Oman National Bank Chairman Praises Oman’s Economic Development

Chairman of the National Bank of Oman Mohammed Mafoodh al-Ardhi had praised the efforts of the government for meeting the public and private sector demands and ensuring the growth of the government’s short and long-term goals. He also provides the government advice to improve its services.

Al-Ardhi noted that Oman’s ports are the symbol of the country’s increasing wealth. The ports of Salalah, Sohar and Muscat have been remodelled for modern ships and freighters.

Salalah is the world’s most active port for container transport. Sohar is specifically designed to ease goods shipment processes to areas outside of the Oman capital. The Port of Muscat is a tourist destination that also doubles as a supplementary port decongestion resource for possible circumstances.

Al-Ardhi also said that foreign investors are welcoming the Omani investment climate with its sufficient incentives. However, he said that despite the incentives, it will still not be enough to turn the investment system into higher competitiveness. Investors are looking for new locations to keep themselves safe from failing caital markets.

He recommends that several investor laws, including land utilisation, pollution law and banking, be revised. He also prompted the government to provide a single investment service centre to help expand the number of investors inside the country and distribute it to different business centres all at once.