Oman attracts OMR26bn in foreign direct investment
Muscat: The volume of total foreign direct investment (FDI) in Oman witnessed a 17.6% increase over the past five years bringing the cumulative value of FDI reaching OMR26.677 billion by end of the third quarter of 2024.
This rapid growth reflects Oman's success in enhancing its position as a global investment hub, supported by strategic initiatives, an attractive investment environment and advanced infrastructure.
Qais bin Mohammed Al-Yousef, Minister of Commerce, Industry, and Investment Promotion (MoCIIP), said that the directives to develop the investment environment have been a strong impetus for building a promising economic future, supported by clear and integrated strategies.
He noted that the positive indicators in the investment sector demonstrate the success of Oman's policies and initiatives in providing a comprehensive climate for attracting investment projects.
He further said that the measures taken to complete the setting up of the Investment and Trade Court reflect the government's commitment to providing a stable legal environment that encourages foreign investments. The ministry is committed to offering the necessary facilities and competitive incentives to make it easier for investors to conduct business in a dynamic environment.
He pointed out that developing the investment and business environment is a top priority for driving sustainable development, and the ministry is working on implementing various initiatives to diversify the national economy and create job opportunities across different sectors.
Ibtisam bint Ahmed Al-Faroojiyah, Undersecretary of the Ministry of Commerce, Industry, and Investment Promotion for Investment Promotion, said that the ministry is reviewing investment policies, laws, and incentives, and working on promoting foreign investment through local, regional, and international promotional activities, exhibitions, and important investment forums, as well as marketing campaigns to attract investors.
She added that investment opportunities are being framed and enhanced with feasibility studies and then made available to investors to boost investment in targeted sectors and to further accelerate the pace of attracting more foreign investments into Oman. This helps in economic diversification and helps to increase the share of non-oil revenues in the gross domestice product (GDP) thereby positively reflecting investor confidence and enhancing Oman's competitive indicators.
The government, represented by the Ministry of Commerce, Industry, and Investment Promotion and other investment authorities, is currently focusing on several key sectors derived from Oman Vision 2040. These sectors include transport and logistics, renewable energy, information technology (IT), food security, tourism, mining, and industries, in addition to supporting and complementary sectors such as the circular economy, health, and education.
Statistics from the National Centre for Statistics and Information (NCSI) show that the United Kingdom emerged as the largest foreign investor, contributing investments valued at OMR13.66 billion, followed by the United States at OMR 5.25 billion, the United Arab Emirates at OMR 836.5 million, Kuwait at OMR 833.5 million, China at OMR 817.8 million and Switzerland at OMR 551.9 million, until the end of third quarter of 2024.
Qatar's investments in Oman reached OMR488.3 million by the end of the third quarter of last year, Bahrain's investments reached OMR375.7 million, and investments from the Netherlands and India were approximately OMR359.1 million and OMR286.1 million, respectively.
Al-Faroojiyah further said that these statistics show that the manufacturing sector received FDI valued OMR2.13 billion, financial intermediaries OMR1.36 billion and real estate activities OMR969.1 million.
She explained that the Ministry of Commerce, Industry, and Investment Promotion has governed investment opportunities within the 'Invest in Oman' platform, publishing 20 investment opportunities in tourism, real estate development, aviation, logistics, and industry sectors. Industrial land for investment opportunities in the manufacturing sector has been allocated in cooperation with the Public Establishment for Industrial Estates (Madayn), with investors showing interest in lands in the industrial cities of Rusayl, Sohar, and Samail.
The ministry has promoted Oman internationally in 21 events last year, received delegations from 23 countries, organised 8 local promotional events, and targeted 6 G20 countries and 4 markets in collaboration with the Oman Chamber of Commerce and Industry (OCCI). These efforts aim to attract various sectors and increase the value of foreign investment.
Eng. Nasser bin Khalifa Al-Kindi, CEO of Invest in Oman, said that the 'Invest in Oman' brings together various government institutions to facilitate the investor journey and attract high-capital investors to strategic priority sectors. It serves as a digital window to promote Oman's investment environment and inform investors about available opportunities through a clear map.
He added that the number of investment projects being processed reached 59 projects worth OMR3.2 billion, of which 29 projects worth OMR1.2 billion have been localised. India, China, and Egypt topped the list of investing countries in terms of the number of investors, with the industry sector leading the investment sectors, followed by renewable energy and health.
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