When the government launched the “Promising Companies Market” as a five-year platform to help local firms access capital, many people saw it as simply another financing tool. But the real story lies elsewhere. This initiative signals a deeper shift in the way Oman wants its private sector to think, grow and compete. It is less about pumping money into companies and more about building a new business culture — one defined by transparency, discipline and ambition.
For years, the major obstacle to private-sector growth was not the lack of funds. Banks had liquidity. Investment funds were active. National programmes were constantly introduced. Yet most companies struggled to expand because they lacked the structure and governance needed to attract and manage investment. In truth, capital was available, but investable companies were not.
That is why this new market matters. It tells the private sector that the era of closed, family-run businesses that avoid transparency is fading. The future belongs to companies that grow through clarity, accountability and strong management — not through protection or connections.
In advanced economies, listing on a market is not a reward; it is a test. Companies that pass it demonstrate they can publish clean financial statements, separate ownership from day-to-day management and make decisions based on data rather than instinct. They show they are ready for scrutiny, investor expectations and the pressure to perform consistently.
The Promising Companies Market offers three flexible pathways — direct listing, indirect listing or conversion into a closed joint-stock company with targeted incentives. But beneath these technical pathways is a more important question: How many Omani companies are truly ready for this cultural transformation?
Companies often face internal challenges that hold them back: weak governance structures, family-based decision-making, limited financial reporting, fear of sharing ownership and a lack of long-term planning. These issues cannot be solved with loans or tax incentives alone. They require a shift in mindset. A company can receive every type of support, but without a modern organisational culture, it will remain fragile and unable to scale.
Investors — whether local or international — look for two things: trustworthy numbers and reliable management. If this programme manages to help even a modest number of companies develop these qualities, the impact could be profound. Oman would gain a new generation of firms capable of exporting, forming global partnerships and leading new industries.
This matters because Oman’s future economy — built around green hydrogen, logistics, advanced manufacturing, technology, aquaculture and tourism — depends on companies with strong internal systems. Without a modern business culture, even the most promising sectors will struggle to grow.
One risk is that incentives could end up circulating among the same established companies. If that happens, the programme will lose its purpose. The real achievement lies in bringing fresh companies into the formal market — companies led by young entrepreneurs, innovators and ambitious SMEs. That is why the third pathway, which supports conversion to a closed joint-stock company with tax and marketing incentives, is so important. It opens the door to companies that were previously excluded.
The Promising Companies Market should be viewed within the broader economic transition underway in Oman. The country is shifting from a state-led model to an economy powered by private-sector initiative. This shift includes regulatory reforms, FDI growth, industrial diversification, digital transformation and new green-energy investments. To keep pace with these developments, companies must evolve — structurally and culturally.
The Promising Companies Market is more than a platform for funding. It is a call for companies to rethink how they operate, how they grow and how they present themselves to investors. If this programme succeeds in reshaping business culture before reshaping balance sheets, it could become one of the most influential private-sector reforms of the Oman Vision 2040 era. It has the potential to redefine what it means to be a successful Omani company and to open the door to a stronger, more resilient economy.
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