MUSCAT, OCT 22
The Sultanate of Oman has all key components of establishing a strong blue economy , according to remarks from Dr Nasser bin Rashid al Maawali, Under-Secretary of the Ministry of Economy.
During a panel discussion highlighting investment within the blue economy during the Fifth Duqm Forum earlier this week, al Mawaali shared the following remarks , “Oman has all the components necessary to develop the blue economy. The Sultanate of Oman has a coastline that extends 3,653 kilometres, and it possesses 293 islands. Furthermore , Oman is situated on three main seas: the Sea of Oman, the Arabian Sea, and the Arabian Gulf, which opens it up to the external world and qualifies it for the blue economy.”
According to the undersecretary the Sultanate of Oman currently views the blue economy as a key driver of economic diversification.
“In terms of economic diversification, the blue economy is one of the pillars for diversification in the Sultanate of Oman. Today, the general budget allocated for blue economy activities in Oman is RO 1.6 billion.”
Additionally , the under-secretary highlighted the significance of the blue economy in terms of size and sustainability , “The World Bank estimates that the blue economy will reach $3 trillion by 2030, while it currently stands at $1.5 trillion today.”
Adding, “The blue economy arose due to the shortcomings of traditional economies, like the brown and grey economies. With economic development and increasing complexity, the need for sustainable economies became apparent.... the blue economy, in simple terms, is truly a comprehensive life economy, and it represents a path to sustainability. Why? Because the blue economy intersects three main aspects: the economic, social, and environmental dimensions, forming the core of economies where these three sectors intersect.”
Additionally he shed light on the expansion of the economy which now includes new activities, “The concept of the blue economy in reality, and its economic dimension, is not new. What is new is the expansion of the blue economy to include areas previously not considered, such as oil and gas extraction from the seas, marine mining, and marine energy. These are new areas that did not exist before.“
According to the Under-Secretary some investment opportunities within the blue economy in Oman include the use of green energy in maritime transport, oil and gas exploration and the issuance of blue bonds to finance projects amongst many .
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