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Thu 9 Jun 2016 02:09 PM

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Oman sets up logistics mega firm to manage gov't investments

New government holding company will manage investments in ports, free zones, rail, maritime and land transport

Oman sets up logistics mega firm to manage gov't investments

Oman has announced the establishment of a new government holding company to manage its investments in ports, free zones, rail, maritime and land transport.

Dr Ahmed bin Mohammed al-Futaisi, Minister of Transport and Communications, said Oman Global Logistics Group would synchronise investment and development objectives to maximise the return on investment.

The Group will act as the government's development arm and will play a "pivotal role in creating major growth opportunities", UAE news agency WAM reported.

A key mandate for the group will be the implementation of the National Logistics Strategy, under the direct supervision of the Ministry of Transport and Communication, it said, adding that a key part of this is to activate the role of the private sector.

The establishment of the new holding company comes as the sultanate seeks to develop the logistics sector through massive infrastructure investments in a number of specialised industrial zones and ports.

Oman has also just completed the preliminary design of its entire planned rail network, which aims to link the ports, economic, industrial and commercial areas and also areas with potential urban growth so these assets can yield their full economic potential.

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