Oman’s Intensified Crackdown on Hidden Trade: Key Impacts for Investors and Business Owners
MUSCAT: The Ministry of Commerce, Industry and Investment Promotion has successfully completed the second phase of its campaign to combat hidden trade, focusing specifically on small and medium enterprises (SMEs) holding the ‘Riyada’ card. This initiative is part of wider efforts to enhance market regulation and promote fair competition.
During this phase, the ministry reviewed 27,288 commercial registrations. Enforcement actions included issuing 409 administrative commitments to non-compliant entities and temporarily suspending 45 registrations pending corrective measures. Additionally, 696 establishments regularised their status in compliance with regulatory requirements, thus fully achieving the phase’s objectives.
Building on previous efforts that emphasized awareness-raising, improved compliance, and strengthened coordination among regulatory authorities, this phase benefited from an integrated approach that improved oversight and enabled more precise enforcement.
A key element of the campaign is the National Team for Combating Illicit Trade, which unites multiple government bodies to harmonize legislative and regulatory efforts, coordinate roles, and facilitate data-sharing. This collaboration has enhanced the detection of illicit activities and supported timely legal action against offenders.
Nasra bint Sultan al Habsi, Director General of Trade at the ministry and head of the national team, highlighted that the results showcase the effectiveness of the regulatory measures adopted. She emphasized that the initiative has increased transparency, bolstered compliance, and strengthened investor confidence in the market.
Rashid bin Mohammed al Saidi, representing the Small and Medium Enterprises Development Authority, noted that targeting ‘Riyada’ cardholders is a strategic move to support SMEs while ensuring they adhere to regulatory frameworks. He also stressed the ongoing cooperation with the ministry to provide support programmes aimed at enhancing SME competitiveness and sustainability.
Mohammed bin Salem al Hashmi, Director of Commercial Establishments Control, pointed out that the outcomes reflect the importance of institutional collaboration in fostering a transparent and well-regulated business environment. He added that the ministry will continue to improve monitoring tools, expand awareness campaigns, and enforce laws to combat hidden trade practices.
The ministry confirmed that future phases will follow a structured plan covering a wider range of commercial activities. These efforts will continue to be coordinated through the national team to ensure stronger governance, greater transparency, and long-term market stability. — ONA
Special Analysis by Omanet | Navigate Oman’s Market
The Ministry of Commerce’s crackdown on hidden trade among SMEs with ‘Riyada’ cards signifies a critical move towards enhancing market transparency and fair competition in Oman. For businesses, this means increased regulatory scrutiny but also greater investor confidence and a more level playing field. Smart investors and entrepreneurs should prioritize compliance and leverage supportive government programs to boost competitiveness and sustainability in this evolving regulatory landscape.
