It’s a silent nation that likes to mind its own business. The country, like many others, wasn’t doing too well during the COVID-19 pandemic. The economy has shown a resurgence with consistent growth since 2021. In 2023, the real GDP growth reached approximately 1.4%, and it is projected to rise to 1.6% by 2025. This recovery is no coincidence. The sultanate successfully reduced its debt to around 30% of GDP. The country is secure, with sufficient surplus to manage potential crises, which has attracted investors and organisations that have positively influenced its sovereign credit outlook.

You might be wondering, “But many countries have staged a post-pandemic comeback, so why is Oman special?” Well, it’s special because its growth wasn’t fuelled by oil, which is unusual for a GCC nation. Surprisingly, most of the growth came from sectors like tourism and manufacturing. They didn’t make headlines like those of Saudi Arabia or Dubai, but achieved it all with quiet dignity.

A bit of history

Before the 1960s, Oman was a subsistence society. The quality of life was considered poor by global standards, and the population was dependent on fishing, husbandry, and agriculture. They participated in a trade network connecting East Africa, India, and regional partners, including Iran, Yemen, and Saudi Arabia. A very conventional orthodox society that valued tradition more than progress, it pursued nothing exceptional, until the discovery of black gold and the subsequent oil boom in 1964 at Fahud.

Oil attracts empires like stale fruits to flies. The British were invested in the oil in Oman. But the Ibadi Imamate and its elected rulers, who ruled the hinterlands of Oman, were wary of outsiders and foreign influence. The empire backed the Al Said Sultanate, which ruled the coastal regions of Oman.

Sultan Said bin Taimur defeated the Imamate and unified the country, and oil exports commenced in 1967. He was an isolationist who was against modernising to the point of madness. He famously banned spectacles, sunglasses, radios, bicycles, football, and even umbrellas.

Sultan Said bin Taimur’s rule would swiftly come to an end when his son, Sultan Qaboos bin Said, usurped the throne on July 23, 1970, in a bloodless coup. The British-backed usurpation transformed Oman by integrating it into global capitalism, thus ending its isolationist policy. Public administration, banking, public works, health care, and education were all established soon enough.

Before COVID-19, Oman was growing around 3% per year on average from the 2000s. Growth had nothing to do with any tourism initiative or industrial and agricultural efforts. Oman was at the mercy of global oil and gas prices, as crude exports were its primary source of income. Even in 2020, oil and gas still made up about 60% of merchandise exports and around three-quarters of government revenue.

The collapse of oil prices in 2014-15 jolted the sultanate to a painful realisation that depending on oil alone is not a sustainable economic policy. Oman went from a nation with negligible debt in the 2000s to having public debt which was above 40% of their GDP in 2019. Subsequently, “Vision 2040” was proposed, but the country went into further shock again during the COVID-19 pandemic. In 2020, global oil demand collapsed, causing Oman’s GDP to contract by 3.4%. During the same period, debt soared to 64% of GDP. Fiscal reforms were underway. This included subsidy rationalisation, austerity measures, and even the introduction of Value Added Taxes in 2021.

Growth beyond the oil field

Oman is a mid-tier oil producer with crude reserves of around 4.8 to 5.4 billion barrels. It also has tens of trillions of cubic feet of natural gas reserves used for power generation and exports.

Hydrocarbons continue to play a central role in Oman’s economy, though their dominance has gradually declined. In recent years, oil and gas have accounted for roughly one-third of GDP, down from historical levels of 40% to 50%, while still providing the majority of government revenue and export earnings.

The National Centre for Statistics and Information claims that Oman’s GDP grew by 4.7% in the first quarter of 2025 to a total value of OMR 10.53 billion. This might seem trivial until you take into consideration the fact that not even a fraction of this growth was due to crude oil production. In fact, crude oil activities had slowed down by 7.5%.

The non-oil productivity was at a whopping OMR 7.13 billion, a figure that reassures that “Vision 2040” is not just empty words on paper. There is more good news, because the service sector grew by 4.2%. This includes finance and tourism as well. Industries contributed around 2.8%.

