Proxy trade harms Oman’s economy - Sultan

Published January 29th, 2013 - 08:49 GMT
Oman's Sultan, Qaboos Bin Saeed, has urged citizens to end the practice of 'proxy trade'
Oman's Sultan, Qaboos Bin Saeed, has urged citizens to end the practice of 'proxy trade'

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 with the Shaikhs and dignitaries from the Central and Interior region on Sunday at the Royal camp at Saih Al Shamikhat in Bahla.

The Omani leader is on the 'Meet-the-people’ tour of the country where he interacts with the citizens.

Like 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.

“The proxy trade harms our economy and every citizen should be aware of the hardships it causes to the country,” he said, adding that the income generated from the proxy trade is taken out of the country.

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

According to statistics by the National Centres for Statistics and Information, about 2.7 billion Omani riyals were remitted out of Oman in 2011.

“The government and all segments of society should carry out their duties to put an end to this proxy trade,” he urged.

“Proxy trade has become categorically unacceptable,” the Sultan reiterated.

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