Oman Economy on Upswing

Oman’s shift towards a non-oil future and as a dominant player in the shipping, transportation and logistics sectors is steadily gaining momentum, and showing a positive outlook towards the future. According to a new report released by the Central Bank of Oman, the top financial authority in the country, revenues from Oman’s ports and airports skyrocketed by more than 35% last year, ONA reported. The annual report stated that airport revenue increased by 42%, while revenue from ports soared by 37.5%. While airport revenue stood at OMR49.1 million ($2.60 million) in 2016, it jumped to OMR69.7 million last year, an increase of more than OMR20 million. Oman has also ploughed plenty of resources into the development of its ports, given its strategic location on the open sea, with the ports of Sohar, Duqm and Salalah providing it with direct access to the Indian Ocean trade routes, making it a key player in regional trade. Oman’s location means it is a key node in trade routes that stretch as far as Africa, the Indian Subcontinent, South East Asia and China. Through the Suez Canal, it also has access to the European markets.