Latest news with #Tejarah
Observer
17-04-2025
- Business
- Observer
Oman's investment climate strengthens in 2024
MUSCAT: The Ministry of Commerce, Industry and Investment Promotion (MoCIIP) held its annual media briefing on April 17, 2025 under the slogan 'Partnering for Synergy'. Senior ministry officials, media representatives, economists, and influencers attended the event, which showcased the ministry's achievements in advancing the national economy, improving the investment environment, and simplifying procedures in alignment with Oman Vision 2040. In 2024, the number of registered commercial records reached 441,773, a 14 per cent increase from the previous year. Domestic trade contributed RO 19.127 billion to GDP, while foreign direct investment rose to RO 30.042 billion, with the oil and gas sector accounting for nearly 80 per cent of the total. The total volume of trade stood at RO 40.943 billion, including RO 24.23 billion in exports. Non-oil exports contributed RO 6.23 billion, and re-exports stood at RO 1.71 billion. Over the past five years, the investment sector more than doubled, and industrial sector contribution's rose by 7.7 per cent. Trade volumes grew by 15.4 per cent during the same period In terms of employment, 18,437 Omanis were hired across key sectors in the second half of 2024, and 10,891 more were employed in Q1 2025, reflecting a 67.7 per cent increase. MoCIIP affirmed its continued commitment to Omanisation and collaboration with the National Employment Programme and private institutions. The ministry also launched multiple initiatives in 2024, including the WhatsApp channel 'Tejarah', the investor feedback portal 'Ishrak', and the Najd Agricultural Zone Guide to promote investment in food security. It also announced the first Advantage Oman Forum to be held in April 2025. Foreign direct investment rose to RO 30.042 billion in 2024 Digital transformation remained a major focus, with 827,129 transactions completed on the Oman Business Platform in 2024 and over 1.2 million through Sanad Service Centres, which now number 913. Customer satisfaction reached 84 per cent, and MoCIIP received the 2024 Customer Service Award. Furthermore, 14,685 conformity certificates were issued electronically, and 1,000 new standards were accredited to improve product quality and competitiveness. To enhance the investment environment, MoCIIP reduced commercial registration fees for foreign investors and launched new tools such as the Investment Dashboard and Economic Events Calendar. Sixty-eight investment opportunities are listed on the Invest in Oman platform, and 90 projects are under development. As of February 2025, 3,407 investors from more than 60 countries received residency under the Investor Residency Programme. The Ministry also introduced the Rapid Intervention Window via the 80000222 hotline to support investors in resolving challenges promptly. Oman Exports was introduced to expand the non-oil export base, offering market intelligence, licensing support, and global trade tools for Omani companies. The Nazdahir Programme and Oman Centre for Strategic Partnerships aim to strengthen the private sector and attract global partnerships, while ongoing trade negotiations support Oman's integration into international markets. The Competition Protection and Monopoly Prevention Centre reported a continued decline in harmful practices, receiving just 15 complaints and 7 economic concentration requests in 2024. It is transitioning to a fully digital platform and expanding awareness efforts. Seven new laws and regulations were issued in 2024, covering commercial activity governance, conformity standards, LPG regulation, and foreign investment restrictions. Overall, the ministry's achievements in 2024 reflect significant progress in facilitating investment, supporting national employment, and fostering an integrated, technology-driven business ecosystem.
Observer
17-04-2025
- Business
- Observer
Ministry of Commerce launches new digital initiatives
Muscat: Oman's Ministry of Commerce, Industry and Investment Promotion announced significant economic growth and unveiled several new digital initiatives during its annual media briefing held Thursday under the slogan "Partnering for Synergy." The Ministry launched several key digital platforms to improve business operations and investor engagement. The "Tejarah" WhatsApp broadcast channel was introduced to enhance communication with the public, delivering key updates related to Ministry services. The "Ishrak" Portal was unveiled to allow investors to participate in evaluating laws and regulations that impact the investment environment. Additionally, the Najd Agricultural Zone Guide was launched to empower investors by highlighting opportunities in Oman's food security sector, particularly in Dhofar Governorate. The Ministry also announced the first edition of the Advantage Oman Forum, scheduled for April 27-28, 2025, which will bring together senior government officials from GCC countries and global business leaders. Significant progress was reported in employment and Omanisation efforts, with 18,437 Omani nationals employed across key sectors in the second half of 2024, and an additional 10,891 in the first quarter of 2025. The Sanad Service Centers, which completed over 1.2 million transactions in 2024, provided 2,400 job opportunities, with 61% of positions occupied by women. Digital transformation remains a priority, with the Oman Business Platform processing 827,129 transactions in 2024, a 15.1% increase from 2023. Since its inception in April 2021, the platform has issued over 1.16 million automatic licenses. Other initiatives include the Hazm Platform for product safety and the Maroof Oman Platform for e-commerce regulation. The Ministry successfully implemented 41 initiatives in 2024, completing 29 with a 100% completion rate. For 2025, 15 new initiatives are planned across various sectors, including trade, industry, competition protection, and investment promotion. Efforts to combat hidden trade have begun in three governorates, with audits conducted on 581 commercial companies, resulting in administrative actions against 410 non-compliant establishments. These comprehensive efforts underscore Oman's commitment to economic diversification, sustainable development, and creating a competitive business environment in accordance with Vision 2040 objectives.
