Paul Callaghan

What sectors does Moore Stephens Oman operate in, and how does it position itself in the market?

Moore Stephens LLC, Oman, part of the Moore Global Network, is a professional services firm that specializes in providing consulting, risk advisory, and corporate finance solutions to a diverse client base spanning sectors such as energy, government, and finance. As part of a group of companies in the Middle East, we lead regional and global growth and collaboration initiatives, with a specific focus on areas like renewable energy, ESG, and audit. With a robust presence and a history of over 100 years, our global network support us in leveraging opportunities in Oman, a country that witnessed two credit upgrades in 2023 and will hopefully be upgraded to investment-grade status in 2024. We actively support the implementation of Oman’s Vision 2040, aiming to diversify the economy and promote sustainable development.

What challenges and opportunities do you identify in Oman?

There are two major challenges for our industry in Oman. First, non-listed companies that have bank facilities over a certain amount have to file their audited accounts within four months of the year-end. This creates immense pressure on many smaller companies in Oman and audit firms. There are possible ways to address this, perhaps with a tiered structure where smaller companies with smaller bank facilities could be given more time. The second challenge is attracting and retaining talented people. The pool of young Omani accounting graduates or finance graduates who are interested in joining professional firms is extremely limited. We have addressed this by using expats, though many simply view Oman as a stepping stone for their careers. We also collaborate closely with other Moore Global Network firms and niche consultancies to support us in delivering exceptional value to our clients. A major part of Vision 2040 has to do with sustainability and ESG—the stock market recently announced mandatory ESG reporting for public companies. I view all these as great opportunities, not only for Oman but also for Moore Stephens Oman. We will also continue to support investors coming into Oman.