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Observer
21 hours ago
- Business
- Observer
Oman's manufacturing sector adds RO 3.6 billion to GDP in 2024
MUSCAT: The manufacturing sector has emerged as a key engine of economic growth in the Sultanate of Oman, recording the highest growth rate among the economic diversification sectors in 2024, according to Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion. Al Yousef was speaking during the 13th regular session of the Shura Council's second term meeting on Wednesday, where he presented a detailed overview of the Ministry's achievements, ongoing projects, and strategic vision. His briefing focused on six major themes: GDP contributions from both public and private sectors, the future outlook of the industrial sector, progress on Ministry projects from 2020 to 2023, evaluation of free trade agreements and the Nazdaher programme, foreign direct investment (FDI) inflows, and future aspirations. Al Yousef reported that the manufacturing sector achieved an 8.6% growth rate by the end of 2024, with its contribution to GDP at constant prices reaching RO 3.6 billion — equivalent to 10% of the national economy. The sector has also proven its ability to attract investment, drawing RO 2.489 billion in FDI by 2024. This underscores the growing appeal of Oman's industrial landscape for international investors. Oman's industrial exports reached RO 6.2 billion in 2024, reflecting the added value and global competitiveness of national industries. Al Yousef emphasised that over 260 initiatives are being implemented in partnership with various stakeholders as part of the 2040 Industrial Strategy. Further strengthening the regulatory and commercial framework, the Ministry issued 7,523 Omani standard specifications by the end of 2024 and simplified 17 technical services. The "Invest in Oman" platform, launched in February 2023, has so far received around 90 investment applications worth RO 5.38 billion. Of these, 43 projects have already been localised, with a combined value of RO 2.25 billion. These include ventures in key sectors such as manufacturing, healthcare, food security, and renewable energy. FDI across all sectors has continued its upward trend, reaching a cumulative total of RO 30 billion by the end of 2024. Al Yousef also highlighted the role of digitalisation in simplifying business operations. The "Oman Business" platform handled over 800,000 transactions in 2024 and added 24 new digital services. To enhance transparency and promote fair competition, the Ministry has introduced measures to combat hidden trade and mandated the use of electronic payment systems across commercial activities. A ministerial decision has also been issued establishing governance principles for closed joint-stock companies. In support of local economic participation, the Ministry has introduced new regulations to support consumer cooperatives, including incentives such as access to commercial spaces and streamlined registration procedures. Regarding the digital economy, Al Yousef noted that e-commerce regulations have been implemented and the "Ma'roof Oman" platform was launched to verify and promote online stores. This initiative has led to a remarkable 236.4% increase in e-commerce licences within a year. The Minister also outlined several flagship programmes initiated by the Ministry. These include: a. The Industrial Observatory Programme, to monitor sector performance and support supply chains. b. The Automation and Artificial Intelligence Programme, aimed at modernising factories and cutting operational costs. c. The Manufacturing Programme (Tasneea) , which focuses on localising procurement and boosting national product content. d. The Ta'meer Programme, designed to link large-scale urban developments — such as Sultan Haitham City — with domestic manufacturers, enhancing economic integration. — ONA
Muscat Daily
09-04-2025
- Business
- Muscat Daily
Obtaining an E-Commerce licence made easier
Muscat – Aspiring entrepreneurs in Oman can now obtain an e-commerce licence quickly and securely through the Oman Business platform, streamlining the process for individuals and businesses looking to establish an online presence. The Ministry of Commerce, Industry and Investment Promotion has simplified the steps for applying for an e-commerce licence. The initiative aims to support digital transformation and boost confidence in online trade across the Sultanate. To apply, users must visit the official website – – and follow these steps: Navigate to Manage a Business > Licences > My CR Licences and select the relevant Commercial Registration (CR). Click on Submit Licence Application and choose the desired activity. Update the CR data to include e-commerce as an activity. Select the activity location – for companies, choose the address type as Default. Tick Yes when asked if the activity is to be licensed as e-commerce. Enter a physical address or e-commerce URL. Fill out the application form, upload required documents, and pay the applicable fees. Upon successful submission, the licence will be issued automatically, offering a seamless experience for applicants.
Observer
08-03-2025
- Business
- Observer
Oman strengthens standards and quality sector
MUSCAT: Oman has made significant strides in the specifications and standards sector, driven by strategic initiatives aimed at enhancing product quality, improving competitiveness, and supporting the national economy. The Ministry of Commerce, Industry, and Investment Promotion has outlined a comprehensive vision to further develop this sector, aligning with the country's broader economic diversification efforts under Oman Vision 2040. Imad bin Khamis al Shukaili, Director General of Specifications and Standards at the Ministry, highlighted that the coming years will witness the implementation of several key initiatives, including the launch of the national standardisation and quality strategy for the period 2026–2030. This strategy aims to strengthen regulatory frameworks, introduce new quality standards, and expand the scope of conformity certification services. One of the most significant advancements in the sector has been the exponential growth in revenues, surging from RO 56.9 million in 2022 to RO 362.9 million in 2024, marking an impressive 537% increase. This remarkable expansion has been attributed to a series of policy reforms, enhanced legislation, and digital transformation initiatives. The introduction of the "Hazm" platform has played a crucial role in streamlining certification processes, facilitating electronic standardisation services, and expediting product compliance procedures. Additionally, the Ministry has focused on strengthening the sector's infrastructure by adopting international best practices in standard specifications and expanding the network of authorised conformity assessment bodies. The drive for higher quality standards has extended across various industries, with new specifications being introduced for essential products such as water meters, smart bricks, and precast ceilings. The Ministry has also intensified efforts to implement quality management systems, ensuring that locally manufactured and imported products meet strict regulatory requirements. As part of a broader market surveillance plan for 2025, authorities will conduct extensive inspections to monitor compliance and prevent the circulation of substandard goods. The precious metals sector has also witnessed substantial growth, with revenues amounting to approximately RO 203.7 million between 2020 and 2024. This reflects increased consumer confidence in certified gold, silver, and platinum products, supported by rigorous quality control measures and a robust licensing framework. The Ministry has introduced a set of electronic services to enhance efficiency, including an automated system for issuing conformity certificates through the "Oman Business" platform. In 2024 alone, a total of 13,526 permits were issued, significantly reducing bureaucratic delays and improving ease of doing business. Oman's focus on standardisation is not only aimed at improving local market conditions but also at enhancing the country's export potential. By ensuring that Omani products adhere to global quality benchmarks, businesses can gain greater access to international markets, strengthening trade relations and attracting foreign investment. The government's commitment to reducing import dependency has also been evident, as sustainable industrial strategies have led to a sharp decline in the number of product release permits—from 6.3 million in 2020 to just 22,005 in 2024. This shift underscores the growing capability of domestic industries to meet market demands while maintaining high standards of production. Oman plans to expand its electronic standardisation services further, integrating artificial intelligence and automation to enhance efficiency and accuracy in regulatory compliance. The Ministry is also exploring new partnerships with international standardisation bodies to facilitate knowledge exchange and ensure that Omani regulations remain aligned with evolving global trends. In addition, efforts are being made to boost consumer awareness of quality standards through public campaigns and industry collaborations, reinforcing the importance of compliance for businesses operating in the Sultanate of Oman.
