Overview
The regulatory environment governing Oman’s fisheries sector has undergone significant reform under Vision 2040. Key legislative changes include the Foreign Capital Investment Law (2019), updated Commercial Companies Law, and sector-specific regulations aimed at improving ease of doing business. Oman’s ranking in the World Bank Doing Business index improved notably, though further regulatory modernisation is needed.
Key Indicators
| Indicator | Current | 2040 Target |
|---|---|---|
| Primary Regulator | Sector ministry | Enhanced governance |
| FDI Framework | Open with conditions | Fully liberalised |
| Licensing Complexity | Moderate | Streamlined |
Analysis
Regulatory reform in the fisheries sector balances investor attraction with national interest protection. The sector’s regulatory framework is administered by relevant ministries with oversight from the Supreme Council for Planning. Ministry of Agriculture and Fisheries, Oman Fisheries Co., Al Jazeera Seafood, Blue Waters operate within a licensing regime that has been progressively simplified. The introduction of the Invest Easy portal has reduced business setup time from weeks to days. However, inter-agency coordination remains a bottleneck, with overlapping mandates between sector regulators and cross-cutting bodies like the Environmental Authority and Labour Ministry.
Challenges
Regulatory complexity and enforcement inconsistency remain key concerns. Overfishing pressure on traditional stocks, limited cold-chain and processing infrastructure, low value addition (70 percent sold fresh/unprocessed), climate change impacts on marine ecosystems, and competition from Asian aquaculture imports. Additionally, the pace of regulation often lags behind technological and market developments, creating uncertainty for first movers.
Opportunities
Regulatory sandboxes, digital permitting platforms, and outcome-based regulation can unlock growth. Aquaculture mega-projects (shrimp, abalone, sea cucumber), fish processing and canning for export, marine biotech research, sustainable fishing certification (MSC), and integration with tourism (sport fishing, seafood gastronomy trails).
Vision 2040 Targets
Raise fisheries GDP share to 3 percent; grow annual production to 600,000 tonnes (including aquaculture); establish 10 aquaculture zones; increase processed fish exports fivefold; maintain 95 percent Omanisation.