The bilateral trade between Oman and Iran is expected to grow to $5 billion in the next five years from the current total of $1 billion, said a report.

The volume of trade between Oman and Iran is increasing and the sultanate is in a better position to benefit from the opening of Iranian market after the recent lifting of sanctions, Dr Amir Kordvani, head of Iran desk and projects for the Middle East, CMS Cameron McKenna, was quoted as saying in a Times of Oman report.

Dr Kordvani, while addressing a seminar on foreign investment in Iran, said that Omani companies are in a strong position to benefit from opportunities in the Iranian market and are currently involved in a number of high-profile projects.

He added that international law firm CMS, operating in Oman, in exclusive cooperation with Amur Al Rashdi and Benjamin Ewing Advocates and Legal Consultants, conducted the seminar on foreign investment in Iran.

Additionally, he emphasised that Oman’s participation in the Iranian market is well deserved after its role as facilitator and negotiator in the Joint Comprehensive Plan of Action (JCPOA) talks.

Dr Kordvani noted that Omani investors can look at investment opportunities in hotels in Iran as the local businessmen here have a lot of experience in the hospitality sector.

He also pointed out that several projects, including Iran-Oman gas pipeline, Iran-Oman shipping line and a $250 million worth of shopping mall (to be developed by Omani investors in Iran) are expected to further strengthen economic cooperation of both countries, added the report.