Invest in Oman: a gateway to the world
Mai27

Invest in Oman: a gateway to the world

Invest in Oman: a gateway to the world By Houmi Ahamed-Mikidache Recently, an omani delegation met in Paris french investors and french CEOs during a seminar on investment in the Sultanate of Oman.  Organized by the Franco-Arab Chamber of Commerce, this seminar consisted of introducing  the economic diversification strategy of the Sultanate of Oman. Analysis. The background Located in the middle east, in the south of the Arabia Peninsula, the Sultanate of Oman has a strategic geographical position, with a very strong history shared with Eastern Africa ( Trade, culture…). With an average population of 4 726 413 estimated in January 2016, the country is largely depend on the oil resources ( 9, 16 billions OR*, including 7, 7 billions OR of the oil net revenues). However, since the seventies, the Sultan Qabous Bin Said introduced an economic diversification in Oman policy. Indeed, in  1976, the Sultanate adopted five-years plans in order to safeguard the financial and economic stability of the country with a balance development of the various governorates. Composed of 11 governorates, Muscat, Dhofar, Misandam, Buraymi, Dakhliyah, Wusta (…), the Sultanate of Oman is described as a modern state under the Authority of the Interior Minister, with the exception of Muscat and Dhofar. Each governorate has its own administration, geography, and economy. The nine five-years Plan of the Sultanate, from 2016 to 2020 focusses on the economy diversification strategy. It intends to expand the productive base and it aims to create jobs for omanis by contributing to the GDP through, agriculture, industry, tourism, fisheries and mineral resources. The important element of the omani scheme is the development of human resources through education and vocational training. The Sultanate of Oman wants therefore to be inspired by international best practices with the aim to prepare its young population in the workplace. Oman’s vision  2040 As part of its ninth five-years plan, the Main Oman 2040 Vision Committee organizes  this year international conferences. Member and signatory of several agreements and economic organizations such as the World Trade Organization (WTO), Oman is willing to open its country to the world.  Its characteristics, according to observers : political stability, safety, liberal economy. “Investors can own up to 100% of their company,” underlines the Ambassador of Oman in Paris Humaid Bin Ali Al Maani. In Oman, there is no restriction to export capital and profit.Legal persons do not pay taxes, but the business tax rate is 12%. Foreign investments are very important for Oman, even if there was a decrease between 2011 and 2012,  said Azzan Al Busaid, Executive Director of Plan and Studies of The Public Authority for Investment Promotion and Export Development...

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