RECORD BUSINESS REGISTRATIONS IN THE FIRST QUARTER OF 2024
MUSCAT: The Ministry of Commerce, Industry and Investment Promotion (MOCIIP) reported that by the end of the first quarter of 2024, the cumulative number of commercial records registered across various governorates of Oman totalled 450,768.
This marked a significant increase compared to 7,816 records in Q1 2023, with 15,412 records registered during the same period in 2024 — an uptick of 97.2 per cent.
The ministry attributed this growth to the widespread adoption of the electronic portal ‘Oman Business Platform,’ which has streamlined transaction processes for investors, companies, and SME owners.
Commercial records encompass a range of legal forms including individual traders, limited liability companies, joint-stock companies, and more. Notably, Muscat Governorate led with 170,050 records, followed by Al Batinah South with 29,244 records, and Al Batinah North with 60,060 records.
Foreign investment also contributed significantly, with 47,287 records registered by Q1 2024. The ministry highlighted the issuance of 638,795 automatic licenses via the Oman Business Platform, reflecting a 62.2 per cent increase from Q1 2023.
The cumulative commercial records for foreign investment across governorates by the end of Q1 2024 were Al Buraimi Governorate with 1,377 records, Al Dakhiliyah Governorate with 433 records, Al Dhahirah Governorate with 176 records, Al Wusta Governorate with 229 records, Al Batinah South Governorate with 1,953 records, Al Sharqiyah South Governorate with 700 records, Al Batinah North Governorate with 3,406 records, Al Sharqiyah North Governorate with 233 records, Dhofar Governorate with 5,640 records, Muscat Governorate with 33,078 records, and Musandam Governorate with 62 records.
Despite challenges, including 169,694 cancelled or liquidated records, the ministry remains committed to digital transformation. This initiative aims to enhance Oman’s investment environment, facilitate business startups, and boost economic activity.
MOCIIP attributed this growth to the widespread adoption of the electronic portal ‘Oman Business Platform,’ which has streamlined transaction processes for investors, companies, and SME owners