MUSCAT : The Ministry of Commerce, Industry and Investment Promotion announced that the number of commercial records registered across Oman’s governorates reached an impressive 450,768 by the end of Q1 2024. This represents a significant jump from the 7,816 records in Q1 2023 to 15,412 in the same period of 2024, marking a 97.2% increase.

This surge is attributed to the streamlined processes offered by the electronic Oman Business Platform, enabling investors, companies, and SME owners to complete transactions effortlessly. The platform has notably enhanced the ease and efficiency of obtaining various commercial records.

Cumulative records cover a range of legal forms, including individual traders, limited liability companies, and joint-stock companies. Each category saw varied growth, underscoring the diverse entrepreneurial landscape in Oman.

Muscat Governorate led with 170,050 records, followed by notable figures in other regions such as North Al Batinah (60,060) and South Al Batinah (29,244). The data also highlighted the presence of 47,287 foreign investment records, reflecting Oman’s appeal to international businesses.

In terms of licenses, the number of automatic licenses processed through the Oman Business Platform soared to 638,795 by the end of Q1 2024, a 62.2% increase from the previous year. Industrial licenses also saw a significant rise, reaching 17,305 compared to 9,420 in Q1 2023.

The Ministry continues its efforts to digitize all services, aligning with the government’s digital transformation agenda.

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