Capitalising on its strategic location, infrastructure and talent, a top-flight Omani business delegation led by Sayyid Badr al Busaidi, Secretary-General of the Ministry of Foreign Affairs and co-Chair of the Oman-UK Joint Working Group, met on Monday with Alistair Burt, the UK’s Minister of State for International Development & Minister of State for the Middle East and co-Chair of the Oman–UK Joint Working Group, as well as British investors drawn from manufacturing, logistics, mining, energy, finance, investment and tourism.
The purpose of the four-day Omani visit is 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.
Speaking from London, 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.
Ithraa’s Director General pointed out: “As well as having word-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 on the UK visit include: The Ministry of Foreign Affairs, Ithraa, the Public Establishment for Industrial Estates, Muscat Securities Market, Asyad, ASAAS, SEZAD, BP Oman and Vision 2040.
“There is no better place in the Gulf to establish a business than in Oman. This is the message we delivered at Monday’s meetings. In fact, we are seeing more UK companies looking to Oman as a strategic location and using it as a hub for trade with the Gulf and East Africa. Companies that are benefiting from the Sultanate’s political and economic stability, robust legal system, infrastructure and multilingual workforce,” explained Nasima al Balushi, the organiser of the trade delegation.
The UK is the largest investor in Oman with nearly 50 per cent of all Foreign Direct Investment (FDI) in 2017 worth $11.8bn 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) in Muscat helped to support $4bn 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, sign posting to relevant local partners, facilitation of meetings between suppliers and buyers, arranging of visit programmes, and provision of networking opportunities.
“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,” explained Nasima al Balushi.
Ithraa’s Director General concluded: “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 Oman’s position as a gateway for UK companies into the Gulf and other global markets.”
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