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Oman, an Arab country with Muscat as its capital, lies in the south-east end of the Arabian Peninsula. It shares its borders with 5 countries, namely, Yemen, Iran, Saudi Arabia, Pakistan, and the UAE. It has been the centre of investment for foreign investors for a long time. The country has a monarchical type of government promoting business and commerce. The country has been developing itself year after year. By 2040, the economic growth of Oman is expected to grow by 10%.
Oman has a fairly developed oil and gas industry. It is considered the backbone of the country’s economy. Apart from this, several measures have been initiated to develop multiple sectors like infrastructure, tourism, technology, hotel, transport, manufacturing, mining and perfume industry. Muscat would serve as a link between Asia and Africa. This initiative foresees an increase of 31 billion riyals by 2040 – a substantial growth.
Oman’s Ninth Five-Year Development Plan (2016-2020) gives more importance completion of projects through Public Private Partnerships. Vision 2020 aims at building a strong economy for the future by developing business incorporation, human resource, economic diversification and private sector development
Since Oman largely depends on imported goods, the government of Oman is working towards establishing policies that would encourage foreign investors to come invest in Oman. If you are an investor and you are looking for one of the safest Arab nations to establish your business, then you should look towards Oman.
Business opportunities in Oman
Grain is a stable food that is consumed in Oman and grain happens to be one of the top agricultural produce in Oman. If you are thinking toward investing in the agric sector in Oman, then you should consider establishing your own grain farm. The truth is that farming land is easy and cheap to buy in Oman.
Another key produce from the agric sector in Oman is vegetable. The only minor challenge with vegetable farming in Oman is that you would have to construct irrigation to help water your crops. The market for vegetable is large and localized.
Vegetables are not exported from Oman, but Omanis are known to consume all the vegetables cultivated in the country. So, if you are looking to invest in the agric sector in Oman, then you should also consider starting your own vegetable farm. It is indeed a profitable venture.
Travels and Tours Business
The good thing about this industry is that the government of Oman is truly doing all it could to encourage tourist to visit Oman, because they see it as another major income generator for the country especially with their limited oil and natural gas reserve -the government is looking beyond the oil and gas industry.
If you are looking for a business that is promising and has great future in Oman, then you should consider positioning yourself in the tourism sector by establishing your own travels and tours business. The industry might not rake in huge returns at the moment, but it will sure do in the long run.
Filling Station (petroleum, diesel, cooking gas and kerosene) with Convenience Store
If you intend building a business portfolio in the oil and gas sector in Oman, then you should consider opening your own filling station. Most filling stations in Oman have pumps designated for petrol, diesel, and kerosene.
You would need to obtain a license and permission from the government of Oman before you can be permitted to build your filling station. It is indeed a thriving business especially if you establish your filling station along the road that is prone to high vehicular traffic. You can also maximize profits by opening a convenience store in your filling station.
Oman is known to be a heavy import nation. Haulage business is known to rake in huge profits and it is still very much open for more investors. If you have the intention of establishing a business in Oman, then you should consider starting your own Haulage Business.
The truth is that there are loads of goods that are transported from the seaports to warehouses that are scattered all over the country. If you are well positioned, you will make huge profits running your own haulage business.
Another simple but profitable business to start as an entrepreneur in Oman is perfume business. All you need to do to get started with this kind of business is to rent a shop that is situated in a densely polluted area and also ensure that you stock your shop with various designers’ perfumes.
Electronics and Home Appliances Store
Electronics and Home Appliances Store is another thriving business you can start in Oman. If you want to maximize profits in this business, it will be advisable for you to go into importation of the goods since Oman is not known to manufacture electronics and home appliances.
Facility Maintenance Company
What facility Maintenance Company does is that they help organization clean their facilities, fix electrical faults, fix plumbing problems and maintain their power plants, et al. If you establish your own facility maintenance company in Oman, you will have enough clients to work for.
Restaurant Business and Bar
Restaurant and Bar might not be too common in Oman, but it is indeed a flourishing business enterprise. By virtue of the culture of Arab people, i.e. the Islamic culture, people aren’t permitted to drink alcohol in public places. But this is different in Oman, because Omanis are allowed to drink alcohol in bars. So even if you open you restaurant in Oman, you can maximize profits by attaching a bar to it.
It is not news that Oman depends largely on imported goods, what is news is that you can make great returns one your investment if you know how to get cheap commodities to stock your store. Dealing in commodities is a thriving business in Oman especially if you are not limited to certain products or brands. The wider the options people have when they come shopping in your store, the more the customers you will attract to your shop.