Accelerating growth: Broad array of initiatives to impart new momentum to investment inflows, export development
A diverse array of initiatives — among them a host of regulatory and legislative statutes, new accountability and governance procedures, digital tools for fast-tracking of permits and approvals, and a portfolio of investment opportunities — promise to position the Sultanate of Oman for a new phase of strong investment inflows and export development.
In all, about 135 such initiatives – dubbed as ‘powerful investment and economic enablers – were outlined as part of the strategy of the National Programme for Investment Export Development (Nazdaher), unveiled last week. While a significant proportion of them have already been brought into effect in recent years, others are in various stages of implementation. Together, they have the potential to impart new momentum to Oman’s development objectives enshrined in the Vision 2040 Strategy.
The enablers are distributed across a total of 11 sub-heads: Enhancing the Business Environment; Enactment of New Supportive Legislative and Regulatory Laws; Strengthening of Judicial Systems; Initiatives to Strengthen Energy Supply and Availability; Port and Transportation Development; Aviation; Information & Communications Technology; Food Security; Agriculture & Livestock Wealth; Tourism; and Water Resources.
Business Environment: Initiatives since implemented include measures to fast-track application procedures and reduce bureaucracy, as well as a scheme to offer longer-term residency to expatriate investors. Other initiatives in various stages of development include plans for a National Investment Strategy, Unified National Promotion Plan, and the formulation of an Investment Map.
Aviation: Bringing Oman into compliance with international civil aviation standards is a key goal under this sub-head. It also lists initiatives to support capacity building in the sector, enable the operation of aircraft maintenance at Muscat International Airport, introduce amphibious aviation services, strengthen early warning systems, restructure the airspace, electrify Omani airports with solar energy, and establish a new airport at Khasab in Musandam Governorate.
Enabling Legislation: Envisioned under this sub-head is the following set of new statutes, many of which has since been enacted in the Sultanate of Oman: Small and Medium Enterprises Law, Law of Special Economic Zones and Free Zones; Financial Law, Taxes and Fees Collection Law, Public Debt Law, Commercial Register Law, One-Stop-Shop project, Industrial Promotion Law, and Commercial Law.
Judicial Systems: Several far-reaching initiatives have been launched to help strengthen the delivery of justice in accordance with the country’s laws and statutes. In addition to a broader effort to strengthen judicial integrity, the National Programme has also recommended, among other things, the introduction of mobile notary services, digitizing of public notary services, specialised departments to adjudicate on investment issues, and digitalisaton of judicial services.
Energy-related investment opportunities: A cornerstone initiative is the North-South Interconnection Project, which integrates the grids of North Oman and Dhofar via Duqm and includes the internal grid of Petroleum Development Oman (PDO). Phase 1 of the project is well underway.
Other enabling initiatives include recommendations for investment in solar and wind based renewable energy projects, introduction of energy efficiency labelling standards for electrical appliances, development of a national environmental policy for the energy sector, and a new Climate Management Strategy.
Port and Land Transportation: Several landmark initiatives have been listed under this sub-head. Notable are proposals for the establishment of a dedicated truck road between Al Maabelah and Tharmid, an alternative land route to Al Jabal al Akhdar from South Al Batinah Governorate, and a host of road projects to help boost tourism and socioeconomic development in key areas of the country.
Additionally, the National Programme has proposed, among other things, licensing of water taxis, construction of a new multipurpose post in the Wilayat of Sadah, establishment of small and medium marine industrial zones, and the launch of an International Ship Registration System (Al Numan).
Food security / Fisheries: Envisioned is a sizable portfolio of shrimp and fish farming projects along Oman’s coast, a first-ever salmon fishing project, series of pelagic fishing schemes, canning and seafood project in Duqm, and fish collections centres
Tourism: Notable initiatives for implementation include tourism development ventures in Al Dakhiliyah, South al Sharqiyah and Dhofar governorates; value creation from a number of forts and castles; developing waterfront tourism activities, and the establishment of a number of resorts.
Agricultural and Livestock: Initiatives progressed under this sub-head including several projects in support of poultry farming, poultry feed production, veterinary pharmaceuticals, central livestock market in Al Suwaiq, Omani goats farming venture, fodder cultivation for livestock, and integrated camel milk scheme.
