The Ministry of Manpower has issued a ministerial decree extending a visa ban on expat hiring in several economic sectors.
In the insurance arena, the ban covers six areas including: general insurance broking, real estate insurance broking, risk / freight insurance broking, life insurance agency, vehicle insurance broking and a factory insurance broking.
The country’s Omanisation policy was given momentum after a visa ban on expat hiring was imposed on 87 job roles on 28 January 2018 for an initial six months. That was extended in July 2018 and in February 2019, prior to the latest extension.
Oman’s private sector has hired almost 5% more Omanis by May 2019 than it had in the previous year, according to Oman’s National Centre for Statistics and information.
There were 258,536 Omani employees in the private sector in May 2019, compared to 246,649 Omanis in May 2018, a rise of 4.8% spread throughout multiple sectors and geographic areas, and not concentrated on any one pay grade.
Over 65,000 expatriates have left Oman between May 2018 and May 2019, as the government continues to move forward with Omanisation.
The highest rates of Omanisation were found in oil and gas companies (80.6%), insurance and financial services (67.7%), commercial banks (93.1%) and the communications sector (75.9%).
Omanisation in the insurance sector
The number of employees of insurance companies, brokers and agents at the end of 2018 was 3, 175 of whom 2,241 were Omanis in various technical and managerial roles at the end of 2018. This represented 71% of the employees of the sector, according to the annual report of the Capital Market Authority for 2018.