Saudi Gazette report

MUSCAT — Oman will offer long-term residency permits for foreign investors as part of its economic stimulus plan that was approved by Sultan Haitham Bin Tariq during a Cabinet meeting on Tuesday.

“This will be in accordance with specific controls and conditions that will be announced later after completing their consideration by the Cabinet,” the Oman News Agency reported.

The Cabinet also decided to reduce income tax for small and medium businesses for 2020 and 2021, (ONA) said.

The measures also include income tax being reduced for companies in sectors aimed at economic diversification that will begin operating this year and a reduction in recruitment license fees for expatriate workers.

As part of the stimulus package, the Sultanate also announced a number of incentives for the labor market and employment including allocating 20 million Omani rials (SR52 million approximately) in the 2021 budget to train Omani job seekers and qualify them for the labor market.

The Cabinet also approved a long-term urban growth strategy that “is considered a key enabler for achieving Oman Vision 2040,” the report said.

Oman will also cut rent at the Duqm Special Economic Zone and industrial areas until the end of 2022.