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.

Business Start Up Oman offers a network of experts and specialists within the lifecycle of a business. We offer expertise in Market Research and Assessment Oman, Oman Business Case, Oman Business Model Development, Feasibility Study and Business Plan Oman, Organizational and Operational Structuring Oman, Oman Sponsorship and Partnership, Company Formation Oman among others.

Please click on the link to learn more about the opportunities and possibilities in the Sultanate of Oman as well as the initiatives of Business Start Up Oman.

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