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JEDDAH: Oman is set to 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 ����ֱ��’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.

RIYADH: Oil and gas will remain the backbone of global energy markets despite growing momentum for renewables, the Arab Energy Organization’s secretary-general said, urging the region to broaden its energy mix. 

Speaking at the release of the AEO’s second-quarter 2025 monitoring report on renewable energy, energy transition, and climate change, Jamal Al-Loughani said the region must adopt multiple energy sources. 

The AEO, formerly the Organization of Arab Petroleum Exporting Countries, was restructured and renamed following a Saudi proposal adopted during its 113th ministerial meeting in Kuwait in December 2024. The move reflects efforts to expand its mandate beyond petroleum to cover the full spectrum of energy developments. 

The restructuring comes as rapid transformations reshape the global energy sector, compelling Arab states to adapt to broader trends in clean technology and sustainable investments. 

“Diversification of the energy mix is essential, but no source should be excluded,” Al-Loughani said in a statement to Kuwait News Agency. 

“Oil and gas will continue to dominate with a share of over 50 percent both now and in the future,” he added. 

The secretary-general attributed oil and gas’s continued dominance primarily to growing demand across all economic sectors, including transportation and electricity, and their increasing necessity in various industries such as petrochemicals, fertilizers, and heavy manufacturing. 

He said increased investment and innovation by the organization’s member states in clean technologies like carbon capture, utilization, and storage will make the petroleum industry more sustainable and reliable in meeting growing energy demand. 

The report noted a “significant global expansion in the renewable energy sector during the second quarter 2025, driven by major investments and supportive policies.” 

China maintained its global leadership, accounting for half of the world’s solar capacity, advancing the largest floating wind turbine, and beginning construction on the world’s biggest hydroelectric dam. 

In the US, clean energy provided most of the electricity for three consecutive months for the first time. India also saw a sharp rise in added renewable capacity, supported by solar projects. 

Al-Loughani said many Arab nations have adopted policies supporting renewables based on economic diversification. Despite this positive momentum, he also said the sector faces challenges, most notably political and regulatory instability in some markets. 

“Enhancing the infrastructure for renewable energy projects is no longer an option but has become a necessity,” as climate risks increase significantly alongside growing global interest in renewable sources, he added.

The AEO secretary-general outlined the Arab world’s potential for competitively priced green hydrogen production, which can be used for decarbonization directly or through derivatives like ammonia. This could attract foreign investment, create quality jobs, improve trade balances, and add value through exporting low-carbon products. 

“Achieving success in energy transitions requires aligning ambitions with executive capabilities through adopting realistic steps, pumping long-term investments, and establishing reliable regulatory frameworks,” he said, adding that effective energy transitions are no longer just an environmental issue but a foundation for economic stability. 

A significant financing gap remains, with over 90 percent of global clean energy investments since 2021 going to advanced economies and China, despite 80 percent of future energy demand growth coming from developing nations, Al-Loughani said. This reflects a structural imbalance that must be addressed to ensure a just and effective global energy transition. 

He also highlighted nuclear power as a pivotal strategic option for enhancing global energy security and reducing emissions, with small modular reactors opening new prospects. Furthermore, he identified critical metals markets as a strategic element for the clean energy transition, though geopolitical constraints could pose crucial tests for global supply chains. 

Regarding the digital economy, Al-Loughani said that data centers are now a vital part of global infrastructure, and their role is expected to grow with the advancement of artificial intelligence. Sustaining this growth requires major coordination to ensure clean power and develop innovative solutions to reduce consumption. 

He also said climate change is no longer a long-term challenge, but a reality that requires urgent global action for adaptation, mitigation, and protection. 

Al-Loughani added that the UN’s COP30 conference must be a turning point that is not limited to achieving ambitions, but also includes justice, equity, and finance for those who face the risks of climate change. 

He also cited artificial intelligence as holding significant potential to reduce greenhouse gas emissions by improving energy efficiency, distribution, and disaster management.