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Healthy growth continues at Oman?s SOHAR Port

Strategic location has been a critical factor in the port?s growth. (Image source: SOHAR)

SOHAR Port and Freezone is fast developing as key regional hub with over 18 per cent year-on-year container growth from first half last year, the port authorities have announced

SOHAR has released cargo throughput figures showing strong organic growth in most sectors over the first half of 2016, as both the port and freezone continue to play a crucial role in the diversification and globalisation of Oman?s economy.

Container volume in the first half of 2016 grew by 18.6 per cent from the same period last year, up from 264,000 TEU in the first-half of 2015 to over 313,000 TEU in the same period this year.

Dry Bulk, which had a record first half in 2015, showed a drop to 10.6mn tonnes in the first half of 2016, due to current market conditions in the global iron and steel industry. Overall, vessel movements at the port were up by nearly six per cent compared to the first half of 2015, with over 1,300 ships calling at SOHAR Port between January and June 2016.

The Sultanate continues to invest heavily in economic diversification beyond its traditional petrochemical base, as it moves forward with Vision 2020 and plans to transform itself into a major industrial and logistics centre for the region.

Mark Geilenkirchen, CEO of SOHAR Port, said, ?Despite any current global economic uncertainties, these figures confirm we are in the right place at the right time. We will take full advantage of the prime strategic location of SOHAR Port and Freezone as we continue to expand our operations and support growth in our tenants? businesses.?

SOHAR Port and Freezone is a deep sea port and freezone in the Middle East, situated in Oman midway between Dubai and Muscat. With current investments of US$25bn, it is one of the world?s fastest growing port and freezone developments and lies at the centre of global trade routes between Europe and Asia.