Muscat – Ministry of Commerce, Industry and Investment Promotion (MoCIIP), represented by Invest in Oman Hall, has launched an initiative called Rapid Intervention in its efforts to attract investment and support the economy.

An official at MoCIIP informed that the ministry has established a technical committee to address challenges encountered by investment projects during their establishment phase. “The Rapid Intervention initiative seeks to expedite decision-making processes and resolve issues faced by both local and foreign investors. These challenges are evaluated and studied collaboratively with relevant authorities.”

The initiative aims to bolster national income by attracting investment projects within sectors prioritised by Oman Vision 2040, including logistics, industry, circular economy, education, information and communication technologies, food security, mining, healthcare, renewable energy, and tourism.

According to the official, MoCIIP has defined specific criteria for eligibility under this initiative. “These include the project cost must be at least RO1mn, it must be in the establishment phase, and in the sectors identified in Oman Vision 2040.”

He explained that for consideration, projects must be encountering challenges involving relevant authorities with delays in obtaining necessary licences.

“The initiative is designed to address issues commonly faced by investors, including those requiring judicial intervention for financial exemptions related to bank financing or rejections by authorities due to non-compliance with requirements or submission procedures,” he added.

MoCIIP encourages investors interested in Oman to submit their applications through intervention@investoman.om

In 2023, the ministry launched Invest in Oman Hall at the Civil Aviation Authority premises. This facility serves as a centralised hub offering integrated services to investors seeking opportunities exceeding RO1mn. It collaborates with various public and private entities, following international best practices.

The hall aims to streamline the investor journey by ensuring compliance to unified government service guidelines and service level agreements. It addresses challenges faced by investors and proposes solutions, facilitating the establishment, completion and operations of investment projects in the sultanate.

Participants in Invest in Oman Hall include key government bodies, including Ministry of Interior, Muscat Municipality and Royal Oman Police (Immigration and Passports). Private entities in the hall provide essential services such as banking, telecommunications, legal advice and accreditation.

 

 

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