Muscat, 9 Jan (ONA)—Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, today handed over the Investor Residency Programme cards to 26 investors of different citizenships.

The 10-year residency cards entitle foreign investors and retirees a right for long stay in the Sultanate of Oman.

Al Yousef said that the programme titled “An Investor’s Residency” seeks to streamline procedures to get residency status via portal of the Ministry’s investment services centre. This is in addition to a variety of incentives to the recipients of residency status provided they stick to the terms, he said.

The minister added that the programme has been envisaged to attract and consolidate quality investments that contribute to the growth of local products and the expansion of employment opportunities in a manner that bolsters the national economy and responds to the goals of Oman Vision 2040, including the localization of industries, the transfer of modern technology and the reinforcement of economic diversification sectors, while at the same time meeting legal, security, legal and social measures.

The step is an enabling factor within the context of the national programme for attracting investments and enhancing exports (Invest-in-Oman programme).

The Ministry of Commerce, Industry and Investment Promotion pointed out that the residency programme has become one of the main factors encouraging investors to select Oman as a unique destination gaining precedence due to its strategic location in the vicinity of nascent markets in the Middle East, East Africa and India.

An advanced logistics network, coupled with state-of-the-art ports, lends strong support to investors and facilitates products’ access to the largest segment of consumers at competitive cost.

Ends/AB/AH