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OMAN - Economy

Ammar Al Kharousi

CEO, Invest OMAN

Bio

Ammar Al Kharousi stands at the forefront of Oman’s investment landscape as the CEO of Invest OMAN and the Director General of the Investment Services Center at the Ministry of Commerce, Industry, and Investment Promotion. His career includes roles such as deputy chairman at Muscat Bay, head of development at OMRAN, and development director at Yiti Tourism Development Company.

"Oman’s investment climate in 2024 is poised to capitalize on the nation’s robust economic fundamentals and the momentum generated by our strategic initiatives to diversify the economy."

In the past year, Invest OMAN has successfully enhanced Oman’s investment environment, driving the nation’s economic diversification and sustainable development efforts.

Invest OMAN is over a year old. What strides have been made since setting up the initiative?

Since its establishment over a year ago, Invest OMAN has rapidly positioned itself at the forefront of Oman’s investment promotion efforts, embodying the nation’s commitment to fostering a business-friendly environment that appeals to global investors. Our role as the official gateway to major investments in strategic sectors cannot be overstated; we streamline the investor journey, offering comprehensive services that transform visionary ideas into viable projects. Our mission is central to the country’s strategy to diversify its economy, attracting investments in promising sectors through a suite of enticing benefits. These include up to 100% foreign ownership, investor residence for up to 10 years, tax exemptions for up to thirty years, competitive land and service prices, and customs duty exemptions. In the brief period since its inception, Invest OMAN has made noteworthy progress, notably enhancing the efficiency of the investment facilitation process. We have seen several promising projects commence, laying the groundwork for future growth within Oman’s dynamic business landscape.

Does Invest OMAN have a mandate to promote investments in any areas in particular?

Invest OMAN plays a pivotal role in the national strategy to foster investment within specific high-growth sectors, as identified in the country’s far-reaching Vision 2040. This strategic roadmap pinpoints logistics, food security, tourism, mining, renewable clean energy, emerging technologies, and manufacturing as sectors with significant growth potential and where Oman possesses a distinct competitive advantage. These priority areas are further bolstered by supportive sectors such as education, healthcare, and the principles of a circular economy, all integral to ensuring a holistic and sustainable economic expansion. Invest OMAN is tasked with promoting these sectors through a series of appealing incentives, underpinned by a framework of accommodating laws and regulations. These incentives are designed to attract and nurture investments, facilitating an environment where businesses can thrive.

What will Oman need to focus on to be competitive in this race and be a preferred investment destination in the Middle East?

Oman’s strategy for standing out in the global race to attract investments is multifaceted, emphasizing stability, talent, infrastructure, business environment, and strategic location in the face of the global economic slowdown and fluctuating interest rates. The country’s stable economic rankings, as assessed by leading agencies such as Fitch Ratings, Moody’s, and Standard & Poor’s, provide a robust platform that fosters investor confidence. A BB+ rating from Fitch, Ba1 from Moody’s, and BB+ from S&P affirm the nation’s creditworthiness and macroeconomic stability—a critical factor for investors, especially in uncertain economic times. An essential element of Oman’s appeal is its focus on nurturing a skilled workforce and talent pool ready to engage with emerging industries. This forward-thinking approach to human capital not only positions Oman as a hub of expertise but also aligns with the demands of a knowledge-based economy. To maintain its competitive edge, Oman must continue to build upon these strengths. Prioritizing continuous improvements in ease of doing business, reinforcing the legal framework to protect investments, and promoting sectors where Oman has a comparative advantage or emerging potential will be key. In addition, embracing sustainability and innovation can cater to the growing global emphasis on responsible investment.

What is your outlook for Oman’s investment climate in 2024, and what are your targets for the year?

Oman’s investment climate in 2024 is poised to capitalize on the nation’s robust economic fundamentals and the momentum generated by our strategic initiatives to diversify the economy. We anticipate an environment that is conducive to growth and reassuring for investors looking for reliable and upward-trending markets. Our targets for Invest Oman in 2024 are ambitious yet achievable. We aim to continue expanding the scope and scale of foreign investment. With an emphasis on trending sectors that align with global economic shifts, such as renewable energy, technology, and sustainable tourism, we plan to further augment the industrial and free zones that have been pivotal in attracting investments thus far.

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