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Oman woos expat investors with incentives and guarantees
| Published: | 31 Dec at 6 PM |
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New Omani investor laws are aimed at expats as well as foreign nationals living outside the country.
Guarantees, privileges and incentives are on offer to foreign investors and expats living and working in Oman, with the new rules due to start on Thursday. Aimed at encouraging economically feasible investment projects funded by foreign nationals, whether resident or not, the new foreign capital investment law represents the emirate’s attempts to stimulate the flow of funds from overseas in an increasingly competitive world environment.
The new rules will allow investors to form companies listed as permitted activities and own the entire amount invested in the enterprise. Once a submitted timetable has been approved as complying with an economic feasibility study, the amount of capital introduced will be unlimited, although any fundamental changes in the project must first be approved by the relevant ministry. According to an Omani minister, the new law will help as regards the introduction of new investment technologies as well as diversifying the emirate’s economic base.
Meanwhile in Kuwait, an official report has revealed there are no Kuwaiti teachers or doctors now looking for work in the government sector, although close on 3,000 expatriate doctors have been appointed over the past three years. The figures suggest expat medical professionals are only being appointed as there are no suitably qualified Kuwaiti nationals in need of jobs in the field of medicine. Apparently, the education sector is in the same position, with expat teachers being recruited as there are no jobless Kuwaiti teachers willing to fill vacancies as they arise.
Guarantees, privileges and incentives are on offer to foreign investors and expats living and working in Oman, with the new rules due to start on Thursday. Aimed at encouraging economically feasible investment projects funded by foreign nationals, whether resident or not, the new foreign capital investment law represents the emirate’s attempts to stimulate the flow of funds from overseas in an increasingly competitive world environment.
The new rules will allow investors to form companies listed as permitted activities and own the entire amount invested in the enterprise. Once a submitted timetable has been approved as complying with an economic feasibility study, the amount of capital introduced will be unlimited, although any fundamental changes in the project must first be approved by the relevant ministry. According to an Omani minister, the new law will help as regards the introduction of new investment technologies as well as diversifying the emirate’s economic base.
Meanwhile in Kuwait, an official report has revealed there are no Kuwaiti teachers or doctors now looking for work in the government sector, although close on 3,000 expatriate doctors have been appointed over the past three years. The figures suggest expat medical professionals are only being appointed as there are no suitably qualified Kuwaiti nationals in need of jobs in the field of medicine. Apparently, the education sector is in the same position, with expat teachers being recruited as there are no jobless Kuwaiti teachers willing to fill vacancies as they arise.
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