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Business Opportunities in Oman

Oman has a diversified economy, with various sectors contributing to its growth, including oil and gas, manufacturing, agriculture, and service. While oil and gas have traditionally been significant contributors, the Ministry of Commerce in Oman is actively pursuing strategies to reduce dependence on these sectors and foster economic diversification.

Before the economic growth observed due to oil exploration in the region, Oman primarily depended on minerals mining, textiles, fisheries, and dates cultivation. The Ministry of Commerce in Oman is trying to incentivize these sectors and focusing on the Sultanate's infrastructure, primarily the ports, airports, and roads, to encourage exports. Oman is part of the Gulf Corporation Council (GCC), which allows the free movement of goods and services within the member countries and facilitates trade between the member states. As an entrepreneur or business owner, it acts as an added incentive to cater to a bigger market. Ministry of Commerce in Oman is promoting non-oil and gas sectors in Oman, it creates many business opportunities for startups to cater to a larger market, which is still in a nascent state. Let’s discuss a some sectors apart from Oil and Gas that the Government of Oman is promoting where there are a lot of opportunities for investors, who can plan their foray and set up a company in Oman

  • Travel and Tourism: Oman's travel and tourism sector holds significant potential despite the challenges posed by the COVID-19 pandemic. The Government has implemented various support schemes to help investors weather the storm. The initiatives, coupled with the sector's inherent strengths, have positioned it as a thriving economic contributor.
  • Technology Company: Oman has started a journey where they wanted to take an ambitious stride towards a knowledge-based economy.  The Government has launched the Digital Transformation Program, which aims to raise the productivity and efficiency of public sector services. Its objective is to simplify the procedures for citizens, the business sector and government institutions. The Digital Transformation Program has given many of the startups the opportunity to build products that are technologically advanced and seamless. The startups with their products, once ready to roll out to the masses, will have potential to serve all the people of the GCC region.
  • Logistics and Transportation: Oman is strategically located on the world maritime map and has significantly contributed to the maritime trade. Oman offers a gateway to continents connecting Europe with Asian markets. The Strait of Hormuz is a critical global oil and gas transport shipping route and contributes significantly to the maritime trade. Oman has developed five major ports in Oman, which has helped in develop into one of the prominent logistic hubs. Each of these ports has seen a significant increase in cargo and activities related to logistics. Oman was predominately dependent on Muscat International Airport. The ministry, with its planned approach, has set a goal of increasing the annual passenger traffic and improving connectivity. To improve connectivity and help the business sector, they have strategically built airports across the business hubs, which would help businesses. Oman has built high-quality road infrastructure that allows the movement of people and goods. Several large-scale projects have been undertaken and planned to improve the transportation network.  The railways are connected to major port cities like Muscat, Sohar, Duqm and Salalah to leave no stone unturned, which would primarily assist in the shipment of goods through the port cities.

There are many other sectors which are thriving in Oman. These are a few sectors that we touched on. If you plan to set up a company in Oman, we at Gryffin Capitalist can help you with your company license.

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Jenny Doe

Jenny is an award-winning SEO consultant who specializes in using branded PR to maximize SEO results for clients by building E-A-T and has an extensive background in niche affiliate and technical SEO.