Oman strengthens competition laws, cuts harmful business practices

Muscat: Over the past five years, recorded harmful practices have dropped to 14, reflecting the country’s commitment to market transparency and fair competition.

Ahmed bin Salem Al Rasbi, Director General of the Competition Protection and Anti-Monopoly Center at the Ministry of Commerce, Industry, and Investment Promotion, highlighted Oman’s enhanced cooperation with global organizations such as the World Trade Organization, the European Union, and the United Nations Economic and Social Commission for Western Asia (ESCWA). These partnerships, he said, help Oman adopt international best practices in competition law and regulatory enforcement.

According to the latest ESCWA report, Oman has significantly improved its rankings in multiple competition-related indices, including:
Competition Law Enforcement Practices Index
Anti-Monopoly Index
Compliance Index with International Trade Agreements
Merger Frameworks and Economic Concentration Index
These advancements underscore Oman’s growing ability to regulate mergers and acquisitions, creating a business-friendly environment that attracts foreign and local investments.
In the first half of 2024, Oman reviewed 169 competition-related cases, with the Ministry launching an initiative to digitize the Competition Protection and Anti-Monopoly Center’s services. This move aims to streamline procedures and improve efficiency in detecting and addressing anti-competitive behaviors.

To bolster enforcement, Oman has:
Updated competition laws to align with international standards
Implemented AI-driven commercial data analysis to detect market manipulation
Completed studies, with 80% of findings already implemented

The Ministry is actively investigating 20 foreign import cases related to anti-dumping, anti-subsidy, and countervailing measures, with final duties imposed on products worth RO 1.5 million. Additionally, over 10 investigations into national industries are underway, ensuring fair market conditions for local businesses.

Al Rasbi reaffirmed that Oman remains dedicated to ensuring a competitive and transparent market, regularly monitoring economic activity, publishing market competition reports, and collaborating with regulatory bodies to enforce compliance.