Economic downturn created more opportunities for local companies in Oman

Muscat: More opportunities for local companies have been created following the economic downturn, a senior official at the Duqm Special Economic Zone Authority said.
Speaking to Times TV, Jalal Abdul Karim Ali Al Lawati, promotion manager of the Duqm Special Economic Zone Authority, said: “The economic downturn is something that affects everyone. It is a worldwide phenomenon and it is not a local phenomenon. Having a downturn could create opportunities from the other side. Today, we can see that people are not dependent on big companies and services (so) it creates opportunities for local companies. These types of opportunities are also created due to downturns. This could whet investor appetite in the country.”
He also said: “We have seen a trend in creating awareness about Oman. Today more people know about Oman. Today, there are more efforts from the government and other entities to promote Oman.”
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“The number one asset, the country should depend on and is depending on, are youth capabilities. Today, we have a generation of people that is qualified, knowledgeable, ready to work, and determined to work.”
Pointing out that logistics are very important, Al Lawati said: “Given the location of Oman, I think logistics are very important. Oman is located in an area surrounded by 2 billion people, in the Indian subcontinent, Iran, oil-rich GCC (Gulf Cooperation Council) region, Yemen, East Africa. If I’m not mistaken, a fifth of the world’s trans-shipments pass within a 50 kilometre radius of Duqm, Oman.”
Al Lawati was speaking at a function, where a range of new marketing materials were unveiled by Ithraa, Oman’s inward investment and export development agency, on Wednesday.
The ‘Only Oman’ film and brochure, along with five sector briefings, has been designed to enhance Oman’s already impressive credentials as a globally competitive business location. “The competition for inward investment is fierce, so we can’t rest on our laurels,” explained Taleb Al Makhmari, Ithraa’s director general of Marketing and Media.
“Collaboration is crucial and we’re encouraging our partners in government and business to utilize the Only Oman material and sector briefings at conferences and trade shows, in presentations, on websites, as well as on social media platforms. This will help unify our collective efforts in the presentation and promotion of Oman as an open, attractive, ambitious and forward thinking nation.”
According to Al Makhmari, the newly launched marketing material has been formulated specifically to help connect the world with contemporary Oman and inspire business, investors and partners at large to consider the significant commercial opportunities Oman presents today.
Sajda Al Ghaithy, Ithraa’s media director explained: “It’s important we utilise a variety of tools to explain what a great place Oman is to visit, live, work and invest in.”
The Ithraa briefings cover manufacturing, tourism, logistics, the circular economy, as well as agriculture and fisheries, each highlighting the ambitious projects and innovative business ideas driving these five key sectors.
“We’re delighted to make all of this marketing material available free-of-charge to anyone that would like to use it,” pointed out Al Makhmari.
He added: “Oman’s undergoing a significant business transformation as we develop and bring online new ports, free zones, industrial estates, airports and roads. Combined, these initiatives are improving the Sultanate’s international business appeal. All of this is reflected in the marketing material we’re releasing today.”