Oman government revenues were up 13% year-on-year in the first quarter — highlighting how the country is one of the rare beneficiaries of the Iran war, in raw economic terms at least. The gain is mainly down to higher oil and gas revenues, which accounted for around two-thirds of the rise.
It is not just the boost from oil prices that is helping the economy. Omani ports have become vital links in new regional logistics networks that have emerged in response to the war and the closure of the Strait of Hormuz. The value of goods using an overland customs corridor between Oman and Dubai reached 8 billion dirhams ($2.2 billion) in April, an eightfold increase on the month before. The success of the “green corridor” has led to a new route being opened between Oman and Sharjah in recent days.
Adding to the positive atmosphere, the country’s sovereign wealth fund, the Oman Investment Authority, this week announced record profits for last year, at 2.9 billion rials ($7.5 billion). The Muscat Stock Exchange also remains well above prewar levels.