Oman Honours Top Firms: What It Means for Business Competitiveness and Investment Opportunities
MUSCAT: The Ministry of Commerce, Industry and Investment Promotion (MoCIIP), in partnership with the Ministry of Labour, the Royal Oman Police, and the Tax Authority, is actively advancing the “Outstanding Companies” initiative. This national program celebrates high-performing private enterprises while promoting competitiveness, innovation, and sustainable growth.
The initiative aims to bolster the private sector’s role in achieving Oman Vision 2040 by recognizing companies excelling in governance, financial performance, and institutional management. It encourages firms to adopt global best practices, boost productivity, and contribute more significantly to economic diversification and job creation.
Mubarak bin Mohammed al Dohani, Director General of Planning at MoCIIP and Head of the Supervisory Team for Distinguished Companies, emphasized that the initiative embodies the Ministry’s vision of cultivating a resilient and competitive private sector founded on governance, innovation, and sustainability.
He stated, “The companies recognized under this initiative have demonstrated strong growth potential, readiness for expansion, and adaptability to global market dynamics. Beyond recognition, the initiative seeks to inspire all companies to improve efficiency, generate quality jobs for Omanis, and support national economic development.”
To date, the Ministry reports that 5,109 companies have been classified as “distinguished” out of 352,622 registered firms. These companies account for 63.8 percent of private sector exports, valued at RO 5.93 billion of the total RO 9.28 billion projected by the end of 2024. They also employ approximately 140,881 Omanis, representing 40 percent of the private sector’s national workforce.
Tariq bin Nasser al Harrasi, Director of the Department of Commerce, Industry and Investment Promotion in Al Batinah South Governorate and Director of the Distinguished Companies Project, explained that classification depends on clear performance metrics, including company age, revenue, export value, Omanisation rate, number of branches, and compliance with laws and regulations.
Distinguished companies benefit from incentives such as involvement in shaping trade policies, simplified government procedures, and enhanced investor and customer confidence.
From the business community, Mustafa bin Ahmed Salman, Board Member of the Oman Chamber of Commerce and Industry (OCCI) and Chairman of its Finance and Insurance Committee, praised the initiative as “a vital step that strengthens the private sector’s pivotal role in sustainable development and investment attraction.”
Salman added, “This initiative supports innovative and efficient companies by providing incentives that enhance their capacity to expand and compete locally and regionally. It also encourages other firms to adopt best practices and aspire to join the ranks of distinguished companies.”
He noted that the OCCI continues to support the initiative through active collaboration with government bodies to foster a more flexible and attractive business environment, enabling Omani companies to compete on regional and global stages.
Several leading companies recognized by the initiative expressed their dedication to excellence:
– Nasser bin Sulaiman al Azri, CEO of Vale Oman, highlighted that the company’s Category A classification reflects its commitment to building an integrated industrial ecosystem aligned with Oman’s economic objectives.
– Samih bin Ahmed al Abdul Latif, Board Member of Gulf Agency (Oman), said the recognition motivates the company to continuously elevate its operational standards.
– Faisal bin Salem al Mashani, Director of the CEO’s Office at Oman Flour Mills, stated that the Category A distinction underscores its dedication to sustainability and national food security.
– Muath bin Ahmed al Hinai, CEO of Ansar, described the recognition as a milestone that enhances customer confidence and opens new growth opportunities. “We are committed to developing our team’s capabilities, improving operational efficiency, and forging sustainable partnerships to maintain our excellence,” he added.
The Outstanding Companies initiative remains a cornerstone of Oman’s strategy to develop a robust, knowledge-based economy—empowering local businesses, fostering innovation, and establishing the Sultanate as a leading investment and enterprise hub in the region. — ONA
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The “Outstanding Companies” initiative signals a strategic push towards enhancing private sector excellence, governance, and sustainability in Oman, aligning with Vision 2040’s goals for diversification and job creation. For businesses, this creates a clear opportunity to leverage government incentives and improved market credibility by adopting best practices and innovation. Smart investors and entrepreneurs should now focus on partnering with or becoming distinguished companies to gain competitive advantages, influence trade policies, and tap into the growing export potential while supporting Omanisation and economic resilience.
