Oman Adopts Key Business Reform Workshop Outputs: Unlocking Financing Solutions for Investors and Entrepreneurs
Muscat: The Ministry of Commerce, Industry and Investment Promotion (MoCIIP) of Oman has officially endorsed the outcomes of the national “Workshop on Resolving Business Practice Challenges” and advanced key discussions on financing mechanisms aimed at supporting economic diversification sectors.
Held on January 26, 2025, at Sheraton Muscat, the workshop brought together representatives from government entities, investors, and financial institutions. The discussions culminated in five key pillars: commercial companies, labour and legislation, judicial reforms, procurement and local content, and financing and taxation.
In addressing business and labour reforms, Tahira bint Sultan Al Amri highlighted the challenges faced by investors and advocated for the creation of a unified licensing platform to minimize bureaucratic delays. Labour policies were presented by Ammar bin Salem Al Saadi, who emphasized the importance of flexible work permits and harmonization with Omanisation strategies through the Tawteen platform.
On the legal and judicial front, Assistant Secretary-General Judge Saif bin Abdullah Al Hosni underscored the necessity of specialised commercial courts and arbitration mechanisms to expedite dispute resolution, thereby enhancing investor confidence.
Regarding procurement and local content, Eng. Said bin Hamad Al Amri from the Projects, Tenders and Local Content Authority detailed progress in digitising tender processes, aiming to facilitate SME access and boost in-country value.
In the realm of financing and taxation, Rashad bin Ali Al Musafir pointed out the constraints faced by SMEs. Dr. Yousuf bin Hamad Al Balushi proposed the establishment of a national credit guarantee institution and diversification of financing tools, including sovereign sukuk and venture finance. Additionally, the Ministry of Finance emphasized the importance of balanced taxation policies to maintain fiscal sustainability.
Undersecretary Ibtisam bint Ahmed Al Farooji confirmed the official adoption of the workshop’s recommendations, highlighting their alignment with Oman Vision 2040. She also announced the formation of follow-up committees equipped with key performance indicators to ensure effective implementation.
The workshop concluded with a panel discussion led by economist Ahmed Kashoob, who stressed the critical role of tripartite partnerships among the government, banks, and private sector, particularly prioritizing support for small and medium enterprises.
This significant initiative reflects Oman’s commitment to creating a more dynamic and investor-friendly business environment while underpinning sustainable economic growth.
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Oman’s recent workshop outcomes signal a strategic push towards economic diversification by addressing critical challenges in business practices, from licensing to financing. For businesses and investors, this creates opportunities to leverage streamlined regulations, enhanced dispute resolution mechanisms, and improved SME access to finance, while smart entrepreneurs should focus on aligning with Omanisation and local content initiatives to capitalize on government-backed support. The emphasis on digitization and balanced taxation spells a more transparent and competitive environment, positioning Oman as an attractive hub for sustainable growth.