However, the real deals were the fisheries and agricultural sectors, growing at double digits to a staggering 11.1%. This makes Oman an independent and resilient nation with very little need for imports of basic goods like food.

One of the biggest wins for the government recently has been the return to “investment grade” status. In late 2024, S&P Global Ratings upgraded Oman’s credit rating to BB+, a move that essentially told the global financial community that the Sultanate is a safe and reliable place to put money. This was not an accident.

The Ministry of Finance has been incredibly disciplined, using windfall revenues from previous years to pay down public debt and build up a safety net. This fiscal prudence cleared the way for a wave of Foreign Direct Investment (FDI). Over the past five years, FDI in Oman has grown by 17.6%, reaching a cumulative value of OMR 26.7 billion.

They say the Arabs own London. In Oman, the United Kingdom is the major player and accounts for half the FDI that flows into the country. The United States, UAE, and India are trailing behind. The sultanate loves the money flow and has signed aggressive legislation to improve momentum.

Not so long ago, foreigners couldn’t keep ownership of permanent immovable assets in most of the GCC. In Oman today, after the legislation of the “Foreign Capital Investment Law,” anyone can have complete ownership without minimal capital requirements. Corporations are flocking to free zones like Sohar and Duqm, or to the capital city of Muscat, to start their offices.

Oman is wary of inequality and K-shaped growth. They believe in a concept called ICV, or “In-Country Value,” which is part of the Omanization programme. They encourage companies to employ locals, use local resources and suppliers, so that no community or class of Omani people are left behind during the growth.

Also, Oman famously introduced the “Social Protection Fund” to provide free universal child benefits and pensions for the elderly (the first of its kind in the Gulf), thus reaffirming their commitment to welfare, long-term planning, and sustainability.

Total credit is growing by 8.4% and will be OMR 34.1 billion. The banks are healthy, and people are borrowing and investing in their businesses, and the indicators suggest that the economy is humming. They still use oil but are welcoming a new age where prosperity does not depend on global energy markets.

Dubai is pompous, Oman is classy

There is no Burj Khalifa or the Line in Oman. It isn’t building the tallest tower, the longest city, or the most expensive amusement park. It’s not a place for crypto billionaires and oligarchs looking for wild parties. Not a nation committed to hedonism, unlike Dubai and, to a certain extent, Saudi Arabia or Qatar. It is not competing with other Arab nations.

Instead, it is leaning into what it does. They are celebrating “Quiet Luxury.” Oman doesn’t believe in glitz. It has chosen tranquillity, nature, and authenticity. The keyword here is “hushpitality,” a blend of top-tier service and serene landscapes to truly disconnect from the noise of European and other Middle Eastern cities.

High-net-worth individuals are tired of pompousness and decadent displays of wealth. What they seek is peace and meaning. Oman supplies both abundantly with its dramatic mountains, vast deserts, and untouched coastlines.

Even the official position of their “Ministry of Heritage and Tourism” is clear. They are not chasing mass tourism. They prefer quality to quantity and want the type of traveller who spends more and stays longer. Oman is for someone who values the silence of the desert dunes over a loud theme park.

One would imagine that Oman caters to the wealthy European, American, and Arab alone. But in 2025, the Chinese made up the bulk of tourists. This is partly because of the air bridge that Oman built to China. Beijing and Muscat have direct flights thanks to China Eastern Airlines, and this has made a real difference in tourism.

There is already a spike in Chinese visitors by 272% in 2023, and the growth has been astronomical in the first half of 2025. The 14-day visa-free entry for Chinese citizens has made the desert nation a paradise for wealthy Chinese explorers.

This is not to say that Europeans are not coming in anymore. In fact, air traffic capacity from Italy is up 31%, and we have seen a staggering 253% increase from Russia. To house these discerning guests, the hospitality sector is expanding in a very deliberate way. We are not just seeing more hotel rooms; we are seeing a shift towards luxury, too, as 54% of the new hotel pipeline is in the “upper-upscale” and high-end segments.

