Oman’s Ministry of Transport, Communications and Information Technology (MTCIT) has announced awards and workshops as part of the executive program of the Oman Logistics Center to promote investment in the transportation and logistics sector.
Said bin Hamood bin Said Al Mawali, the Minister of Transport, Communications, and Information Technology, shared that the executive program for the transport and logistics sector has set a target of increasing investments in this sector to approximately OMR2.5 billion ($6.49 billion). Additionally, the program aims to raise revenues from the land transport sector to OMR18 million by 2025.
Al Mawali highlighted that the logistics sector contributed 5 percent to the gross domestic product of the Sultanate of Oman last year, with land transport activities accounting for 60 percent of the overall contribution of the logistics sector.
Read more: Oman to establish new economic city with two free zones
Non-oil growth
Oman’s non-oil economy is anticipated to grow an encouraging 2.5 percent in 2023, boosted by investments in the renewable energy, as well as agriculture and fisheries sectors, according to ICAEW, a global think-tank.
According to ICAEW, Oman’s GDP growth is predicted to decelerate to 2.5 percent year-on-year this year, following a robust expansion of 4.3 percent year-on-year in 2022, which was the fastest growth rate since 2016. The agency anticipates that the non-oil economy will experience a growth of 2.9 percent, an improvement from the 1.6 percent growth recorded last year. This growth is expected to be propelled by public investment, particularly in the renewable energy sector.
For more news on logistics, click here.
