Oman unveils new visa scheme to boost investment

Oman announced that it will kickstart new schemes aimed at strengthening investment, such as a residency programme and digital registration options for leading Omani companies. The National, via the Oman News Agency, reported on August 24th. 

The Ministry of Commerce, Industry and Investment Promotion of Oman’s long-term residency programme or a so-called Golden Visa scheme, will be rolled out on August 31st. It will also introduce a service through the Oman Business platform, enabling companies to transfer commercial registrations online, in conjunction with the Al Majida Companies initiative, which supports successful Omani firms with incentives and facilities to expand both locally and internationally. 

According to Oman’s director general of planning at the ministry, Mubarak Al Dohani, the sultanate seeks to place Oman as an international investment hub by offering investors opportunities for long-term stability. His ministry is meanwhile planning to digitise all commercial transactions, cutting time and costs for investors, he said.

Gulf states are taking note of the need to diversify their economies beyond the oil sector. New regional schemes are focused on investing in sectors such as manufacturing, property, and logistics.

But elsewhere in the Gulf region, the technology industry seems to be advancing. Neighbouring Saudi Arabia reportedly has integrated AI across all operations in its $1 trillion worth sovereign wealth fund, the Public Investment Fund (PIF), with a new AI-powered valuation platform and a new extensive language model. The UAE has also partnered with Microsoft for a $1.5 billion investment in the Emirate AI and cloud company, G42, in 2024, as well as the AI-based Good Lab within Abu Dhabi, in the UAE.

Oman aims to be in line with these economic diversification efforts with the new visa scheme.

Both the UAE and Bahrain introduced their own visa scheme in 2019 and 2022, respectively. Oman already offers two residency programmes through real estate and long-term investment in commercial ventures or government bonds. 

Golden Visa schemes enable foreigners to live, work and study in a country, providing a minimum duration of residency in the host country, without needing a national of the country to sponsor them. Some schemes, like those in the UAE and Bahrain, are automatically renewed and even cover the spouses and children of applicants.

These schemes will be unveiled at an event in Salalah, Oman’s third-largest city. At this event, the Ministry hopes to sign a range of cooperation deals with universities, along with the Oman Energy Association and the Binaa Professional Services Company, to promote the construction sector. 

Under Oman’s reforms scheme, the country aims to slash its reliance on oil revenues by 15% of GDP by 2030 and reduce it by a further 18% by 2040. 

Oman previously announced the introduction of a personal income tax beginning in 2028, with a 5% tax rate on annual income above 42,000 Omani rials ($109,134). Like Oman, Kuwait has also eyed tax reform to broaden state revenues away from hydrocarbons. Back in July, the Kuwaiti finance ministry stated that it intends to implement new tax rules for multinationals in December. The supplementary domestic minimum tax (DMTT) under its multinational entities (MNEs) group tax is expected to bring in at least 250 million Kuwaiti dinars in tax revenue. 

The International Monetary Fund (IMF) forecasts Oman’s economy to grow by 2.4% in 2025 and 3.7% in 2026, driven mainly by non-hydrocarbon sectors, particularly by manufacturing and services.

Likewise, North African countries outside the Gulf region are seeking to take advantage of emerging trends in business and technology. Morocco’s 2030 digital transformation plan aims to turn the kingdom into a self-standing digital hub. The country also plans to launch a digital currency known as the E-Dirham. Meanwhile, the Medusa project is set to establish the first submarine 5G internet cable between Morocco, Algeria, Tunisia, Libya, and potentially Egypt by 2026. 

The National via Oman News Agency, Maghrebi.org