Already, there are luxury hotels for the ultra-rich set up in Oman. For example, do you want butlers serving you while you lose yourself in a drink, while admiring the beauty of the blue ocean? If so, St. Regis Al Mouj Muscat Resort, established in 2024, is the place to be. It’s the pinnacle of exuberance, just like the Mandarin Oriental hotel. The latter has 150 luxury rooms and 155 branded residences.

When others build, Oman conserves. And this is the key to their tourism strategy. For example, around 50 km southeast of Oman is Bandar Al Khairan, a beautiful secluded coastline with isolated islands, breathtaking limestone cliffs, and turquoise waters. It has now been designated as an Environmental Tourism Zone. The government could allow builders to encroach on these ecologically sensitive lands and let private developers make some money. But they have made it a protected zone and are choosing sustainability instead.

Minor Hotels runs a very beautiful Anantara resort in this area. They have only 121 keys, including chalets and villas in the mountains, aiming for lower traffic so that visitors can truly experience nature without distraction.

In 2025, eco-tourism and adventure travel are buzzwords. The Environment Authority will use OMR 44 million to develop and manage seven nature reserves, including the “Stars Park Project” in the “Al Hajar Al Gharbi Starlight Nature Reserve,” which capitalises on the growing global interest in stargazing and astro-tourism. Oman’s not just looking for profit; it’s leveraging its uniqueness for sustainability as well.

Tunnels, tracks, and the future of travel

You cannot run a modern economy on dirt tracks and optimism. Oman knows that goods and passengers cannot move efficiently without high-quality infrastructure. In May 2025, Oman is experiencing a massive construction boom. The focus is on the “Hafeet Rail Project,” a joint railway network between Oman and the UAE, which is expected to significantly increase visitor traffic in Oman.

The railway project is almost 70% complete as of early 2025, and at present, the crew is drilling a tunnel through the rugged mountains of Al Hajar in Buraimi Governorate. When this project comes to a conclusion, the port of Sohar will be connected to the emirate of Abu Dhabi through the 238-kilometre-long rail line. A person who lands in the UAE will be able to reach Sohar in just 100 minutes on super-fast trains. This helps to package both the UAE and Oman as a single trip for tourists.

The airports are already brimming with tourists, and in January 2025 alone, Muscat International Airport handled over 1.2 million passengers. Even Salalah Airport in the south saw air traffic there jump by 9.3% in the first quarter. It’s proof that efforts to make Dhofar a year-round destination are bearing fruit. Tourists are arriving irrespective of the season. There is the bustle of the usual three-month Khareef monsoon season, and also in winter, for the sun and the pristine southern beaches.

Along with rail lines and air traffic, roads are also being developed across the sultanate. In 2024, the government paved over 16,000 kilometres of roads. It’s incredible because it’s not even a halfway milestone, as they plan to pave another 17,000 kilometres.

There is talk about roads in places like Al Jabal Al Akhdar, the “Green Mountain,” and Jebel Shams, the highest point in the country. The government is building these arterial roads to connect even remote villages to the tourism economy.

It’s not that Oman has no futurism like Dubai and is only focusing on conservation. It has also carved out a part of its land for such a purpose. Sultan Haitham City in Seeb is a futuristic city which will cover 15 million square metres and will house 100,000 people. Contracts worth OMR 228 million have been awarded by the Ministry of Housing and Urban Planning for phase one of infrastructure development. This includes everything from the electricity and water grids to a smart-city backbone with district cooling and fibre networks.

By May 2025, construction will start in the neighbourhoods of Al Wafa and Wadi Zaha. The city will have 2.9 million square metres of green space and a massive 7.5-kilometre wadi that acts as a natural park. The sultanate is betting big on Omani urbanism as the future of cityscapes. The construction in the area is providing a massive boost to the local economy, and Oman is becoming more connected to itself than ever before.

Integrated real estate revolution

In May 2025, we are seeing a level of interest from global investors that would have been unthinkable a decade ago. The sector is moving away from old-fashioned stand-alone buildings and toward Integrated Tourism Complexes (ITCs). These are gated, master-planned communities that offer a high-end lifestyle, world-class amenities, and, most importantly, freehold ownership for foreigners.

