MUSCAT – The phase targeted small and medium enterprises holding the ‘Riyada’ card, as part of the ministry’s efforts to strengthen the business environment, regulate the market, and promote fair competition.
The ministry said the phase achieved a completion rate of one hundred percent of its targets, with authorities verifying the data of 27,288 commercial records. It issued 409 administrative commitments against violating entities and temporarily suspended 45 commercial records until their status is rectified. Meanwhile, 696 establishments adjusted their status in line with approved requirements.
The second phase builds on the first phase, which focused on raising awareness, improving compliance among business owners, and enhancing coordination between regulatory bodies. This groundwork contributed to a more efficient regulatory environment, enabling more precise and effective implementation in the current phase.
The National Team for Combating Hidden Trade, comprising several government entities, continues to coordinate efforts, integrate regulatory and legislative frameworks, and facilitate data sharing. This collaboration has strengthened the detection of irregular practices and supported enforcement measures in line with applicable laws.
The ministry said this institutional integration contributed to tangible outcomes during the second phase and improved compliance levels, particularly among small and medium enterprises.
Nasra bint Sultan Al Habsi, Director General of Trade at the ministry and Head of the National Team for Hidden Trade, said the results reflect the effectiveness of regulatory policies and procedures. She noted that the phase enhanced compliance and increased market transparency, supporting sustainable economic activity and boosting investor confidence.
She added that the ministry remains committed to developing the legislative framework and strengthening coordination with relevant entities to ensure a fair and well-regulated business environment aligned with the objectives of Oman Vision 2040.
Rashid bin Mohammed Al Saidi, a member of the national team and representative of the Small and Medium Enterprises Development Authority, said targeting Riyada card holders reflects a strategic focus on supporting this vital sector while ensuring compliance with regulations.
He added that the Authority is working closely with the ministry to empower SMEs through support programmes and initiatives that enhance competitiveness and sustainability.
Mohammed bin Salem Al Hashmi, Director of the Department of Control over Commercial Establishments at the ministry, said the completion of the second phase underscores the effectiveness of coordination among relevant entities and reflects the ministry’s commitment to transparency and fairness.
He added that the ministry will continue to develop monitoring tools, intensify awareness campaigns, and enforce legal measures against violators to curb hidden trade, protect investors, support SME growth, and enhance the competitiveness of the national economy.
The ministry reaffirmed its commitment to implementing subsequent phases under a structured plan targeting various commercial activities, in coordination with the National Team for Combating Hidden Trade, to further strengthen governance and transparency in Oman’s business environment.