Managers from Sohar Port and Freezone (SOHAR) hit the road in India this week, as part of a three-day tour to promote the new Gulf gateway to South Asian investors.
A number of roundtable discussions were held, focusing primarily on the logistics sector, as Oman looks to play an increasingly important role in the regional logistics industry. As the Middle East embarks on its most ambitious rail network ever, with some $250 billion earmarked for the construction of nearly 70,000 kilometres of railway line over the next five years, Mumbai and Chennai were the focus for this week’s SOHAR road show.
Oman’s new railway network will help transform the Sultanate into a major cargo hub for the entire Gulf region, in turn creating a wealth of investment opportunities for Indian companies. Thanks to Port of Rotterdam’s long experience as a European cargo rail hub, optimal rail integration has been central to the design of all the terminals in SOHAR Port, right from the outset.
The country’s economy beyond the oil industry, the rapid development of the Port, diversify the country’s economy beyond the oil industry. The rapid development of the Port and Free zone in SOHAR is a good example of how the nation is strengthening its manufacturing capabilities and is fast shifting away from being a country that only exports hydrocarbons. Andre Toet, CEO of SOHAR Port, comments: “SOHAR is a critical link in Oman’s commercial logistics industry and is committed to building a sustainable logistical gateway that will help Oman to achieve its Vision 2020 objectives. From the standpoint of Oman’s economic diversification strategy, the logistics industry has the potential to surpass the hydrocarbons sector as the nation’s economic mainstay.”
SOHAR Port and Freezone is one of the world’s fastest growing hubs and has sustained double-digit growth for over a decade. Its strategic position outside the Strait of Hormuz has made it an ideal trans-shipment centre between east and west, as well as an important gateway not only to the growing MENA region, but also as a stepping-off point to around 3.5 billion consumers across easily accessible neighbouring regions of China, India and Eastern Africa.
And despite currently low oil prices, the development of industry in Oman continues apace. Jamal Aziz, CEO of SOHAR Free zone, adds: “Oman’s logistics sector is projected to grow beyond the $12 billion mark by 2017. This is not surprising, considering the Sultanate is ideally positioned to play a leading role: our prime geographical location combined with the excellent infrastructure already available and currently under construction, as well as our stable political climate, are all key ingredients that are contributing to the continued growth of the logistics industry in Oman.”