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FINANCIAL NEWS
Oman’s trade to be boosted by GCC railway
13 Jan 2015
(MENAFN) Oman’s Public Authority for Investment Promotion and Export Development (Ithraa) said that it expects that the GCC railway project will help in boosting the sultanate’s volume and efficiency of exports as well as in attracting foreign investors into the country, Times of Oman reported.
‘From our perspective, it is a very significant project as it will encourage many industrial companies to invest in Oman for the supply of the required products and services while creating lots of opportunities for local businesses,’ Director General for Investment Promotion at Ithraa said.
Ithraa, which role is to identify and promote potential areas for investment in the railway sector in the international market in cooperation with Oman Rail, the Ministry of Transport and Communications and other authorities concerned, said that the project will help in boosting Oman’s connectivity in the railway segment, as well as providing more encouragement for foreign-based companies to establish their own factories in the country.
The project, which is slated for completion in 2018, will also help solidify Oman’s position as a logistic hub in the region given its strategic location and access to other countries, thus helping in increasing the country’s trade since it will serve as an alternative route for transport.
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