Oman adopts business-reform workshop outputs, tackles financing hurdles

Muscat: Oman’s Ministry of Commerce, Industry and Investment Promotion (MoCIIP) has endorsed the outcomes of the national “Workshop on Resolving Business Practice Challenges” and advanced discussions on financing mechanisms to support economic diversification sectors.

The workshop, launched on January 26, 2025 at Sheraton Muscat, brought together government entities, investors, and financial institutions. Its conclusions were reviewed in five pillars covering commercial companies, labour and legislation, judicial reforms, procurement and local content, and financing and taxation.

Business and labour reforms

Tahira bint Sultan Al Amri outlined challenges facing investors and called for a unified licensing platform to reduce bureaucratic delays. Labour policies, presented by Ammar bin Salem Al Saadi, emphasised flexible work permits and alignment with Omanisation strategies through the Tawteen platform.

Legal and judicial streamlining

Assistant Secretary-General Judge Saif bin Abdullah Al Hosni stressed the importance of specialised commercial courts and arbitration mechanisms to speed up dispute resolution, reinforcing investor confidence.

Procurement and local content

Eng. Said bin Hamad Al Amri from the Projects, Tenders and Local Content Authority highlighted progress in digitising tendering processes, aimed at easing SME access and strengthening in-country value.

Financing and taxation

On financing, Rashad bin Ali Al Musafir noted constraints for SMEs, while Dr Yousuf bin Hamad Al Balushi proposed establishing a national credit guarantee institution and diversifying tools such as sovereign sukuk and venture finance. The Ministry of Finance underlined the need for balanced taxation policies to ensure fiscal sustainability.

Implementation and governance

Undersecretary Ibtisam bint Ahmed Al Farooji confirmed the adoption of workshop outcomes, stressing alignment with Oman Vision 2040 and the creation of follow-up committees with key performance indicators.

A concluding panel led by economist Ahmed Kashoob reinforced the importance of tripartite partnerships between government, banks, and the private sector, with a focus on prioritising small and medium enterprises.