Oman has unveiled 10 new investment opportunities worth R0 166 million ($430 million) as it looks to attract more foreign capital.

The new opportunities launched by Invest Oman, the sultanate’s arm for large-scale investments,

include projects in converting industries, building materials and industrialisation technology, the state’s Oman News Agency reported on Monday.

The projects are entitled to incentives, which include lower taxes, to help cut down operating costs and entice investors. No further details were disclosed regarding the projects.

With the investment opportunities, Oman looks to develop local capabilities, boost the domestic economy, create jobs and support small and medium enterprises.

Like its Gulf neighbours, Oman is looking to diversify its revenue sources and move away from an oil-dependent economy. In 2020, the sultanate launched Oman Vision 2040.

Oman has been ranked one of the world’s top countries to invest in or do business for 2024, according to a report.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com