Oman and the United Kingdom chart a shared future
28/11/23
Oman and the United Kingdom are consolidating an economic and military partnership in a bid to boost trade.
The UK minister for international trade, recently met with his Omani counterpart and their discussions on future collaboration promise a new chapter in the Anglo-Omani partnership. The UK and Oman have remained stable allies, especially when Oman joined the Arab League, the IMF and UNESCO in swift succession.
Furthermore, the UK is coveting a trade deal with the Gulf Cooperation Council (GCC), which could boost trade by 16% in the long term from a high of £65.2 billion last year.
The UK also stands to gain economically from a long-term partnership with Oman. In January both countries signed a Sovereign Investment Partnership to boost future trade. British companies already constitute up to 50% of foreign direct investment in the country. The bilateral partnership between the UK and Oman encompasses a bolstered military alliance.
Oman has built a large-scale port at Duqm, 600 km south of Muscat. The port opened in 2012 and is situated near to Oman’s major LNG, oil and mining operations. It benefits from a position equidistant between Salalah and Muscat. Beyond its prime location, Duqm has the attributes of a world-leading port. It boasts an 18-metre deep draft and a wide basin which can accommodate the largest freight liners, as well as the largest dry dock in the Middle East.
Duqm forms part of a 2,000-square kilometre Special Economic Zone (SEZ), one of four in Oman, which offers reduced corporate tax, income tax or tariffs in order to stimulate trade and cargo shipping.
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