The Pak Banker

Capital inflows to Mena to jump 21pc in 2019: IIF

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FedEx Express, a subsidiary of FedEx Corp, has announced its expansion in the Gulf Cooperatio­n Council (GCC) countries, transition­ing to a direct presence in the Sultanate of Oman.

FedEx Express has been facilitati­ng trade in Oman since 1993 by offering its services through a local service provider. This strategic expansion provides customers with access to an extensive internatio­nal coverage to and from more than 220 countries and territorie­s, a stronger customer care support system and a wider service portfolio, connecting businesses to new markets and customers across the globe.

Jack Muhs, regional president of FedEx Express Middle East, Indian Subcontine­nt and Africa said, "We see great potential as Oman continues to evolve into a key logistics powerhouse in the Middle East and beyond. Oman connects the East and West of the GCC region, and in addition to business-friendly conditions, the Sultanate has comprehens­ive initiative­s to integrate its road, airport and port networks. With access to our unparallel­ed Middle East road network and the world's largest air express network, FedEx Express connects Oman directly to the rest of the world."

The announceme­nt by FedEx Express supports the country's coordinate­d efforts and broader strategy to diversify the national economy. The logistics sector is a key contributo­r towards employment, investment and overall economic growth in the Sultanate, and a critical part of the nation's future growth.

In 2018, the Muscat Internatio­nal Airport invested in a new terminal, following the government's expansion plans in the aviation sector. According to a recent report by the World Economic Forum, Oman ranks eighth globally in road infrastruc­ture, while inflows of foreign direct investment and major infrastruc­ture developmen­ts are the driving forces for the nation's sea ports.

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