Buying property in an ITC is currently the most secure way for a non-Omani national to own real estate in the Sultanate. It gives you full title deeds and makes you eligible for an Omani residency visa. This has been a massive draw for expats living in the GCC and for international buyers looking for a stable investment in the region. Al Mouj Muscat remains the market leader in this space.

It is a mature, vibrant community with a marina, a golf course, and now the new St. Regis resort. Rental yields in Al Mouj are some of the strongest in the country. For example, a two-bedroom apartment there typically rents for around OMR 709 per month, making it a favourite for “buy-to-let” investors.

It isn’t just Al Mouj; there is also Hawana Salalah in the south, emerging as a potential competitor. Salalah is a popular year-round destination and sees a huge demand for holiday rentals. Investors in Hawana Salalah can often see gross rental yields between 8% and 10%. It’s very competitive compared to other major cities in the Gulf. It offers a different lifestyle, more focused on the beach and nature, and the entry prices are more affordable than those in the capital.

Destination with a purpose

Oman’s growth is just that, and it does not wish to compete with Dubai, Qatar, or Saudi Arabia. It makes no noise and silently goes about making incremental gains. It’s rapidly weaning off oil and is going big on tourism, and has moved towards self-sufficiency through agriculture and fisheries.

Oil is still the major contributor to the economy, but the trend is changing fast, and the return to investment-grade status has opened the doors to global capital. The tourism strategy is working because it is honest and does not try to be something it is not. By focusing on “Quiet Luxury” and environmental preservation, Oman has carved out a unique and highly profitable niche in the global travel market.

The infrastructure projects we see today, from the tunnels of the Hafeet Rail to the smart grids of Sultan Haitham City, are the physical manifestations of “Vision 2040.” They are the backbone that will support a more connected, urbanised, and modern society. And the real estate market is the primary beneficiary of all this progress. Whether it is a cliffside villa at AIDA or a net-zero townhouse in Yiti, the options for investors have never been more diverse or more compelling.

But perhaps the most important takeaway is the sense of balance. Oman is modernising, yes, but it is not losing its soul in the process. It is building for the future, but it is doing so with a deep respect for its heritage and its natural beauty. For those of us watching from the outside, it is a fascinating case study in how a country can transform its economy without losing its identity. As we move toward 2030 and beyond, the Sultanate of Oman is no longer just a place to visit. It is a place to invest, to live, and to witness the birth of a new Arabian era.

The post Oman: The Gulf’s quiet economic success appeared first on International Finance.

Oman SATS LLC, which is the exclusive cargo handler of Oman Air, recently won the honours of ‘Best Cargo Handling Company – Oman 2023’ and ‘Best CEO – Air Cargo Handling – Oman 2023’, in the recently concluded International Finance Awards.

Oman SATS, which is a joint venture between Oman Airports and SATS from Singapore, is tasked to serve the Sultanate of Oman’s aviation industry, apart from strengthening the Middle Eastern country’s position as a major cargo hub in the Gulf region.

When it comes to providing cargo handling services to and from Muscat, be it products like e-commerce, pharmaceuticals or dangerous goods and perishable items, Oman SATS delivers top-notch services.

Not resting on its past laurels, Oman SATS has embarked on a journey to level up its operational efficiency, apart from customising its services and solutions as per the ever-changing customer and industry needs.

“Oman SATS has embarked on the intensive use of technologies to digitalise its operations, improve processes, and invest in infrastructure and staff training,” the venture stated.

As part of this process, Oman SATS has launched a scholarship programme to provide opportunities for its staff to upgrade themselves with the goal of having staff with the right academic and operational skill sets as per the needs of the changing operational environment. The scholarships also work as a form of incentive for the staff to continue learning after having left the academic institutions some years back.

“Oman SATS firm believes that employees’ development is a key factor in overall company progress. The employees showed interest in the scholarships offered by the company and we wish all the best for the selected candidates,” the business told the International Finance.

Also, the company has added a new 20-ton Forklift model Heli (CPCD 200-VZ1-12 IIIG2) to its existing equipment fleet, with the aim of supporting Oman’s oil and gas industry. With the new equipment, the Company is able to handle heavy cargo more efficiently, to the convenience of its clients.

