Oman is a good place to start a startup business for several reasons:
Government Support: Oman has been actively encouraging entrepreneurship and the development of small and medium enterprises (SMEs) through initiatives like the Public Authority for Small and Medium Enterprises Development (Riyada). There are also financial incentives, including funds and grants for startups.
Strategic Location: Oman’s geographical position makes it a gateway for trade between the Middle East, Africa, and Asia. This offers access to large and diverse markets.
Growing Economy: While oil and gas dominate the economy, Oman has been diversifying into sectors like tourism, logistics, manufacturing, and technology, which opens up various opportunities for startups in these areas.
Free Zones: Oman has several free zones like Salalah, Sohar, and Al Mazunah that offer tax benefits, relaxed regulations, and simplified customs procedures for new businesses.
Business Environment: The country has made efforts to streamline its business regulations, improve infrastructure, and modernize its financial systems. This creates a favorable environment for starting and scaling businesses.
Emerging Sectors: Areas like technology, renewable energy, agriculture, and logistics are currently emerging sectors with a lot of growth potential in Oman, offering a space for innovative startups.
Though the market might not be as large as neighboring countries like the UAE, Oman’s economic reforms and focus on diversification present an excellent opportunity for entrepreneurs with the right business ideas.