Proxy trade harms Oman’s economy

Sultan Qaboos Bin Saeed has urged Omani citizens to put an end to ‘ proxy trade’ that he warned harms the country’s economy.

“We should keep away from the proxy trade as it is not in the interests of our sons and daughters,” he said during his meeting in Bahla.

As in the other countries of the Gulf region, the practice of proxy trade is widespread across Oman, where foreigners do business in the name of an Omani. Under the law only citizens can own companies but foreigners run their own businesses under the proxy name of a citizen.

“Billions of Omani riyals earned through the proxy trade are being transferred out of the country each year,” he revealed.