The Ministry of Commerce, Industry and Investment Promotion (MoCIIP), in integration with a group of other entities—the Ministry of Labour, the Royal Oman Police, and the Tax Authority—continues to implement the "Majid Companies" (Glorious Companies) initiative, which aims to highlight leading companies with outstanding institutional, financial, and administrative performance. This initiative seeks to incentivize the business environment to adopt advanced models of governance, innovation, and productivity, as part of the Sultanate of Oman’s efforts to support the national economic system, enhance the competitiveness of the private sector, and enable it to be an active partner in achieving the objectives of "Oman Vision 2040". The initiative aligns with the MoCIIP’s direction to honour national institutions that have contributed to establishing a culture of excellence, developing the private sector's performance, and strengthening its ability to provide job opportunities and attract investments, thereby bolstering the national economy’s competitiveness at the regional and international levels. Initiative's Impact and Vision Mubarak bin Mohammed Al Duhani, Director General of Planning at MoCIIP and Head of the Supervisory Team for the Majid Companies initiative, affirmed that the initiative reflects the Ministry’s vision towards building a competitive and resilient private sector based on governance, innovation, and sustainability. He clarified that the companies classified under this initiative have proven their readiness and capacity for expansion and growth, offering business models that align with global market variables. He added that the initiative's role extends beyond mere recognition to stimulating companies to adopt best practices, raising their operational efficiency, and enhancing their role in economic development and providing qualitative job opportunities for Omani youth. He expressed his aspiration for these companies to be the locomotive for productive sectors and a fundamental pillar for an attractive and competitive investment environment. Al Duhani stated that the Majid Companies represent the backbone of the local economy. The number of Majid Companies reached approximately 5,109 out of a total of 352,622 companies. The value of exports by Majid Companies, registered in the Bayan Customs System until the end of 2024, amounted to approximately RO 5.9263 billion out of the total private sector exports of RO 9.2791 billion. This means that the export share of Majid Companies reached 63.8 percent. Furthermore, the number of Omani employees in Majid Companies is 140,881, representing 40 percent of the total number of citizens employed in the private sector. Classification Criteria and Benefits Tariq bin Nasser Al Harrasi, Director of Commerce, Industry, and Investment Promotion Department in South Al Batinah Governorate and Project Manager of the Majid Companies Initiative at the Ministry, stated that the initiative adopted clear bases for classifying companies into categories. He explained that an electronic system was built to evaluate performance based on criteria that include the company's age, revenue size, export value, Omanisation rate, branches, and markets, in addition to requiring an active business activity and a legal personality compliant with regulations and legislation. He added that the classified companies benefit from several advantages, including participation in drafting commercial controls and policies, procedural facilities, enhancing their trust among investors and clients, and other approved incentives. Private Sector Endorsement For his part, Mustafa bin Ahmed Salman, Board Member of the Oman Chamber of Commerce and Industry (OCCI) and Chairman of the Finance and Insurance Committee at the Chamber, stated that the Majid Companies initiative reflects a deeply rooted national vision toward enhancing the pivotal role of the private sector in achieving sustainable development, attracting investments, and providing economic opportunities. He noted that this qualitative step supports national companies that have proven their efficiency and capacity for innovation and effective management, thereby contributing to raising the level of competitiveness in the local and regional markets. He added that this initiative will provide a set of incentives and advantages for the classified companies within its various categories, which will, in turn, boost their operational and expansion capabilities and drive them towards higher levels of performance and productivity. These advantages will also constitute an additional incentive for other companies to continue working and adopt best institutional practices to join this classification in the future. Corporate Statements Nasser bin Sulaiman Al Azri, Chief Executive Officer (CEO) of Vale Oman, said that classifying Vale within Category (A) confirms its commitment to developing an integrated industrial system that supports the Sultanate of Oman's strategic objectives, enhances In-Country Value (ICV), and empowers national competencies. He affirmed that the company will continue to invest in technology and innovation to reinforce the sustainability of the national industry. Sameeh bin Ahmed Al Abdul Latif, Board Member of Gulf Agency Company (Oman), which is classified in Category (A), explained that this honour represents an incentive to continue developing their services and elevating their operational standards. Faisal bin Salim Al Maashani, Manager of the CEO's Office at Oman Flour Mills Company, indicated that the company's achievement of the Majid Company title in Category (A) reflects its commitment to excellence, quality, and sustainability in the food industries sector. He affirmed that the company will continue to develop its operations, undergo digital transformation, and enhance its contribution to national food security. Moath bin Ahmed Al Hinai, CEO of Onsor Company, said that Onsor being classified as a Majid Company constitutes an important step that affirms the company's commitment to quality and excellence standards, enhances the confidence of clients and partners, and opens new horizons for growth and expansion. He added that the company is keen to develop its team's capabilities, improve operational processes, and build sustainable partnerships to ensure continued excellence. The Majid Companies Initiative underscores the leading role played by the Sultanate of Oman in enhancing the business environment and empowering national companies to build a diversified, sustainable, and innovation and knowledge-based economy. This solidifies Oman's position as an attractive destination for investment and entrepreneurship and an enhancer of the business environment.
