Choosing the Right Business in Oman: Top Business Opportunities

Choosing the Right Business in Oman: Top Business Opportunities

- Jade Wong

With the evolution of global markets, it is crucial for entrepreneurs and businesses to seek avenues of opportunity for their expansion and growth. For businesses looking for opportunities to expand into the Middle East, they should consider the opportunities available in Oman. A combination of strategic location and economic diversification, Oman stands as a compelling prospect for investment opportunities and companies looking to establish or expand their presence in the region.

The Renewable Energy Industry Opportunities in Oman

Oman’s transition to cleaner energy is beginning to pick up momentum as the need to diversify its energy sources and reduce dependence on fossil fuels gains recognition. The country has set an ambitious target to achieve 2,600 MW of renewable energy investments by the year 2025, and with its abundance of solar and wind resources and over 50,000 km² of land ideally suited for the development of renewable energy projects, it’s well positioned to meet these goals.

Besides solar and wind, Oman also has significant potential in geothermal and biogas energy sources that remain largely untapped.

Building the Manufacturing Sector in Oman

In recent years, Oman's manufacturing sector has become a pivotal component of its economic strategy, contributing US$8 billion to the nation’s GDP in 2021 and employing 225,907 people in 2022. As the country embraces Industry 4.0, it is poised to leverage its natural resources to spur growth across various manufacturing sub-sectors. These include petrochemicals, construction materials such as cement, marble, gypsum, and a range of building products, alongside minerals and food and beverage industries.

There is also an increasing focus on capital-intensive sectors, such as electrical equipment, machinery, cables, electrical connectors, furniture, and shipbuilding which offer great investment potential.

The Agriculture Sector Growth in Oman

Oman's agriculture sector is undergoing a significant transformation as part of the country's Sustainable Development 2040 Strategy, which emphasises agricultural modernisation and rural farm development. Employing over 81,000 people, this sector is poised for substantial growth with planned investments aimed at increasing self-sufficiency and enhancing food security.

To date, the Oman Food Investment Holding Company (OFIC) has already invested US$563 million across 15 projects, focusing on enhancing local production in key areas such as dairy, red meat, fodder, and grain. Looking ahead, OFIC plans to further bolster the sector with an additional US$950 million investment in up to 23 new food-related ventures over the next five years.

There are ample opportunities for investments in various agricultural segments with a push towards sustainable practices and increasing adoption of organic farming and conservation farming techniques being central to its strategy.

The Education Business Opportunities in Oman

Education in Oman is poised to become a significant contributor to the nation's GDP, with its share expected to rise from 4.9% to 6.2% by the end of the 2025. The sector is bolstered by legislation that permits 100% foreign investment, encouraging growth in both public and private educational facilities.

The landscape is rapidly evolving with a focus on integrating digital technologies and modern teaching methodologies alongside a growing emphasis on automation, digitisation, and the development of digital skills through increased public-private cooperation. Remote learning technologies such as AI, machine learning, and video-assisted platforms are also becoming more prevalent, alongside experiential learning that utilises virtual reality tools for scenario-based education and workplace training.

How Can PRO Partner Group Help?

Establishing a business in Oman can be quite complex in terms of regulatory requirements and compliance. This is where the expertise of a professional corporate services provider becomes invaluable. PRO Partner Group has extensive experience in assisting to setup all kinds of companies into the region.

We can guide you through every step of setting up your business in Oman, from initial registration with the relevant authority to obtaining your trade licence and ensuring compliance with all local and international regulations.

If you need assistance with this or with any other related company setup, restructuring, local partner or PRO support matter in Abu Dhabi, Dubai, the wider UAE, Saudi Arabia, Bahrain, Oman or Qatar, then please do get in touch with us on +968 9937 1107 for Oman or +971 (0)4 456 1761 for Dubai, email us at info@propartnergroup.com or complete the contact form below and we will be delighted to assist you.

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