Oman’s logistics sector grew by 8% in 2018: OLC

Muscat - 

Oman Logistics Center (OLC),  part of Oman Global Logistics Group (OGL), recently announced that the sultanate’s logistics sector grew by 8 per cent in 2018, and now the sector contributes around 3.75 per cent to the overall economy of the country.

OGL has been entrusted with a task to implement Oman’s 2040 Logistics Strategy, which aims at putting at promoting the country as global logistics hub.

“The past year saw remarkable achievements for Oman Logistics Center. We executed transformative projects that resulted in evident improvement on several critical facets. The logistics sector grew by 8 per cent in 2018, more than double the growth rate of the economy as a whole,” OLC executive president Al Khattab al Maani was quoted as saying in OLC’s annual report for 2018, which was released recently. As per the report, the sector accounted for 3.75 per cent of Oman’s GDP.

‘Not only is logistics driving economic growth, the sector is also creating significant job opportunities. More than 3,500 jobs were created for Omanis in 2018 alone. And it helps in improving Omanisation rate from 12 per cent to 16.4 per cent,’ the report added.

Due to the efforts taken by authorities Oman’s rank in the Logistics Performance Index 2018 improved by five positions from 48th to 43rd. The Global Competitiveness ranking improved by 19 places from 66 to 47, showing particular improvements for ports efficiency, which jumped from 44th to 18th.

‘On the operational side, we have helped reduce inspections from 80 per cent to 12 per cent for customs. Import clearance times dropped from 49 hours to 6 hours at sea ports and 4 hours at airports,’ the report said.

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