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Times of Oman
14-05-2025
- Business
- Times of Oman
Omani Commercial Office opens in United States
Washington- Oman Chamber of Commerce and Industry (OCCI) inaugurated the Omani Commercial Office in the United States during a ceremony held at the Sultan Qaboos Cultural Center in Washington, D.C., under the patronage of Talal Sulaiman Al Rahbi, Oman's Ambassador to the United States. The office aims to support Omani exports to the U.S. market, enhance imports of high-quality American goods, attract U.S. investments to Oman, and enable Omani companies to expand into American markets while fostering trade partnerships. Additionally, the office will play a pivotal role in coordinating trade delegations, organizing business meetings, and providing advisory services on leveraging the U.S.-Oman Free Trade Agreement (FTA). It will also supply economic reports to aid decision-making in Omani exports and mutual investments. Faisal Abdullah Al Rowas, Chairman of OCCI's Board of Directors, stated that the opening of the office marks a strategic step in empowering Oman's private sector and strengthening its presence in global markets. He emphasized that the move aligns with OCCI's efforts to broaden trade and investment horizons while establishing direct channels with major global economies. Al Rowas added that the office is expected to boost Omani exports, attract high-value investments, and serve as an effective platform for business engagement between the two nations. It will also facilitate access to regulatory information for Omani products entering the U.S. market, supporting private sector growth and sustainable economic development. He noted that the office will act as a knowledge hub, offering practical solutions to sustain Omani and American businesses while fostering international partnerships. This initiative aligns with Oman Vision 2040 goals to diversify the economy and enhance global economic integration. On her turn, Ibtisam Ahmed Al Farooji, Undersecretary of the Ministry of Commerce, Industry, and Investment Promotion for Investment Promotion, highlighted that the office reflects Oman's strategic focus on increasing foreign direct investment (FDI) inflows and their contribution to the national economy. She stressed that the office will provide American companies greater access to Oman's competitive business environment, noting that it is part of Oman's broader plan to expand its overseas representation in key markets. The U.S. market, she added, is vital for Oman, particularly under the FTA, which offers trade facilitations and investment opportunities. Meanwhile, Ambassador Talal Al Rahbi described the office as a milestone in Oman-U.S. trade relations, rooted in a 200-year history of cooperation. He emphasized its role in economic diplomacy and expanding Oman's global trade network, calling it a direct bridge for business communities in both countries—especially in sectors like industry, technology, and clean energy. On her turn, Ana Escrogima, U.S. Ambassador to Oman, affirmed that the office underscores the advanced economic ties between the two nations. She described it as a new economic bridge offering mutual benefits and enhancing private sector competitiveness. Saud Ahmed Al Nahari, OCCI Board Member, stated that the office will help Omani companies navigate the U.S. market through tailored support, joint economic events, and data-driven insights. Zakariya Abdullah Al Saadi, OCCI's CEO, said that the office institutionalizes Oman's external economic outreach, improving export competitiveness in dynamic markets. Meanwhile, Amy Hahn, Director of the Omani Commercial Office in the U.S., outlined its digital platform as an integrated hub offering analytics, reliable data, and sector-specific resources. The office will also launch two strategic programs: a Business Assistance Program for specialized consultations and a Business Accelerator Program for targeted entrepreneurs over the next two years. The office's opening signifies a qualitative leap in equipping Oman's private sector with tools for global expansion, particularly in the highly competitive U.S. market. Beyond boosting exports and investments, it serves as a strategic platform to elevate Oman's presence in international economic forums and address regulatory challenges. The event was attended by officials and private sector representatives from both countries. —— Ends/AH
Zawya
18-04-2025
- Business
- Zawya
Oman records nearly 14% rise in commercial registrations in 2024
Muscat: The Ministry of Commerce, Industry, and Investment Promotion (MoCIIP) has revealed during its annual media briefing in Muscat that the cumulative number of commercial registrations in Oman increased by 13.96% in 2024, reaching 441,773 compared to 2023. The ministry highlighted a 3.6% growth in the contribution of domestic trade to Oman's GDP in 2024, amounting to over 19 billion OMR. Service activities accounted for 46.5% of the GDP. Additionally, foreign direct investments exceeded 30 billion OMR by the end of 2024, marking an increase of 4.58 billion OMR compared to the previous year. Investments in the manufacturing sector reached over 2.4 billion OMR. Oman's total trade volume with global markets exceeded 40.9 billion OMR in 2024, with commodity exports reaching 24.2 billion OMR. The ministry