Muscat, Oman – Following the success of Phase 1, the Ministry of Commerce, Industry and Investment Promotion (MOCIIP) has launched Phase 2 of the Industrial Incentives Program, further boosting Oman's capacity for advanced manufacturing.
Targeted Support for Strategic Sectors
The expanded program offers immediate financial support and duty waivers for projects in:
- Automotive & Green Mobility Components (supporting regional assembly lines and green tech manufacturing).
- Specialty Chemicals & Downstream Petrochemicals.
- Food Processing & Agriculture Technology.
- Pharmaceuticals & Medical Devices.
Incentive Package Details
Qualified investors can now access:
- Direct Grants: Covering up to 35% of CAPEX for high-tech machinery.
- Utility Discounts: Reduced rates for electricity and water in designated industrial estates and special zones (Madayn/OPAZ).
- Duty Exemptions: 5-year waiver on customs duties for all raw material imports.
Impact on Market Entry
For foreign investors, this significantly improves project feasibility. "The ROI timeline for establishing a manufacturing plant in Oman has been shortened by an estimated 18-24 months due to these new support mechanisms," says a lead analyst at the Oman Development Bank (ODB).