Oman’s investment climate strengthens in 2024
Published: 06:04 PM,Apr 17,2025 | EDITED : 10:04 PM,Apr 17,2025
Key officials at the MoCIIP media briefing
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.
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.
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.
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.