Muscat – North Sharqiyah governorate has seen a notable growth in its commercial and industrial sectors, thanks to an improved investment environment and increasing economic opportunities.
By the end of 2023, cumulative foreign investments in the governorate was over RO4.3mn, spread across 1,896 individual investments.
Abdul Aziz bin Naseeb al Arimi, Director of the Department of Commerce, Industry and Investment Promotion in North Sharqiyah, highlighted the rise in e-licence applications through the ‘Oman Business’ platform.
“We received 46,555 applications, with 13,607 licences registered last year, compared to 11,649 at the end of 2022 – an increase of 16.8%,” he said.
Foreign investment has also surged, with 74 foreign investment applications in the first half of 2024, compared to 28 during the same period last year. However, the number of commercial records registered in the first half of this year stood at 705, a decline from 1,468 in the first half of 2023.
Till the end of 2023, the total number of commercial records in the governorate had grown to 24,755, reflecting an 8.5% increase from 22,817 in 2022. A total of 2,442 commercial records were registered last year, marking a 4.3% rise from 2022.
The construction and building contracting sector led the way in licence issuance, with 1,395 licences granted in 2023, compared to 587 the previous year. This represents a significant growth of 137.6% in the sector, highlighting the region’s ongoing development.
Arimi also spoke about the success of exhibitions aimed at promoting local products. In collaboration with the office of the Governor of North Sharqiyah, local universities, and the Oman Chamber of Commerce and Industry, the administration organised 10 exhibitions to showcase products from productive families. These efforts were designed to support local entrepreneurs and boost the region’s economic activities.
In addition, the administration carried out 500 inspection visits during the first half of 2024. These visits were conducted at brick factories, commercial weight calibration centres, gold shops, and fuel stations, ensuring compliance with regulations and monitoring the availability of electronic payment services.
“These inspections are part of the ministry’s ongoing efforts to ensure that markets, shops, and factories adhere to laws and standards,” Arimi stated.
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