The venture has also established service standards (KPIs) in most operational critical activities to ensure these processes are always monitored and measured. This will be backed up by customer surveys, KPI meetings, regular risk and opportunities review exercises, airline meetings and internal audits. The establishment and meeting of the KPIs serve as a service promise by the Company towards its customers and users of its facility.

All these above exercises, using parameters like Quality of Service Provided, Customer Satisfaction, Performance and effectiveness of QMS, The Need for Improvement, Actions Taken Against Operational Risks and Performance of External Providers helped track the Company’s performances in a transparent way with the industry.

A Determined Leader Making A Difference

Much of the Oman SATS’ recent performances have been guided by the strong and visionary leadership of Mr. Siang Tang Tan, who became the company’s CEO in 2016.

Known as “ST” in the aviation industry, Mr. Siang Tang Tan is a veteran in his field with close to thirty years of experience. His previous leadership stints in the aviation industries of countries like Singapore, Hong Kong and China have been the decisive factor behind Oman SATS standing tall above its rivals.

Among ST’s achievements as Oman SATS CEO, he transformed Muscat International Airport’s cargo as one of the best in the world, in terms of infrastructure, service standards and innovation. Also, under his watch, the company emerged as the exclusive cargo handler of Oman Air and Salam Air.

Apart from all these, the venture has contributed to the Oman aviation industry’s transformation through its digitalisation efforts and innovations like a mobile application, self-service kiosks, and the introduction of paperless transaction methods like e-airway bills.

By introducing an employee scholarship programme and ‘Key Performance Indicators’, Oman SATS shows that it truly believes in its people and skill upgrading, as well as keeping its service commitment to the industry.

The post With employee scholarships & ‘Key Performance Indicators’, Oman SATS edges out its rivals appeared first on International Finance.

Oman has witnessed significant development in terms of blockchain technology adoption and integration. However there are lot more to be done for unlocking the actual potential of blockchain and emerge as a leading digital economy. In a move to address and identify the potential of blockchain, Nispana Innovative Platforms & BPOS Global is organizing “Blockchain Oman 2018” on 2 nd – 3 rd May, 2018 in Muscat, Oman. The conference is intended to provide a platform to the technology innovators and business administrators to collaborate on utilizing the product, process and technologies through digital transformation.

The upcoming two days conference is under the patronage of His Excellency Abdullah Salim Al Salmi – Executive President of the Capital Market Authority, Oman and will feature great speakers including Dr. Salim bin Sultan Al Ruzaiqi – CEO, Information Technology Authority, Dr. Khalid MW Tahhan – CEO, Blockchain Solutions & Services LLC, Fabio Scacciavillani – Chief Strategy Officer, OMAN Investment Fund, Syed Faraz Ahmed – GM, Oman United Exchange, Brian Klein – Partner, Baker Marquart and many more. The two-day conference will provide the participants and representatives a networking platform. Gain an insight about the skills, framework and process of integrating the blockchain in the existing system. Don’t miss this opportunity to identify and evaluate the revamp required to regulate blockchain for transforming your digital assets.

• International Finance is the media partner for Blockchain Oman. 

The post Oman to host blockchain conference next month appeared first on International Finance.

IFM Correspondent

September 2, 2015

SMEs play a major role in any economy. How is it in Oman?

Recent reports and studies have suggested that SMEs form approximate 90% of active businesses. Their contribution to GDP is estimated to be 15-20% of Oman’s annual output. These businesses employ 40% of the workforce. These statistics do not compare favourably with other countries with respect to importance of SMEs within the national economy. SMEs have yet to fulfill their full potential. Driven by the aspirations of youths and a shift in mindsets, we may see significant improvement gradually. We need to be mindful that the nascent ecosystem has yet to develop into a well-integrated and coordinated environment.

Adham Al Said

How will you describe the startup ecosystem in Oman? Oman’s startup ecosystem enjoys strong support from His Majesty Sultan Qaboos bin Said. The ecosystem is still at a nascent stage by international standards. However, recent developments in regulation, funding and technical support have had a positive impact on its development. There is well founded vigour towards establishing a more complex and well developed ecosystem. There exists national consensus on the importance of SMEs and their impact on the national economy. There is still a great deal of work that is needed to address various challenges to reach the desired outcomes and impact.

