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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Observer
15 hours ago
- Observer
China, US ease trade restrictions after deal
China and the United States have agreed to ease some trade restrictions, according to statements from both sides. China's Ministry of Commerce announced on Friday that it will review and approve applications for the export of 'controlled goods' that comply with regulations, while the US would lift a series of 'restrictive measures' against China. US President Donald Trump previously mentioned a signed agreement with China but left many questions unanswered. "We just signed with China yesterday," the Republican said at an event at the White House while talking about making deals with other countries. Trump also suggested that there could 'maybe' be a 'very big' deal with India. US Commerce Secretary Howard Lutnick later confirmed in an interview with financial news agency Bloomberg that the deal with China had been signed. He said China would supply rare earths, while the US will end its countermeasures. Since Trump launched a trade war with Beijing in February, the world's two largest economies have been locked in a tit-for-tat tariff fight that has unnerved global markets. In April, Trump increased tariffs on goods from China to as much as 145 per cent. In response, Beijing imposed counter-tariffs of 125 per cent and introduced export controls on industrially important rare earths and magnets made from them, on which China holds a near-monopoly. At the height of the tariff dispute in May, high-level delegations from both sides agreed in Geneva to significantly reduce tariffs for 90 days while continuing negotiations. It remains unclear, however, what will happen after the August deadline. The US has since imposed further restrictions on the export of important technology, such as software for computer chips and aviation components, for which China still relies on foreign manufacturers. Another meeting between the two sides, in London in early June, focused on the trade restrictions. US representatives eventually agreed with their Chinese counterparts on a reduction, although for a long time no details emerged. Observers interpreted the outcome as a return to the state of play after the Geneva meeting. Both countries' presidents were expected to approve the decisions following the London talks. Beijing's export restrictions on rare earths has put significant pressure on industries outside of China. The measures affected all countries, not just the US. In Germany's important automotive and mechanical engineering sectors, companies are concerned about the supply of important metals used in sensors or electric motors. China justified the controls by stating that the raw materials can have both civilian and military uses. Companies said it was taking along time for China's Ministry of Commerce to process applications, without certainty of approval. Concerns have grown about potential production halts. The Ministry of Commerce in Beijing has repeatedly said it has approved applications for companies in the EU and intends to speed up the process. — dpa
Times of Oman
a day ago
- Times of Oman
Oman shines as Guest of Honour at Algiers International Fair
Muscat: The Sultanate of Oman's pavilion is making a vibrant impression at the 56th Algiers International Fair, where Oman is this year's guest of honour. The pavilion beautifully reflects the country's economic and cultural identity through its design and diverse offerings. Oman's participation includes 60 companies spanning sectors such as pharmaceuticals, transportation, electric converters, real estate, fisheries, tourism, food products, and traditional crafts. Culturally, the pavilion spotlights the historic Al-Aqr neighbourhood, revitalised by the community and linked to the ancient capital of Nizwa and the beloved craft of Omani halwa making. Mahmoud bin Suleiman Al-Yazeedi, Head of Export Promotion at the Ministry of Commerce, Industry, and Investment Promotion, stated that Oman's selection as guest of honour inspired the development of a comprehensive exhibit representing its cultural, economic, and service sectors. He noted that the nearly 900-square-metre pavilion includes sections for government bodies, the general council, SMEs, large corporations, artisans, and a cultural area. Designed as an authentic Omani village, it showcases landmarks tied to the country's natural and cultural heritage, immersing visitors in the richness of Omani civilisation. The design was overseen by the "Oman Exports" team, symbolising the Sultanate's efforts to expand its products' global presence and guide exporters towards international markets. Accompanying the exhibition is a traditional Omani folklore troupe performing national songs that highlight Oman's deep artistic and cultural heritage.
Observer
2 days ago
- Observer
Oman receives RO 30 billion FDI
MUSCAT: Oman received nearly RO 30 billion by the end of 2024 due to simplification of procedures through the Oman Business Platform, which processed over 800,000 transactions in 2024 and added 24 digital services. Speaking during a session of the Majlis Ash'shura on Wednesday, Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, reviewed the ministry's ongoing initiatives in industrial growth, investment attraction and digital transformation. Discussions covered the contribution of public and private sectors to Oman's gross domestic product, evaluations of free trade agreements and updates on the Nazdaher programme. To combat "hidden trade" and ensure fair competition, the ministry has enforced measures including mandatory electronic payment methods for commercial activities, aligning with global trends in the digital economy. A ministerial decision was also issued to enhance corporate governance standards for closed joint-stock companies, said the minister. The minister stated that the trade sector's contribution to GDP at constant prices reached approximately 8.3 per cent in 2024, amounting to RO 3.225 billion, with a cumulative growth rate of 6.6 per cent during the Tenth Five-Year Plan. He added that the manufacturing sector recorded the highest growth rate among economic diversification activities, at 8.6 per cent, reaching RO 3.6 billion at constant prices by the end of 2024 — constituting 10 per cent of GDP. He highlighted that industrial exports reached RO 6.2 billion in 2024, reflecting the growing added value of national industries. He noted that over 260 initiatives are currently being implemented in collaboration with partners and stakeholders as part of the Industrial Strategy 2040. The minister revealed that the number of Omani standard specifications issued by the ministry by the end of 2024 totalled 7,523, with 17 technical services streamlined. Additionally, the Invest Oman platform received around 90 investment requests worth RO 5.38 billion between its launch in February 2023 and June 2025, with 43 projects worth RO 2.25 billion localised in strategic sectors such as industry, healthcare, food security and renewable energy. He further added that the ministry has bolstered community participation in the local economy through initiatives supporting consumer cooperatives, including regulatory incentives such as streamlined registration and commercial site allocation. In e-commerce, new regulations were introduced, and the Ma'roof Oman platform was launched to certify online stores, boosting consumer trust and increasing licenses by 236.4% within a year. Al Yousef pointed out that key programmes launched include the Industrial Observatory to monitor sector performance and optimise supply chains, the Automation and AI Programme to modernise factories, Tasneea to localise procurement, and Ta'meer to link major urban projects like Sultan Haitham City with local products — fostering economic integration. BOX GRAPH POINTS 1. Trade sector's contribution to GDP at constant prices reached approximately 8.3 per cent in 2024, amounting to RO 3.225 bn 2. Industrial exports reached RO 6.2 billion in 2024, reflecting the growing added value of national industries 3. 260 initiatives are currently being implemented in collaboration with partners and stakeholders as part of the Industrial Strategy 2040 4. Invest Oman platform received around 90 investment requests worth RO 5.38 billion between its launch in February 2023 and June 2025
