JEDDAH: Oman’s business activity continued to grow in the first half, with the wholesale and retail sector’s gross domestic product rising 5 percent to 1.74 billion Omani rials ($4.5 billion), official data showed.
Foreign investment in commercial activities rose 9.7 percent to about 305.3 million rials, while re-exports increased 13.6 percent to about 1.14 billion rials, according to data from the National Centre for Statistics and Information.
The increase comes amid disruptions to Gulf shipping routes since late February, highlighting the importance of alternative maritime corridors and Oman’s strategic position along regional trade routes.
The growth reflects Oman’s expanding role in regional and international trade, supported by its strategic location and logistics infrastructure, including ports, airports and land crossings, Oman News Agency reported.
The expansion is part of Oman Vision 2040’s efforts to diversify the economy beyond hydrocarbons and develop transport and logistics as key growth drivers.
Nasra bint Sultan Al-Habsi, director general of commerce at the Ministry of Commerce, Industry and Investment Promotion, said the indicators “reflect the continued expansion of commercial activity in the Sultanate of Oman, and confirm the importance of continuing to develop the commercial system and creating a more efficient and flexible environment for doing business,” according to ONA.
She said that these efforts support investment and trade while strengthening Oman’s links with regional and global markets.
She added that the 13.6 percent growth in re-exports reflects the increasing utilization of Oman’s trade and logistics capabilities.
The ministry is working with relevant authorities to facilitate the movement of goods through entry points, streamline import, export and re-export procedures and improve integration among government services provided to the private sector, ONA reported.
The ministry is also working to improve the regulatory environment and digitize and simplify services through the Oman Business Platform, while providing greater support to investors and traders, she said.
These measures are intended to reduce the time and effort required to complete transactions and make the business environment more attractive for investment.
The increase in foreign investment in commercial activities is a positive indicator of the sector’s attractiveness, Al-Habsi said.
The ministry is seeking to improve the competitiveness of Oman’s business environment, attract quality investments and connect them with available opportunities, while leveraging the advantages of economic, free and industrial zones and the country’s transport and logistics infrastructure.
It is also coordinating with government and private-sector entities to address challenges facing traders and exporters and developing digital services and regulations to improve trade efficiency, according to ONA.
The measures are aimed at strengthening Oman’s position as a gateway to regional and international markets while supporting the government’s broader economic-diversification strategy.
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