Prime Highlights-
- Oman’s wholesale and retail sector GDP rose 5 percent to 1.74 billion rials in the first half, official data showed.
- Foreign investment in Oman’s commercial activities climbed 9.7 percent to about 305.3 million rials during the same period.
Key Facts-
- Re-exports grew 13.6 percent to about 1.14 billion rials, according to the National Centre for Statistics and Information.
- The ministry is digitizing trade services through the Oman Business Platform to support Vision 2040 diversification goals.
Background-
Oman’s wholesale and retail sector grew 5 percent in the first half of the year, with gross domestic product from the sector reaching 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.
Re-exports increased 13.6 percent to about 1.14 billion rials, according to the National Centre for Statistics and Information. The gains came while Gulf shipping routes have faced disruption since late February, which has raised the value of alternative maritime corridors and Oman’s position along regional trade routes.
Oman News Agency said the growth reflects the country’s larger role in regional and global trade. It credited ports, airports and land crossings for supporting that role. The expansion also fits Oman Vision 2040, which aims to reduce reliance on hydrocarbons and make transport and logistics key growth drivers.
Nasra bint Sultan Al-Habsi, director general of commerce at the Ministry of Commerce, Industry and Investment Promotion, said the figures show continued expansion of commercial activity. She said the rise in re-exports shows traders are making greater use of Oman’s trade and logistics capabilities. She called the jump in foreign investment a positive sign of the sector’s appeal.
The ministry is working with other authorities to ease the movement of goods through entry points and simplify import, export and re-export procedures. It is also digitizing services through the Oman Business Platform and working with public and private entities to address challenges facing traders and exporters.