continues to enhance its presence in regional and global markets, focusing on GCC countries, East Asia, Africa, the Indian subcontinent, the USA, Europe, and China to promote economic diversification. In 2024, the ministry implemented 41 initiatives, completing 29, and plans to carry out 15 initiatives in 2025 across trade, industry, investment services, competition protection, and standardization sectors. Through Oman Business Platform, 827,129 transactions were processed in 2024, a 15.1% increase compared to 2023, alongside over one million automatic licenses issued since April 2021. Requests for trademarks, patents, copyrights, and industrial designs totaled 12,675 in 2024. The Sanad Service Centers completed over 1.2 million electronic transactions via 913 centers. The ministry continues to implement specialized programs targeting sectors such as wholesale and retail, construction, and manufacturing, in collaboration with the National Employment Program, Ministry of Labour, and local companies. Oman employed 18,437 citizens in these sectors in the second half of 2024. The Invest in Oman platform showcased 68 investment opportunities and processed 90 projects, with 40 valued over 1 billion OMR localized. By February 2025, Oman had issued Investor Residency Program cards to 3,407 investors from over 60 countries. The ministry also launched initiatives to improve trust in conformity assessment outputs and adopted over 1,000 new standards to boost product competitiveness internationally. Efforts to combat concealed trade were advanced alongside "Oman Exports," which connects local companies to global markets and promotes non-oil exports. During the briefing, the ministry unveiled the 'Najd Agricultural Area Guide' to attract investment in food security, 'Ishrak Window' for investor participation in reviewing regulations, and 'Tijara Channel' for enhanced public engagement. It also announced the first "Advantage Oman Forum" on April 27-28 to explore investment prospects globally and locally. The event was attended by officials including Minister of Commerce, Industry, and Investment Promotion Qais bin Mohammed Al-Yousef and other high-ranking representatives. © Muscat Media Group Provided by SyndiGate Media Inc. ( Times of Oman
Times of Oman
18-04-2025
- Business
- Times of Oman
Oman records nearly 14% rise in commercial registrations in 2024
Muscat: The Ministry of Commerce, Industry, and Investment Promotion (MoCIIP) has revealed during its annual media briefing in Muscat that the cumulative number of commercial registrations in Oman increased by 13.96% in 2024, reaching 441,773 compared to 2023. The ministry highlighted a 3.6% growth in the contribution of domestic trade to Oman's GDP in 2024, amounting to over 19 billion OMR. Service activities accounted for 46.5% of the GDP. Additionally, foreign direct investments exceeded 30 billion OMR by the end of 2024, marking an increase of 4.58 billion OMR compared to the previous year. Investments in the manufacturing sector reached over 2.4 billion OMR. Oman's total trade volume with global markets exceeded 40.9 billion OMR in 2024, with commodity exports reaching 24.2 billion OMR. The ministry continues to enhance its presence in regional and global markets, focusing on GCC countries, East Asia, Africa, the Indian subcontinent, the USA, Europe, and China to promote economic diversification. In 2024, the ministry implemented 41 initiatives, completing 29, and plans to carry out 15 initiatives in 2025 across trade, industry, investment services, competition protection, and standardization sectors. Through Oman Business Platform, 827,129 transactions were processed in 2024, a 15.1% increase compared to 2023, alongside over one million automatic licenses issued since April 2021. Requests for trademarks, patents, copyrights, and industrial designs totaled 12,675 in 2024. The Sanad Service Centers completed over 1.2 million electronic transactions via 913 centers. The ministry continues to implement specialized programs targeting sectors such as wholesale and retail, construction, and manufacturing, in collaboration with the National Employment Program, Ministry of Labour, and local companies. Oman employed 18,437 citizens in these sectors in the second half of 2024. The Invest in Oman platform showcased 68 investment opportunities and processed 90 projects, with 40 valued over 1 billion OMR localized. By February 2025, Oman had issued Investor Residency Program cards to 3,407 investors from over 60 countries. The ministry also launched initiatives to improve trust in conformity assessment outputs and adopted over 1,000 new standards to boost product competitiveness internationally. Efforts to combat concealed trade were advanced alongside "Oman Exports," which connects local companies to global markets and promotes non-oil exports. During the briefing, the ministry unveiled the 'Najd Agricultural Area Guide' to attract investment in food security, 'Ishrak Window' for investor participation in reviewing regulations, and 'Tijara Channel' for enhanced public engagement. It also announced the first "Advantage Oman Forum" on April 27-28 to explore investment prospects globally and locally. The event was attended by officials including Minister of Commerce, Industry, and Investment Promotion Qais bin Mohammed Al-Yousef and other high-ranking representatives.
