align its curriculum with future labor market demands. Investments in STEM education, vocational training, and research are aimed at boosting Oman's global education rankings, with goals to reach the top 20 by 2030 and top 10 by 2040. Sustainable development is another area of impactful collaboration. In the fisheries sector, the World Bank has helped craft a national strategy to modernize the industry from traditional fishing to a high-tech, export-driven model. This transformation is already delivering results, with the sector growing by 7.5 per cent in the first three quarters of 2024 and targeting 10 per cent annual growth, significantly contributing to Oman's non-oil GDP. The World Bank is also supporting Oman's efforts to build an entrepreneurial ecosystem that empowers youth. Initiatives such as innovation hubs, startup incubators, and public-private partnerships are helping unlock the potential of the nation's young population—64 per cent of whom are under 30. Targeted support for tech startups and workforce reforms are seen as vital steps toward leveraging this demographic advantage. Looking ahead, the road to 2040 presents both opportunities and challenges. The authors emphasize that realizing Vision 2040 will require sustained commitment, adaptability, and continued engagement with international partners. Oman's journey can serve as a model for other nations seeking to navigate uncertainty while pursuing economic diversification, sustainability, and global integration, the authors stressed.
