1. Ideal Location
Oman, a country in a perfect location at the centre of the east-west nexus joining European, Asian, and North American markets share its borders with five countries- Saudi Arabia, the UAE, Yemen, Iran, and Pakistan.
Just outside theStrait of Hormuz and the Persian Gulf, along the busy shipping lanes carrying a prominent share of the world’s maritime commercial traffic, Oman has connections and easy access to the Gulf, the Indian Subcontinent and Africa.
Rich in cultural diversity, heritage, and racial harmony, Oman also has some natural beauty, completed with magnificent mountains and wadis as well as over 3000km of public open coastal line. These attractive characteristics make Oman a tourist place and an investment hub.
2. International Appeal
International links ranging from the powerful concentration of global brands like Lulu, BP, Shell, Air Liquide, Vale, Jindal Power & Steel, Larsen & Toubro, Rio Tinto Alcan and Carrefour, Oman also has some commendable trade agreements being a signatory to WTO, GCC Common Market, GAFTA, FTAs with Singapore and the US, Norway, Switzerland, Iceland, and Lichtenstein.
3. No Income Tax
Yes, you read it right, Oman falls under the tax-free zone. Once a company establishes, the company has only a 15% corporate tax to be paid. No personal Income tax or any individual tax is levied in Oman. Goods across the GCC countries move free of customs duties.
Oman has an investor-friendly legislative environment and no restrictions on capital or profit or repatriation. About 70% of foreign investment in most sectors, 100% in exceptional cases and specific economic zones.
With over a billion consumers in its doorstep, Oman has globally ranked ports, airports, roads, and some of the most strategically placed ports in the world.
Oman is one of the safest and secure countries with one of the lowest crime rates in the world and has an affordable city living with housing and rental prices well below the Gulf’s regional average. Oman is considered one of the best places in the Gulf to bring up a family.
Oman is home to a vibrant expat and foreign investor community, compared to most Middle East countries, amounting to almost half the total population of the country.
Oman government focuses on diversification, industrialization, and privatization to reduce reliance on hydrocarbon revenues, and the country is committed to economic diversity and investment.
Oman has leading advanced telecommunication infrastructure supporting interconnected international and domestic networks. The Oman Sultanate’s government has been making a steady and ambitious investment in the country’s infrastructure, including the manufacturing sector, seaports, special economic zones, rail, and airports as well as educational and health systems, facilities, and telecommunications.
6. Oman’s Talent Pool
Oman has a young multilingual and educated local talent pool equipped for the 21st century. Oman also has some of the most competitive salary rates in the Gulf with 4.3 million population and 1.7 million employees, and over 239,000registered businesses.
7. Free Zones
Stressing on the prominence of magnifying the benefit of the strategic positioning of the Sultanate and economic diversification, besides the consideration of the benefits gained by the foreign investment, the government adopted the idea of free zones establishment in different parts of the country. The free zones are- Salalah Free Zone, Salalah Port, Mazyona Free Zone, Sohar Free Zone, Sohar Industrial Port, and Musandam Free Zone.
8. Scope for Economic Growth in Oman
The International Monetary Fund (IMF) forecasts that Oman to become the fastest growing economy in the GCC region in the next year with an estimated growth of over 6 per cent. The IMF revised its forecast about Oman’s growth to be 6.2% in 2020 from its prior estimate of 2.7 per cent growth, according to the fund's World Economic Outlook report released recently.
9. Oman’s Vision 2040
Apart from the somewhat developed oil and gas industries, Oman has, several measures have been initiated to improve multiple sectors like tourism, hotel, technology, transport, perfume, and mining industries. Muscat, the country’s capital, serves as a connection between Africa and Asia. A substantial increase of 31 billion riyals by 2040 is foreseen in the country’s economy.
10. Oman’s Development in Construction
Madinat Sandan, constructed as a beacon for business and a home for the staff, was established in early 2019. The industrial zone spans over 250,000 square meters and house over 2400 outlets, including 1250residential units and 400 offices.
Madinat Al Irfan- City of the Future is possibly the most ambitious projects started in the Sultanate of Oman, a billion riyals development houses everything from the Oman Convention and Exhibition Center (OCEC) to five-star hotels, and a smartly planned city.
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