Oman being a Middle Eastern country has always been richer and thus there was no such urge to build some groundbreaking startups and enter the new age of entrepreneurship. But in the recent past, when all the surrounding countries are shifting their focus from oil production to technology, fintech, services, etc, Oman is also trying to take part in the rally. With the good number of expatriates moving into the country the consumer base is also increasing on one hand and on the other, new business ideas as well investments are coming in.
In 2020, the country is expected to grow at 5.17% which is a very positive sign for the investors who are willing to invest in the businesses in Oman and looking for new opportunities. The Sultanate of Oman (Government) is willing to open the new doors of startups and entrepreneurship for diversifying the incomes opportunities of the Omanis.
So, this is the perfect time to invest in this market and here are some of the most profitable business ideas for the Oman:-
Natural gas agencies:
Though it is a little expensive business venture according to the current scenario of the Oman market, where the natural gas is getting produced lately in the Khazzan gas field, owning a natural gas agency can make you a millionaire in a shorter period. The investment for acquiring the license to sell natural gas to the public is huge around lacs but since the demand for natural gas is on the rise, in the upcoming years, this business can reap you great profits. The enormous GDP increase forecast for 2018 is primarily due to natural gas production.
Investment in real estate market:
The slowness in the economy which affected in 2015 and earlier has left a negative impact on the real estate market but in the current year and in the upcoming years, there are clear opportunities which are visible and open for investments. You can invest in the residential and as well as the commercial real estate projects provided the amount of capital you are having.
Residential markets are slow but the commercial real estate market is still booming with the new offices and the businesses coming into the play. If you want to invest in the residential sector invest in the reasonable and affordable homes, not in the premium ones as they are the ones which had witnessed the most reduction in demand.
Budding investors coming into the Oman real estate picture must be armed with knowledge and guidance to survive the market. If you’re still new to the real estate market and looking for your first investment property, it’s crucial to learn the process of transferring ownership of properties first, Conveyancing Brisbane can assist with this legal process. Proceed to hiring a conveyancer once you’ve chosen the property for your first purchase.
App-based food delivery services:
Businesses involving food hardly fails as there is always a group of people who love to eat and another group of people who need to eat to keep them going. Since there is enough cash in the hand of the citizen, it is easy for them to afford good food from restaurants every day and here is an opportunity for you to make a profit by bringing them the food they order from the restaurants of their choices.
You can start this business with building an application, where the customers can choose their favorite restaurants and the food they want to order, once they place the order, you/delivery agents drop into the restaurant, take the delivery and then drop the food to the customer’s place.
Social media services:
Social Media is very important in today’s market whether it is in business or services or personal, everyone is using the social media and it is a great medium to promote and expand a business. Thus, if you have experience in the field of social media promotion, management etc., you can start your own small company which won’t require much of capital and starts providing social media management and development services to the business in your locality, town or in your city and even interstate customers.
Building a social media marketing plan is paramount to large and small businesses in Oman. As the population of social media users in the country continues to increase, they need to step up their game against their competition. If you’re planning to start a social media marketing agency, what value proposition can you pitch to interested clients? In this way, clients will know what marketing services you offer and how their business can benefit from your help. Also, making your value proposition is the best opportunity to show clients what you have that other marketing agencies don’t.
As a marketing agency, will you be a generalist or specialist? By being a generalist social media marketing agency, you’ll have to cover the entire digital marketing experience of your client’s business, such as content creation, search engine optimization, PPC, and the like. Meanwhile, you can showcase your expertise on one or a few aspects of online marketing as a specialist.
Similar to the retail businesses you see around you, e-commerce is nothing but retailing business but through an online medium or platform. You must have witnessed the growth of E-commerce giants like Amazon and Alibaba, though the market is near the saturation point still there is a lot more to explore. You need to build the e-commerce site using faster technology, avoid crashes of the site provide customer satisfaction and services on time and without any fake products which are one of the most important drawbacks of the e-commerce market nowadays.
Tours and travel services:
Oman, Muscat, is a beautiful city and country to explore and it has various avenues for the travelers and the adventure seekers. The travel and tourism market is highly developed in this country and with the opening of the new airport in Muscat which increases the yearly capacity of the passengers to 12 million is a boon for the travel industry as well.
So, if you are well versed with the different tourist spots and the holidaying locations in Oman and you have contacts in this industry or you too love to travel, then you have various opportunities for you in this market. You can start providing travel consultancy services, e-booking of the tickets and the rooms in the hotel, guide facilities, air-ticketing, car rentals, etc.
You must have heard of ISO certification which is a mark of genuine businesses and products and services across the globe. If you have heard, then you must understand that businesses with this certification get more attention and value and the certification is also mandatory for most of the businesses from the government level only. So, if you want to provide consultancy service for the certification process to the business, you can start your business with a small group of people who are well aware and certified to certify and consult and evaluate the businesses in Oman.
With the new startups in Oman, certification requirement will be there and in turn, there will be businesses that will require your consultancy to get certified.
Technology and ground-level service assistance:
Every home, as well as commercial apartments, offices, firms, require technical maintenance, ground level assistance like installation of electrical devices, solar panels, etc. If you are looking for making a genuine investment in the market and reap profit from the Omanis, then you can set up a team of professionals who have expertise in these jobs and then build an application where the customers can book these experts for their requirements.
Media and content businesses are on the rise at this current time across the globe. Whether it is the video content or the text, there is a huge requirement for all. Every business wants to grow and for that, they need content to circulate amongst the prospective buyers. You can generate this content to make money on the go.
Financial and investment services:
Omanis have a high standard of living, high level of income and they want to grow their money as well. So, investment and financial services can reap good profit in such a scenario. You can either build an application where they can get information about all kind of available investments options or you can provide financial consultancy services to them or through your employees. You can also tie up with the popular financial companies and provide services on their behalf and earn a commission.