The Omani ecosystem can be described as a non-specialised startup environment where new ventures have started across various industries and sectors. In general, many startups lack scalability and scope; many are micro businesses with a few employees. Having said that, there are exceptions which hold promise of high growth potential. All in all, Oman’s ecosystem has developed positively over the past few years and slowly changing mindsets with it.

What are the strengths and weaknesses of Oman in the context of startup ecosystem?

Encouraged by the recent impetus and initiatives by the government, youth in Oman have taken advantage of the opportunities coming up in the Omani ecosystem. This reflects the strong desire and entrepreneurial spirit of Omanis. Moreover, the enablers and support programmes have provided a good foundation for many startups to establish themselves. Programmes like Riyada (Pubic Authority for Small and Medium Enterprise Development), Rafd Fund and specialised incubators will lead the way in establishing much needed support. Private initiatives have also been of varying degrees of competence and effectiveness. Improvements in funding and capacity building are some of the stronger features observed.

Despite the positive morale, the ecosystem remains sparse and in need of further capacity building and enabling factors. The mindset of society in general is still lagging. The regulation remains scattered across various jurisdictions, which means startups and existing SMEs often spend too much time and energy to establish and develop their businesses. The sporadic nature of these enablers makes synergies and cross linkages between industries less likely. Also, the ecosystem lacks variety in funding mechanism. Bank loans and government soft loans are still the primary modes of financing. Venture capital remains very limited and crowdsourcing is yet to be established. Incubation also presents a significant challenge due to the quality of startups and their scalability.

What is the government doing to encourage women entrepreneurs?

Women’s role in society in general and their entrepreneurial participation is well recognised in Oman. Driven by support and encouragement from His Majesty, Oman has paid specific attention to women’s participation through specialised programmes and incubators. Women have equal opportunities in accessing funds, support and technical training as their male counterparts in many of the public and private programmes. Although specific statistics are not readily available, we find a positive presence of startups by women in various industries. Moreover, women have proven themselves avid risk takers in many instances.

Which sectors are seeing more startups? What could be the reasons for the same?

Many startups are concentrated in retail and services, such as hospitality, tourism and catering (franchises and homegrown). The other areas are Information Technology and Communication, graphic design, mobile application and video production. The appeal of these businesses is low cost of starting business, capital requirement and regulations. They also tend to be less risky and considerably more manageable. Generally, startups in Oman tend to be micro level and thus do not create enough synergies to establish dynamic enterprises in high-growth sectors. Lack of technical expertise and know-how may also be holding back some startups from venturing into more dynamic industries.

Are companies in Oman concentrating on the local or global market?

They are yet to tap the global market in a meaningful way. Tackling the local market is predictably more manageable compared to the challenges of accessing international markets. However, specialised authorities aim to enhance this aspect through technical assistance. The lack of global presence is a by-product of the nature of Omani startups, where they concentrate on retail and service-based industries. This trend is likely to change once more startups focus on manufacturing and exports. This will need strong sustained emphasis by the government on steering startups towards specific high-growth export oriented industries.

Adham Al Said is the Honourable Chairman of Oman SME Summit being organised by IFM on September 13-14 at Al Bustan Palace Hotel, Ritz Carlton, Muscat

The post ‘Ecosystem for SMEs in Oman is still nascent’ appeared first on International Finance.

IFM Correspondent

September 1, 2015

With MNCs spreading their wings, are local SMEs losing potentially good employees to these bigger companies?

The state of talent in SMEs in Oman is positive. After all, Oman attracts top talent from all over the world, aside from its already talented population. The attractiveness of Oman as a place to stay has brought a myriad of expatriate talent that are being employed in SMEs and MNCs alike.

