April 21:
The projects in the port city alone offer business opportunities of about US$4.5b for S'pore companies, reports RAJU CHELLAM
Port of Duqm: The free trade zone area of 1,777 sq km is three times the size of Singapore, skirts a coastline of 80 km, and is one of the most ambitious projects of its kind in the world. - FILE PHOTO
The projects in the port city alone offer business opportunities of about US$4.5b for S'pore companies, reports RAJU CHELLAM
Port of Duqm: The free trade zone area of 1,777 sq km is three times the size of Singapore, skirts a coastline of 80 km, and is one of the most ambitious projects of its kind in the world. - FILE PHOTO
THE oil-rich Sultanate of Oman is seeking Singapore investment, talent and management know-how to build multiple high-end projects at Oman's newest free trade zone at the port city of Duqm. The free trade zone area of 1,777 sq km is three times the size of Singapore, skirts a coastline of 80 km, and is one of the most ambitious projects of its kind in the world.
With a land mass of more than 300,000 sq km, Oman is about 450 times the size of Singapore, but has roughly half the population. A litre of bottled water costs about the same in Oman's capital city of Muscat as in Singapore. Both countries have 1.5 times more smartphones than people. However, a litre of petrol costs just 40 Singapore cents in Muscat, compared to S$2.14 at home.
Welcome to Oman. It's an oil-rich country that borders Yemen, Saudi Arabia and the United Arab Emirates. The country, like Singapore, has a huge expatriate population and uses English to bridge communications between those who speak Arabic and those who don't. And it is now looking at Singapore as one of its role models for its multi-ethnic and multi-racial population to live and work in harmony while boosting economic growth.
Oil and gas continue to be at the core of Oman's economy and account for up to 84 per cent of overall government revenues. "However, with oil reserves projected to thin out over the next 20 years, we're pushing for economic diversification," Abdulmonam Mansoor Al-Hasani, Oman's Minister of Information, told a delegation of visiting journalists from the Singapore Press Club. "We're actively promoting tourism, telecoms, electric power and other non-oil industries."
Source: http://www.businesstimes.com.sg/premium/world/oman-seeks-singapore-expertise-build-duqm-free-trade-zone-20140421?
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