Wednesday 12 June 2024

Omani team discusses trade opportunities with UK investors

MUSCAT, October 24, 2018

A top-flight Omani business delegation recently met with a senior UK official in London, and a team of British investors drawn from manufacturing, logistics, mining, energy, finance, investment and tourism, to discuss business opportunities in Oman.

The delegation’s visit was organised by Ithraa, Oman's inward investment and export development agency, and was led by Sayyid Badr Al Busaidi, secretary-general of the Ministry of Foreign Affairs and co-chair of the Oman-UK Joint Working Group, said a statement.

The team met with Alistair Burt, UK’s Minister of State for International Development and Minister of State for the Middle East and co-chair of the Oman–UK Joint Working Group.

The purpose of the four-day Omani visit was to lure UK companies to set up offices in the sultanate, helping them connect with the fast-growing economies of the Gulf and East Africa, it said.

Nasima Al Balushi, Ithraa’s director general of export development and acting director general of investment, said: “Oman’s development as a logistics hub coupled with a choice of free trade zones, industrial estates and tech parks offer an excellent mix for UK companies looking to tap into the Gulf’s growing and lucrative market.”

The visit will give the Omani delegation an ideal opportunity to showcase the wide-ranging manufacturing, tourism and logistics opportunities on offer in the sultanate. It will also enable participants to connect with the next generation of British companies looking to do business in the Gulf and East Africa, it added.

Al Balushi said: “As well as having world-class infrastructure, Oman's political and economic stability gives UK investors great confidence. The strength and warmth of the bilateral relationship and the long trading history also add to the attraction.”

Amongst the leading Omani organisations participating in the visit included: The Ministry of Foreign Affairs, Ithraa, the Public Establishment for Industrial Estates, Muscat Securities Market, Asyad, ASAAS, Sezad, BP Oman and Vision 2040.

Al Balushi continued: “There is no better place in the Gulf to establish a business than in Oman. This is the message we delivered at the recent meetings.”

The UK is the largest investor in Oman with nearly 50 per cent of all foreign direct investment (FDI) in 2017 worth $11.8 billion and is also one of the sultanate’s top trading partners with exports of UK goods to Oman increasing year-on-year.

The Department of International Trade (DIT) based at the British Embassy in Muscat helped to support $4 billion of trade in goods and services between the UK and Oman in 2017, a 92 per cent increase from 2016.

Services provided by DIT Muscat include provision of in-country expertise and business guidance, signposting to relevant local partners, facilitation of meetings between suppliers and buyers, arranging of visit programmes, and provision of networking opportunities.

Al Balushi added: “Trade promotion services form a central part of what Ithraa does and we are particularly proud of our track-record of helping UK firms set-up and export from the sultanate.”

“We also offer a range of inward investment services, advice and market intelligence that give UK clients interested in setting up in Oman the edge they need to compete in the Gulf’s highly lucrative market,” she said.

“Our visit to London is a valuable opportunity to engage with major business leaders and further strengthen the economic relationship between Oman and the UK. We are here to highlight our country’s position as a gateway for UK companies into the Gulf and other global markets,” she concluded. – TradeArabia News Service

Tags: | Oman | British | investors | Trade | opportunities | Delegation |

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