In the Sultanate of Oman, the Ministry of Commerce, Industry, & Investment Promotion (MoCIIP) has reported a significant increase of 97 percent in legal and commercial registrations across all governorates, reaching a total of 450,768 by the end of the first quarter of 2024. This surge can be attributed to the growing trend among investors, companies, and small and medium enterprises (SMEs) to utilize the digital platform ‘Oman Business Platform’ for their transactions, making the process of obtaining commercial registrations more efficient and convenient. The registrations encompass a wide range of categories including individual traders, partnerships, and branches of foreign companies among others. Compared to the same period in the previous year, there has been a noticeable rise in the number of registrations in the current year, showcasing a positive trend in the business landscape of the country.
The breakdown of commercial registrations by governorate reveals varying numbers with different regions showing diverse levels of activity. For instance, the end of the first quarter of 2024 saw 12,911 registrations in Al Buraimi Governorate, 27,967 in Al Dakhiliyah Governorate, and 60,060 in North Al Batinah Governorate among others. Additionally, the number of commercial registrations involving foreign investors has seen a substantial uptick, reaching 47,287 by the end of the first quarter of the current year, a significant increase from 2,700 registrations in the same period of 2023. The surge in foreign investments across various governorates is an encouraging sign for the economic growth and development of Oman, showcasing increased confidence and interest from international stakeholders.
The Ministry of Commerce, Industry, & Investment Promotion has been actively promoting digital transformation in its services, aligning with the nation’s broader efforts towards digitalization. By leveraging platforms like ‘Oman Business Platform’ and service delivery offices of ‘Sanad’, the ministry has been able to issue a total of 638,795 automatic licenses by the end of the first quarter of 2024. Furthermore, the ministry’s focus on enhancing the investment environment in Oman, simplifying business startup processes, and encouraging a diverse range of projects reflects a commitment to fostering economic growth and prosperity in the country. By streamlining procedures, stimulating economic activity, and implementing global best practices, Oman aims to improve its rankings in ease of doing business, competitiveness, and innovation on the international stage.
Aside from the positive trends seen in commercial registrations, there has also been an increase in the number of cancelled and under-liquidation commercial registrations, totaling 3,066 by the end of the first quarter of 2024, marking a 15.8 percent rise compared to the same period in 2023. Similarly, the number of industrial licenses has also seen a notable increase, reaching 17,305 by the end of the first quarter of 2024, showing an 83.7 percent growth from the previous year. These statistics indicate a dynamic and evolving business landscape in Oman, with both challenges and opportunities present for investors and companies operating in the market.
Overall, the data from the Ministry of Commerce, Industry, & Investment Promotion underscores the positive momentum in Oman’s business environment, driven by increased digitalization, foreign investments, and a commitment to enhancing the overall ease of doing business in the country. As Oman continues to pursue its economic development goals, leveraging technology, attracting foreign investments, and implementing streamlined processes will be crucial in sustaining this growth trajectory and building a more competitive and innovative business landscape in the Sultanate.
