The blue economy: Between legislation, regulation and markets

The Sultanate of Oman enjoys a unique geographical position at the southeastern tip of the Arabian Peninsula. It overlooks the Indian Ocean, the Arabian Sea and the Arabian Gulf, with an extensive coastline that provides a strategic advantage in maritime trade, food security and the development of the blue economy.
This advantage extends beyond geography. Oman possesses rich marine and water resources, experienced human capital with deep-rooted maritime heritage, growing infrastructure, established safety and security systems; and a legal and regulatory framework that supports sustainable investment and development.
First: A Notable Institutional Initiative (2018–2022): Between 2018 and 2022, the Oman Chamber of Commerce and Industry, represented by its Finance and Insurance Committee, launched an initiative to organise the work of fishermen associations following the issuance of the Water Resources Protection Law. This was done in cooperation with: The Development Bank, Financial Services Authority, Ministry of Agriculture, Fisheries and Water Resources, Ministry of Transport, Communications and Information Technology and Royal Oman Police (Coast Guard).
This initiative resulted in the following: The preparation of a Unified Insurance Policy for artisanal fishing boats and equipment; Personal accident coverage for fishermen; and The development of Operation Manuals to standardise procedures and enhance safety compliance. This step strengthened insurance protection, improved governance standards and reinforced institutional discipline within the sector.
Second: The need for institutional integration to maximise national benefit, the following steps are essential: (1) Establishing and strengthening professional fishermen associations across all governorates; (2) Creating centralised marketing companies to improve quality control and increase value addition; and (3) Developing specialised financing and insurance mechanisms to ensure sustainability.
Third: A Strategic Proposal — A Central Commodity Market: It is timely to consider establishing a Central Commodity Market modelled after the Muscat Stock Exchange (MSX), serving as a transparent and regulated platform for trading marine and agricultural products.
Expected Impact: Fair and transparent pricing mechanisms; Market stability and reduced reliance on intermediaries; Enhanced food security; Attraction of regional and GCC investments; Increased contribution of the blue economy to GDP.
Conclusion: Oman’s geographic location is an immense advantage. Transforming it into sustainable economic strength requires the integration of three pillars: Sound Legislation + Professional Organisation + Transparent Institutional Market. When these elements align, marine wealth evolves from a natural resource into a strategic economic driver serving Oman, the GCC and the wider Arabian Peninsula.