Chamber: Economic Opportunities with Oman Exceed Existing Cooperation

The Kuwait Chamber of Commerce and Industry hosted, yesterday, a joint introductory meeting on the logistical and investment services offered by the Sultanate of Oman, with the participation of an Omani delegation led by Badr bin Saif Al-Awafi, Economic Advisor to the Oman Chamber of Commerce and Industry, alongside representatives from the private sector and economic entities in both brotherly countries. The event aimed to showcase Oman’s investment opportunities and logistical capacities, and to enhance economic and trade cooperation between the two sides.

At the outset of the meeting, the Chamber welcomed the Omani delegation, commending the fraternal and historical ties uniting Kuwait and Oman, and praising Oman’s role in supporting Kuwaiti companies amid current regional challenges by opening its ports to them and providing necessary facilitations to sustain their operations and trade flows. The Chamber emphasized that this cooperation reflects the depth of bilateral relations and the commitment of both countries to strengthen economic integration and overcome challenges facing trade and supply chains. It noted that economic opportunities between the two countries exceed the volume of existing cooperation, stressing the importance of building on distinguished relations to expand joint investments, particularly in logistics, industry, energy, modern technologies, and the digital economy.

The Chamber also recalled the Kuwait-Oman Business Forum hosted by the Chamber on May 13, 2024, on the sidelines of His Majesty Sultan Haitham bin Tariq’s visit to Kuwait, describing it as a key milestone in the journey to enhance cooperation between the business communities of both countries.

In his speech, head of the Omani delegation, Badr bin Saif Al-Awafi, expressed his gratitude to the Chamber for its excellent organization and hospitality, praising the strong historical and fraternal relations that form a solid foundation for developing economic and trade ties. He affirmed that the meeting represents an important opportunity to enhance integration between the two countries and open new horizons for bilateral partnerships, especially given the challenges facing the logistics sector at the regional and international levels.

Al-Awafi explained that the Omani logistical system possesses competitive advantages that offer Kuwaiti companies diverse opportunities to enter the Omani market and benefit from re-export, storage, distribution, and integrated logistical services, confirming the readiness of Omani ports to receive Kuwaiti companies’ operations and support their trade needs. He stressed the importance of moving from showcasing opportunities to building practical and sustainable partnerships that serve the shared interests of the private sectors in both countries.

The meeting featured several specialized presentations outlining the key logistical and investment assets in the Sultanate of Oman. Presenter Rashid Al-Midhalawi delivered a presentation on logistical options amid regional changes, highlighting the “Green Corridor” initiative and its role in facilitating cargo movement and enhancing trade fluidity through land and sea crossings, thereby supporting export and re-export operations between Gulf countries and global markets. The presentation also covered the historical and legislative development of customs work in Oman, efforts to develop an integrated customs administration, and the Single Window electronic platform that brings together relevant government and private entities, contributing to streamlining procedures and accelerating transaction processing within 24 hours, in accordance with approved services and procedures.

For his part, Hilal Al-Rashdi outlined the role of special economic zones and free zones in the Sultanate of Oman as drivers of commercial and investment growth, highlighting the diversity of these zones—ranging from free, industrial, and economic zones—and the incentives and facilitations they offer to investors, including the possibility of 100% foreign ownership. He was followed by Hilal Al-Kharousi, who presented on the services of the Assaad Group and its role in linking regional and global markets. He detailed the Group’s contribution, since its establishment in 2016, to developing Oman’s logistics framework and managing ports and free and economic zones, thereby enhancing supply chain efficiency, expanding Oman’s presence in global markets, supporting economic development, and creating added value for the national economy. Liath Al-Alawi also delivered a presentation on Sohar Port, emphasizing its strategic position as a gateway to boost trade and logistical connectivity between the Sultanate of Oman and regional and international markets, as well as its potential to support cargo movement, develop logistics services, and enhance opportunities for commercial and investment cooperation.