oman's business pillars

7/28/2019 Oman's Business Pillars

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OMANS

BUSINESS PILLARS

Business in Oman is revolving around some vital Government

organisations which provide useful support and timely

guidance to existing and prospective entrepreneurs. We

provide brief descriptions about these important organisations.


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Ministry of Commerce and Industry, the Oman Chamber of

Commerce, OCIPED, other regulatory authorities, and utility

providers to develop partnerships that assure business

success.

PEIE has been responsible for developing and managing

prime industrial land. It is the main facilitator for Omani

industries and businesses. PEIE also assists companies in

locating sites, developing buildings, facilitating, permitting

and assessing infrastructure needs, reviewing incentives

available for projects as well as helping rms market and

promote their products.

Industrial Estates are located at Rusayl, Sohar, Raysut(Salalah), Sur, Nizwa, and Buraimi. It also manages

Al Mazun ah Freezone and the Knowledge Oasis Muscat

(KOM), Omans leading Information Technology Park.

Contact details: Public Establishment for Industrial Estates,

P.O. Box 200, Rusayl 124, Sultanate of Oman, Tel: (968) 24155100,

Fax: (968) 24449095 E-mail: [email protected], Website: portal.peie.om

Central Bank of Oman

The Central Bank of Oman is the apex bank and the regulator

of Omans nancial sector including commercial banks,

specialised banks, nance and leasing companies and money

exchange houses.

The Central Bank has been pursuing a strategy of

strengthening the organisation of the nancial sector

and also deregulating the sector, in order to liberalise thesector and increase participation in the organised nancial

sector. Foreign banks are permitted in Oman to register

branch ofces and foreign shareholdings in local banks are


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encouraged in order to benet from synergies. Local banks

are also encouraged to expand overseas.

Contact details: Central Bank of Oman, P.O. Box 1161, Ruwi

112, Sultanate of Oman, Tel: 24777777, Fax: 24788995, E-mail:

[email protected] Website: www.cbo.gov.om.

Oman Development Bank

Oman Development Bank SAOC was set up to promote and

encourage economic development in Oman. It provides

nancial as well as technical assistance and advisory

services to small, medium and large projects in the elds

of manufacture, agriculture, animal resources, sheries,

tourism, education, professional services etc.

The bank has several subsidised loan products for education,

health, agriculture, animal wealth and sheries, industrial

projects, tourism projects and professional services. The

bank nances 50 per cent of the project cost if located inMuscat, and 56 per cent if located outside Muscat. The

interest rate is only three per cent per annum. Zero interest

loans for small projects with capital not exceeding RO

20,000 are also available.

Contact details: Tel: 24812507/8, Fax: 24813100, Website: www.

odb.com.om.

Muscat Securities Market (MSM)

Established in 1989, there are more than 200 companies listed

on the MSM. The MSM facilitates the trading of securitiesissued by joint stock companies as well as bonds issued by

the government, commercial companies, investment funds

and any other domestic or foreign securities agreed upon.

The principal index is the MSM 30, which comprises

10 companies each from the banking and investment,

industry and services, and insurance sectors. The MSM is

an afliate of the International Organisation of Securities

Commissions (IOSCO). MSM is also open to foreign

investors. Contact details: Muscat Securities Market, P.O. Box

3265, Ruwi 112, Tel: 24812607, Fax: 24811506, Website: www.

msm.gov.om.

Capital Market Authority (CMA)

The CMA was established by the government in 1998

under the Capital Market Law, to separate the regulatory

and exchange functions of the stock exchange. The CMA

is responsible for regulating the capital market, including

licensing intermediaries, approving offer documents and

supervising trading operations.

Contact details: Capital Market Authority, P.O. Box 3359, Ruwi

112, Tel: 24817609 Website: www.omancma.org.

Muscat Clearing & Depository Company SAOC (MCDC)

Muscat Clearing & Depository Company, earlier known as

Muscat Depository & Securities Registration Co., has been

established according to the Royal Decree No. 82/98 issued

on 25 February 1998.

It is a closed joint -stock company owned by Muscat

Securities Market (60 per cent) and 40 per cent by brokerage

companies and banks. MCDC handles the depository and

transfer functions of the MSM.Contact Call Centre on Tel: 24818151, Website: www.cdsoman.

co.om

Royal Oman Police, DG of Customs

The Directorate General of Customs at the Royal Oman Police

is responsible for customs and security supervision of imports

and exports. The ROP is also the collecting authority for

custom duty, and also responsible for combating smuggling

and preventing the entry of banned goods. There are several

import/export procedures laid down by the Directorate General

of Customs and the Royal Oman Police.

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