- Oman accelerates foreign investment efforts under Vision 2040, focusing on tourism expansion.
- Major infrastructure plans include new airports and upgraded ports to attract investors.
- Industrial estates and free zones offer incentives, creating opportunities for Lankan companies.
Oman is boosting its initiatives to draw foreign investment and recognizes increasing potential for Sri Lankan companies and experts in tourism, manufacturing, agriculture, and education, as stated by the country's Ambassador to Sri Lanka.
Ambassador Ahmed Ali Said Al Rashdi stated that in line with Oman’s Vision 2040 economic transformation strategy, the Sultanate is actively working to open its markets to draw in foreign investors from various sectors.
To foster growth, Oman intends to develop its infrastructure by building six new airports and enhancing Salalah and Sohar to meet international standards. Oman is investing more in significant hotel projects in collaboration with top international brands.
Sri Lanka's Santani Group has collaborated with Oman’s state-owned tourism developer Omran to construct two upscale resorts in Salalah and Jabal Al Akhdar close to Muscat. Foreign investors can now acquire property in certain zones such as Al Mouj, Sultan Haithem City, Al Khuwair Downtown, and other specified areas, where numerous 40-story towers are being proposed.
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Aside from tourism and real estate, the Ambassador emphasized that industrialization is key to Oman's efforts for diversification. The public organization for Industrial Estates, called Mada’in, oversees 15 industrial estates and four free zones that provide long-term leases, tax exemptions of up to 30 years, and full profit repatriation. The Ambassador emphasized the benefits of Oman’s advantageous location, stable currency, and Free Trade Agreements with the United States, Singapore, and soon India.
He thinks that Sri Lankan companies can uncover possible prospects in tourism expansion, clothing production, agricultural enterprises, and tech initiatives. Oman has implemented policies that are favorable for investors to promote engagement and partnership. Company registration can now be completed online without any minimum capital requirement. Approximately 83 categories of business operations do not need extra licenses, and foreign investors are allowed to repatriate all profits without restrictions.