Oman invests in ports with eye to becoming Gulf gateway

Oman invests in ports with eye to becoming Gulf gateway

“We want to significantly improve the contribution of logistics into our economy. … We are actually building the sector for the next generation. That is our responsibility,” Abdulrahman Al-Hatmi, CEO of Oman’s national logistics group, ASYAD Group, told Al-Monitor.

As Oman crude oil reserves dwindle — they could be depleted in the next 25 to 30 years at 2019 production levels — the country targets five sectors, including logistics, to re-energize its economy and diversify government income — 40% of which currently comes from oil revenues.

Logistics could employ 300,000 people in Oman by 2040 as it leverages its location at the center of global shipping routes to emerge as the Gulf’s gateway. For centuries, Oman reigned over a vast maritime trading empire encompassing most of the Western Indian Ocean.