Having said that, attracting and retaining amazing talent is certainly not a matter of company size. Instead, it is about deciding to make a company a great place to work by settings goals and HR initiatives, changes, and improvements. In fact, in the Bayt.com ‘What Makes a Company an Attractive Place to Work?’ (February 2014) poll, 36.4% of respondents said they would rather work for a company with a supportive and great work environment, and a further 28% said they would work in a company they admire. Only 20% said that they would prefer working with big or global companies. Indeed, SMEs in the GCC can compete against the clout and reach of larger firms when it comes to talent in two ways: providing nurturing working environments and enhancing one’s brand.

What are the challenges faced by SMEs when it comes to attracting and retaining talent?

Suhail Masri is VP of Sales, Bayt.com

The main challenges are: 1)       Not enough budget: SMEs usually don’t have enough budget to market their culture and attract the best employees. This also holds true when paying salaries. It’s usually not within their reach to pay superior competitive rates when compared to MNCs. 2)       Reputation: A lot of SMEs are not very well known. This could pose a problem when recruiting top talent. After all, 76% of professionals always turn to the internet to research a company when considering a job opportunity. 3)       High competition: There is always high competition for top talent, especially when it comes to overall packages and salaries. As such, it’s tough for SMEs to compete with better companies. 4)       Work-life balance: In an SME, employees may be asked to work over-time. Because of this, several professionals may be discouraged from working in one.

What can be done to solve this issue?

Here are some ways SMEs can overcome the above challenges:

1. Brand online: Online branding is a great way to manage reputation. Bayt.com has great tools such as job postings, and a company profile that can enhance a company’s brand online. SMEs could also engage actively on professional social channels, like Bayt.com Specialties.
2. Improve hiring techniques: SMEs can improve their hiring practices and recruit only the best. They can do this by writing effective and impressive job descriptions to attract top talent. When scanning CVs, they must always check for relevancy, gaps and special achievements. During the job interview, they must be prepared beforehand by having a set of relevant questions for each candidate. It’s important to communicate with candidates – don’t leave them hanging!
3. Elevating the company’s vision: Employees feel much more involved, engaged and trusted when top management regularly shares the company’s vision, mission, direction and important decisions with them.
4. Getting fair remuneration packages in light of their job duties: It might be true that money cannot buy loyalty but not giving employees what they are worth can definitely chase them away. ‘Bayt.com Salaries’ is a salary tool any SME can use to find the average salaries in Oman.
5. Receiving proper training and development: Employees tend to put more effort into their jobs when they feel valuable to their company. If owners invest in their employees (trainings, seminars, skill development…) and cater to their professional needs, they’re most likely to invest right back in their jobs, thereby producing more revenue and committing to their jobs even more.
6. Being recognised and rewarded where relevant: A simple word of recognition for a job well done can do wonders to an employee’s morale. Companies that recognise and reward their employees’ contributions routinely and systematically have already curtailed one of the main reasons for staff turnover.

What can be done by the government to make the sector more attractive?

According to the Bayt.com Nationalization in the GCC Poll, April 2015, 53% of respondents say that the best way to improve the hiring of national talent is by providing better educational and vocational training facilities.

While it is not possible for SMEs to match MNCs on the salary part, what can be done in terms of improving the work environment?

While salaries are certainly important, they aren’t everything. Here are some ways an SME can improve work environment to make them on par with MNCs:

1. Have a value-based HR system: Having a value-based HR system definitely does wonders for team morale. SMEs should take the time to flesh out their mission, vision and values, and to familiarise employees with it. Half of MENA respondents would rather work at a company where they feel the work they do is part of a greater purpose, with 22.6% wanting to believe in the company’s mission, vision and/or values (The Bayt.com “What Makes a Company an Attractive Place to Work?” poll).

2. Transparency is key: SME owners should ensure that managers are encouraged to have an open and frequent dialogue with their team. Employees should also be involved in much of the decision-making process, whether it is for a new product or on improved policies.

3. Better employee experience results in more productivity. Companies should focus on the employee experience. A happy employee is a motivated and productive team member.

4. Employees need good work/life balance. Of course, it wouldn’t be an employee-centric culture if SMEs don’t recognise the importance of work/life balance and the needs of employees to give prominence to family. Working mothers should be offered the option of flexible working hours and sometimes telecommuting.

