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Oman-India non-oil trade poised to hit $2 billion this year

MUSCAT — Non-oil trade between Oman and India, on an upswing in recent years, is poised to top $2 billion in 2008 following a 35-40 per cent spurt in the first quarter, Indian Ambassador Anil Wadhwa said.

In 2007, bilateral trade rose by a hefty 98 per cent to reach $1.8 billion, including Oman LNG exports.

Wadhwa underlined the “amazing coincidence” that infrastructure, real estate and construction sectors had been a major engine of economic growth in both India and Oman.

He was speaking at the third meeting of the recently launched India-Oman Business Forum, an informal association comprising key Indian and Omani business leaders from the private sector held at the Indian embassy here.

The event coincided with the launch of an India-centric real estate fund by Cordea Nichani, a joint venture of Cordea Savills LLP and Nichani Holdings LLC.

Wadhwa stressed the role of the forum in bolstering trade ties and the steady growth of trade and investment between the two countries.

Wael Ahmed Al Lawati, CEO of Oman Tourism development Company, a wholly-owned Oman government venture, spoke about new projects worth billions of dollars coming up in the Sultanate, adding that he hoped entrepreneurs from India “will look at the opportunities seriously.”

Rajan Nichani, Nick Hayward and Bhabin Thakker explained various aspects of the new real estate fund, such as asset management strategy, risk hedging and expected returns. The fund is primarily intended to be invested in an IT-focused SEZ near Bangalore and a couple of major real estate projects in South India.