JEDDAH: Oman will launch its “Golden Residency” program for investors on Aug. 31, in a move designed to attract foreign capital, boost economic growth, and position the country as a leading global business hub.

The Ministry of Commerce, Industry and Investment Promotion will unveil the residency program alongside the “Mujeedah Companies” initiative for high-performing firms and a new electronic service to transfer commercial registration ownership via the “Invest Oman” platform, according to the state news agency.

The announcement will be made at an event titled “Sustainable Business Environment,” hosted at the Sultan Qaboos Youth Complex for Culture and Recreation in Salalah under the patronage of Dhofar Gov. Sayyid Marwan bin Turki Al-Said.

Oman’s Golden Residency mirrors similar initiatives across the Gulf, including Saudi Arabia’s Premium Residency Program and the UAE’s 10-year Golden Residency. 

The move aligns with Oman’s Vision 2040 strategy to diversify the economy beyond oil and foster a competitive, investment-friendly environment.

The residency program builds on reforms under Oman’s Foreign Capital Investment Law, which in recent years has allowed 100 percent foreign ownership in over 1,700 business activities, reduced registration fees, offered tax exemptions of up to 30 years, and streamlined more than 800 government services.

The Salalah event will also feature the signing of cooperation agreements with Sultan Qaboos University, the German University of Technology, the Oman Energy Association, and Binaa Professional Services to develop the construction sector, ONA reported.

Mubarak bin Mohammed Al-Douhani, director general of planning at MoCIIP, said these initiatives aim to provide investors with stable, long-term opportunities and position Oman as a global investment destination.

He added that the “Mujeedah Companies” program will help high-performing Omani firms expand locally and internationally through a package of incentives and support.

Al-Douhani, who also heads the ministry’s digital transformation team, highlighted the importance of digitalization in commercial transactions. The electronic authentication service for transferring commercial registration ownership is expected to cut time and costs for investors, while promoting transparency and efficiency.

The ministry is also focused on developing the construction sector to meet modern, sustainable standards and strengthening collaboration with academic institutions and the private sector to nurture talent and foster innovation.