Oman has recently announced a new Investment Residency Programme (IRP) for ex-pats that it will launch in September 2021.
The IRP offers two extended residency programmes by real estate and commercial investment on a renewable five and ten-year basis which are subject to applicants meeting certain criteria, as per the state-run Oman News Agency.
The program is intended to draw in high-impact foreign investment, help create jobs and upgrade the economic growth of the sultanate.
The Ministry of Commerce, Industry & Investment Promotion said that the programme will target the sectors of industry, tourism, mining, logistics, agriculture, fisheries, education, health, and information technology and the enabling sectors represented by the green and circular economy.
Oman ruler Sultan Haitham Bin Tarik has supported investments as a part of the Oman Vision 2040.
Oman’s debt as a percentage of economic output will climb to 82.7 percent in 2021 from 79.2 percent last year. The government’s total outstanding debt stood at OMR19.7bn by the end of 2020, up from OMR 17.6bn last year.
The country successfully tapped the international debt market in January, collecting $3.25bn. This month, reports showed that it is planning a second debt sale in 2021 with a dollar Sukuk.
The finance service has said that by end-March it was more than half of the way to meeting its total funding needs of OMR4.2bn for this year, because of acquiring and drawdowns from the sovereign wealth fund.