International freight forwarding and logistics company Panalpina will open a new office in Muscat, Oman, in the third quarter of 2019, reports Air Cargo News.
Around 900,000 barrels of oil are produced in Oman each day and this accounts for approximately 80% of the country’s revenue. Panalpina’s presence in Oman will therefore present it with an opportunity to benefit from this lucrative market.
Oman also acts as a transhipment hub for Qatar, as Charles Francis, Panalpina’s country manager for Qatar, Kuwait and Oman, explains: “Oman has become a pivotal geographical location for cargo flows to and from Qatar. Unlike some of the Gulf Cooperation Council (GCC) countries, Oman has not introduced economic sanctions and its trade with Qatar has increased by more than three times since the embargo started two years ago.”
Panalpina recently completed the registration of Panalpina Oman with a minority shareholding partner, the Daoud Group – a well-respected, family-owned Omani business conglomerate. Although its operations in Oman were previously handled by an agent, Panalpina Oman will execute operations in the air freight, ocean freight and customs clearance sectors.