Muscat: According to the Ministry of Commerce, Industry and Investment Promotion, the region witnessed an extraordinary 684.6% rise in records subject to the Foreign Capital Investment Law, with approximately 408 records logged compared to only 52 last year. This surge reflects the governorate’s robust appeal as a destination for diverse investments and industrial projects.
Khalid bin Hamad Al Saadi, the Director of the Department of Commerce, Industry and Investment Promotion, attributed this growth to South Al Sharqiyah’s strategic advantages, including continuous infrastructure development and a conducive environment for investors.
The growth in commercial records also mirrors an increase in electronic applications, which surged by 107.9% in the second quarter of 2024, with 3,386 applications submitted for licensing activities compared to 1,630 in the same period last year. Additionally, the Ministry’s adoption of an automatic approval mechanism has resulted in 4,253 activities licensed through this system in the second quarter alone, totalling a staggering 41,183 activities cumulatively.
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In the industrial sector, 2,528 applications for industrial licenses were processed in the first half of this year, including 1,309 new licenses, indicating a 147.6% increase from the 1,021 applications recorded last year. This brings the total number of licensed industrial activities in the governorate to 7,012.
The Ministry’s commitment to fostering commercial and industrial growth extends to launching diverse investment opportunities in key sectors such as food security, mining, and manufacturing, which are prominently displayed in the “Invest in Oman” hall. Regular coordination with relevant government agencies enhances the promotion of these opportunities at economic events held within the governorate.
Al Saadi emphasized that the Ministry is focused on overcoming challenges and turning them into opportunities for investors by implementing several programs and initiatives to align systems with targeted outcomes, ensuring the growth and maturity of our industrial sectors in line with the Fourth Industrial Revolution.
Moreover, the governorate recorded 1,641 certificates of origin in the first half of this year, slightly down from 1,894 in 2023. The administration is actively collaborating with governmental and private entities to facilitate annual events, exhibitions, and other economically stimulating activities to further develop South Al Sharqiyah.
