Oman has taken new measures to attract foreign investments: GTAI

Muscat: The German Trade and Invest (GTAI) the economic development agency of the federal republic of Germany said that the Sultanate of Oman has introduced new measures to attract foreign investments to the country.

In a new report published on its website, it said that the regulations of the new investment law entered into force in Oman during the month of April, noting that the amendment of the law aims to provide more financing opportunities for foreign investors.

The report pointed out that the Omani Ministry of Commerce, Industry and Investment Promotion (MoCIIP) issued a new ministerial decision (No. 306 of 2022) to amend some articles of the executive regulations of the Foreign Capital Investment Law, and the “general rules” and “procedures and conditions for investment licenses” sections are specifically concerned with changes in the executive regulations.

The report explained that what is new in the law, for example, is that the Ministry of Commerce, Industry and Investment Promotion can now also authorize individuals, institutions and companies inside and outside Oman to promote investment opportunities.

The report pointed out that encouraging and attracting foreign investment in Oman was limited to government agencies only.

The report stated that now foreign investors in Oman also have the option of appointing representatives to review and submit an investment license application on their behalf, stressing that with the amendment, this participation has become limited to offices specifically licensed by the Ministry of Commerce, Industry and Investment Promotion, to examine such applications.

The report also stressed that this issued regulation aims to provide transparency, in line with the expected increase in applications for investment licenses in the Sultanate of Oman.