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Top 10 Industries for Business Setup in Oman

Oman is the second largest country in the Arabian-peninsula only next to Saudi Arabia in size and GDP growth. The Oman has a well-developed Oil and Gas industry which is a major contributor to the gulf nation’s economy. However, the Government has undertaken major steps to diversify the Sultanate’s economy with its flagship plans of Vision 2020 and Vision 2024 and reduce the contribution of Oil and Gas to the country’s GDP.  The Government has actively worked on tweaking the existing rules to encourage foreign investment and support entrepreneurs to setup business in Oman. Further, the Government has made double tax treaties with major world economies such as United States and Japan. The investors looking for company setup in Oman should understand the business ecosystem of the Sultanate. Here are few industries which can be considered as the major players in the Oman business ecosystem. 

  • Oil and Gas – Oman is an active partner in the OPEC, a league of oil producing nations. Oman produces close to 1million barrels per day of crude oil and exports most of it. There are many local and international players involved in Oman Oil and Gas industry. The O&G ecosystem is further encouraging the supporting services to setup business in Oman and provide auxiliary services such as drilling, chemicals, fracking etc.
  • Tourism – Due to its strategic location with proximity to sea and the Arabian desert sands, the arid landscape of Oman with its valleys, unique vegetation, coasts and sands have attracted tourists from neighbours and around the world. The sector is expected to grow multi-fold and create more opportunities for entrepreneurs looking for company registration in Oman.
  • Mining & Minerals – Oman has one of the highest mineral reserves in the world which includes copper, iron, magnesium and manganese. The opening of the economy has enabled foreign companies to setup operations in Oman for mining and mineral related business.
  • Manufacturing – Oman has more than 5 freezones and special economic zones offering many incentives such as no custom duties on imports and exports, no restriction on foreign exchanges along with 100% foreign ownership for manufacturing companies.  It has attracted the attention of major manufacturers around the globe to setup business in Oman and serve local and MENA markets. 
  • Digital Services – Oman Vision 2040 plan hoped to bring transformation for the economic growth and social development. The Government has promoted investment to integrate the data and related infrastructure under Oman ICT Group. It provides great opportunities for the global tech companies to setup their companies in Oman and offer services to both Oman and wider gulf region.  
  • Agriculture – The unique landscape of Oman has enabled the cultivation of some rare varieties of Arabian dates and other fruits. The Omani Government has been promoting the sector to increase the food security of the nation and opened the sector for more innovative foreign technologies offering great inroads for the investors. 
  • Food Processing – The freezones next to the Omani ports are home to many food processing industries inclined towards the import-export business. The raw materials imported through the ports are processed and exported for other gulf nations. 
  • Logistics and Transport – The Government investment to improve the nation’s infrastructure over the years has improved the road connectivity to the major cities and ports across the Sultanate. The improvement of the airports and ports has ensured seamless transportation inside the country. It has opened doors for transportation and logistics companies to setup business in Oman.
  • Facility management Company – The presence of SEZs and freezones has attracted many companies to setup their operations and the raising economic growth has offered many opportunities for service sector companies in the areas of facility management. 
  • Restaurant – The various business opportunities provided by the growth-oriented Government policies and freezones have attracted many foreigners to make Oman their home in the Gulf which has opened opportunities for restaurants. The restaurants in Oman are also allowed to serve alcohol with an additional license. 

With a steady and continuous growth rate over the last many years, Oman has become the go-to location for many foreign investors to setup business in the Sultanate. Our experts in Gryffin Capitalist, with years of experience can help entrepreneurs in Oman company formation. 

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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.