MUSCAT, DEC 1
Recent data from the National Centre for Statistics and Information (NCSI) reveals a significant surge in trade relations between Oman and Iran, showcasing the Sultanate of Oman’s growing role as a regional trading hub. Re-exports from Oman to Iran climbed by an impressive 77.1% during the first nine months of 2024, reaching RO 274 million compared to RO 155 million in the same period in 2023.
This remarkable growth underscores the strengthening of economic ties between the two nations, buoyed by improved logistical networks and enhanced cooperation. Iran has remained a key trading partner for Oman, and the diversity of goods and services exchanged reflects Oman’s strategic position and dynamic economy.
While Oman’s trade success with Iran highlights its economic agility, it also sets the stage for exploring the entrepreneurial journeys that enrich its market. Among these stories is the inspiring tale of Kasra Kharazi, the CEO and founder of Kharazi Watches, who has successfully expanded his family-owned luxury business from Iran into Oman.
A Legacy of Craftsmanship
Kharazi Watches’ journey to Oman is deeply rooted in heritage and resilience. The Kharazi family’s connection to the watch industry dates back to 1882, when Kasra’s grandfather became the first Omega agent in Iran. Growing up amidst the precision of luxury watches, Kasra inherited a passion for horology, describing it as “in his blood.”
Encouraged by his father, who admired Oman’s cultural values, Kasra identified the Sultanate of Oman as the ideal market to extend his family’s business. Historical ties between Oman and Iran further solidified his decision, offering a unique blend of opportunity and cultural alignment.
Challenges in a New Market
Expanding into Oman was not without challenges. Navigating bureaucratic procedures such as business registration and residency permits required perseverance and significant resources. Banking posed another hurdle, as international sanctions on Iran complicated the process of opening accounts in Oman. Through determination and innovation, Kasra succeeded, becoming one of the first Iranian entrepreneurs to overcome these barriers without relying on local intermediaries.
Securing a prime retail location for his luxury watch brand presented additional competition, but Kasra viewed these obstacles as opportunities to strengthen his business’s foundation.
Oman’s Luxury Market Potential
The luxury market in Oman, while niche, holds promise. Kasra estimates that about 10% of the population can afford high-end items—a modest percentage, yet significant for a luxury brand. Success in Oman, he notes, is not solely about product quality but also about building trust, forging relationships, and delivering exceptional service.
Unlike other GCC countries, Oman’s market stands out for its cultural warmth and emphasis on community, creating an inviting environment for family-run businesses. This cultural alignment complements Kharazi Watches’ values, providing a fertile ground for sustainable growth.
Reflections and Insights
Kasra believes Oman offers an ideal environment for entrepreneurs who value a balanced lifestyle and long-term investment. However, he advises that the Omani market favors those with patience and a commitment to cultural integration over those seeking quick financial gains.
His experience highlights Oman as a place where work and life harmonize—a destination for businesses that prioritize relationships and sustainability.
A Vision for the Future
Kasra envisions a future for Kharazi Watches rooted in steady growth and community building. By integrating local talent into his team, he underscores his respect for Oman’s culture and his commitment to making a meaningful contribution to the market.
While advocating for streamlined bureaucratic processes to attract more international investors, Kasra’s journey serves as a testament to resilience and cultural appreciation. His success reflects Oman’s ability to attract global entrepreneurs who value partnerships and shared growth.
Oman’s trade expansion with Iran and its ability to attract businesses like Kharazi Watches illustrate its position as a dynamic regional hub. Oman’s unique blend of economic opportunity and cultural warmth continues to make it a destination of choice for investors and entrepreneurs alike.
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