5. Eliminate stress. It’s possible to alleviate employee stress by understanding it sources. According to the Bayt.com Employee Motivation in the MENA survey, January 2012, the primary sources of stress for MENA professionals are poor pay (16.1%), poor management (15.6%), poor work environment (15%) and poor work/life balance (14.5%).

Suhail Masri is VP of Sales at Bayt.com. He will be speaking at the Oman SME Summit organised by IFM at Al Bustan Palace Hotel, Ritz Carlton on September 13-14

The post ‘Salary is not the only criteria to attract top talent’ appeared first on International Finance.

Suparna Goswami Bhattacharya

August 24, 2015: Entrepreneurship is a great equaliser. Across the globe, entrepreneurs may come from varied backgrounds, but the language of entrepreneurship unites them. And testimony to this is the story of Startup Oman, a one-stop shop community for SMEs. The founders — Canadian entrepreneur Sherry Colbourne and prominent Omani businessman and entrepreneur Ali Daud — though from dissimilar backgrounds, share the same passion —to be the guidebook for SMEs in Oman. Startup Oman enables Omani SMEs to connect with the stakeholders and resources needed to start, grow and accelerate their businesses. Whether that be training, mentoring or funding, this online platform enables Omani SMEs to connect with each other via their My Mujtama community. The platform will be launched on September 5.

Sherry Colbourne

“Two-and-a-half years ago, I landed in Oman with my husband. As a passionate entrepreneur, I began volunteering with local incubators and met many of Oman’s high growth entrepreneurs. Soon I realised that, in spite of an amazing infrastructure, few entrepreneurs knew about the programmes and facilities that existed for them or, for that matter, how to access them,” says Sherry Colbourne who is also the director, Business Development for Omani market research firm National Poll Center.

Along the way she met Daud, the CEO of Daud Group of Companies and a tireless Omani entrepreneur. Besides being the owner of the McDonald’s franchise in Oman, Ali is also the chairman of the Oman American Business Council and honorary Canadian consul in Oman. Colbourne leveraged her Canadian connection to pitch her idea to Daud on his second day as Canadian consul. “To be honest, it was in a moment of frustration that I pitched my idea of how to solve the problem for SMEs. I was surprised to find that Daud shared the same frustration and had his own ideas on how to solve the problem,” she says.

Together they knew that Oman had all the key ingredients of a vibrant entrepreneurial ecosystem but what it lacked was a single community to access information about how to start a company or manage finances for SMEs. They decided to join forces to help foster a community of collaboration and bring all the pieces of Oman’s entrepreneurial ecosystem together.

As with most companies who have just started out, Startup Oman faced hurdles but the entrepreneurs decided to look beyond these obstacles to make their vision a reality. When it came to funding, they boot strapped the company with their own capital.

Ali Daud

“We spent a year meeting Oman’s many accomplished stakeholders and educational institutes to ensure the platform highlights all the resources available to Omani SMEs,” says Colbourne. Her connections in the high-tech sector meant she had a strong suite of developers to call upon to build the platform. Daud’s local know-how, his understanding of the business community and his passion for establishing Oman as an economic force within the GCC played an equally significant role in establishing Startup Oman.

“We believe in stimulating economic impact through entrepreneurship. It is the combination of experience, passion and tenacity that will transform Oman’s culture into an entrepreneurial hive,” says Colbourne. It was with this mindset that Daud and Colbourne sought to find a managing director for Startup Oman. “We needed to find someone that personified these traits”, said Daud. “We found such an individual in Mahmood Zeyad.”

Mahmood is a young Gulf national who identifies with Oman’s many SMEs. Before taking on the key role at Startup Oman, he was president of AIESEC Oman, the world’s largest youth-run organisation that develops leadership potential in young people and provides entrepreneurship training.

Colbourne says that entrepreneurs around the world are alike. “I have visited entrepreneurial hubs in places ranging from Silicon Valley to Moscow, and entrepreneurship is truly a global language. It is imperative for entrepreneurs to capitalise on their likeness and allow it to bring the world together.”

You can meet the team of ‘Startup Oman’ at the Oman SME Summit organised by IFM at Al Bustan Palace Hotel, Ritz Carlton in Muscat on September 13-14

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