By Max Clarke
With a fast-growing young population and plans to diversify its economy, there is great potential for UK and Omani firms to develop new business partnerships. This was the message from Trade & Investment Minister Lord Green in Muscat today.
The UK is already the single largest investor while bilateral trade in goods increased by nearly 20 per cent last year.
Speaking at an Oman-UK Trade and Investment conference Lord Green said:
“Oman has an exciting vision to diversify its economy providing new jobs and opportunities for its fast-growing population. More than 60 per cent of Omanis are under the age of 25. Oman is a dynamic market which is developing its tourism industry and building new ports, airports and roads. UK companies have the skill and expertise to help Oman with its exciting development plans.”
British companies doing business in Oman include Taylor Woodrow, WS Atkins, Mott McDonald and Laing O’Rourke while investors such as RMD Kwikform and Lotus Cars are expanding their operations.
Carillion has recently won a contract to build a new control tower at Muscat International Airport while Halcrow has helped develop the Sohar Port.
Oman plans to spend $7 billion in power generation and water desalination projects, including the expansion of power transmission and distribution networks. With our world-class consultancy expertise and technical capability in the power sector, this offers huge potential to British firms.
UK Trade & Investment continues to help UK companies in Oman. This year, UKTI has supported trade missions in the airport sector while the Lord Mayor led a mission of financial services and energy companies.