Friday, December 1, 2023
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Muscat – Oil below US$80 is “not a problem” for Oman, H E Said bin Hamoud al Mawali, Minister of Transport, Communications and Information Technology, has stated. Speaking to Bloomberg Television last week, H E Mawali said that the sultanate is unconcerned by the oil price dropping more than 10% this year even as the global economy slows because of the position Oman is in today.

He highlighted the significant improvement in decision-making over the past few years, enabling the sultanate to navigate the global economic slowdown. “In the last two to three years, there has been a significant improvement in decision making which has led us to focus on diversification in sectors like logistics and mining, and developing large green hydrogen projects.”

Discussing Oman’s strategic location and its advantages, the minister emphasized the sultanate’s longstanding maritime heritage, saying, “We have been doing this for thousands of years; one of the reasons for this is our location.” He stressed the importance of leveraging this location for logistics, tourism, and other opportunities, citing the historical trade routes between Oman and China.

Highlighting the investments in logistics-related infrastructure, H E Mawali said that the sultanate has spent approximately $26bn on developing such facilities. Currently, the logistics sector contributes around 5% to Oman’s GDP. He revealed the sultanate’s ambitious goal to further enhance the logistics sector’s contribution to more than 10% of the GDP by 2040.

Commenting on Oman’s role in the region, the minister emphasized the sultanate’s position of responsibility and advantage in resolving regional conflicts. “When you are on good terms with your neighbors and the rest of the world, that helps in investments and reaching out to countries that are in conflict with each other.”

Oman’s diplomatic relations with neighboring countries create opportunities for business and serve as a bridge to foster economic cooperation, he added. H E Mawali expressed Oman’s confidence in weathering the oil price slump, thanks to the sultanate’s focus on diversification in five important sectors – transport and logistics, mining, tourism, agriculture and fisheries, and manufacturing.


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