Oman’s economy is growing right now, and the government wants businesses and new industries to do well there. In addition to oil, the country is working to grow other industries, such as mining, construction and infrastructure, import and export trade, and agriculture.
Proceedings
People from outside the Gulf Cooperation Council who want to open an IT business in Oman must have at least $150,000 to invest and get a permit from the Ministry of Commerce and Industry. It’s important to know that foreign investors can own no more than 49% of a company at most. A citizen of Oman must own the majority of the land. Because of this, it is important to choose a local business partner carefully, and it is best to run a business in the Middle East before moving forward. All government business registrations are done in Arabic, so it’s best to be able to speak and write both English and Arabic. If you are opening aN IT business in Oman, you may be eligible for the country’s Investor Residence Visa. After deciding to start a business, you have to choose what kind of business it will be.
IT development has been a top priority for the government, and the sector is in a good place to grow in the years to come. The Ministry of Transport, Communications, and Information Technology (MTCIT) are in charge of e-government projects and national IT infrastructure projects. The Telecommunications Regulatory Authority is in charge of a lot of things, especially when it comes to setting up Oman’s 5G networks. The Oman Technology Fund has put money into local businesses that have made online platforms for auctions, markets, and teaching, among other things.
Growth of IT business in Oman
Oman is building the IT infrastructure it needs to close the digital divide. This is part of its National Broadband Strategy, which aims to provide broadband service to more than 90% of urban areas by 2030, with overall penetration reaching 75%.
Leading Subsectors: e-government services, smart city projects, cybersecurity solutions, drones, and anti-drone systems, data management/centers, disaster recovery services, expansion of broadband infrastructure, e-commerce, blockchain/AI/IoT solutions, space technologies, and training and development.
Opportunities
Oman wants to build a center of excellence that will focus on helping and mentoring small and medium-sized enterprises (SMEs) and is looking to partner with global technology organizations to do this. Some of these opportunities are:
E-government services
The MTCIT is in charge of the government network and cloud and is leading efforts to improve e-government services.
Data centers
Businesses are moving more and more toward cloud computing, which is in line with the Digital Oman Strategy and creates business opportunities for setting up data centers. Oman Data Park is an example of a partnership between Omantel, which is owned by the government, and another private company.
Disaster recovery services
The government and private sector of Oman plans to invest around RO 25 million (about USD 65 million) to make the country a full-fledged hub for disaster recovery services. The government of Oman chose disaster recovery services as a sector to focus on for growth.
Cybersecurity
Oman wants to build a cybersecurity industry that focuses on managed security services, cybercrime analysis, security incident management, and consulting. The Oman National Computer Emergency Readiness Team, which protects government institutions from cyber risks, runs Oman’s first cyber-security center.
Blockchain
The SaS Center for Entrepreneurship Center at MTCIT is in charge of a smart cities project to launch initiatives in the Internet of Things (IoT), artificial intelligence (AI), and blockchain. Omantel helps government customers with smart city projects and IT solutions, such as blockchain technology and smart cloud call center services. The Internet of Things (IoT) laboratory and the Communication and Information Research Center at Sultan Qaboos University were opened to help with projects like smart streets and a remote healthcare system for monitoring and diagnosis. The central bank of Oman is working on its own digital currency and open banking services. In January 2022, the Capital Markets Authority, which is in charge of Oman’s finances, asked companies to put in bids to help set up a regulatory framework for virtual assets. Oman has also said it wants to build the skills needed to set up data mining centers for cryptocurrencies.
Space technologies
The Omani government set up Space Communications Technology as a government-owned company with the goal of making Oman’s first satellite communications project and putting it into action. In January 2022, the government of Oman and the U.S. company Virgin Orbit signed a Memorandum of Understanding to work together on Oman’s first mission into deep space. They also made a deal to send small satellites into low Earth orbit, which was a first for Oman.
