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Foreign direct investment in Oman surpasses $69bn

January 20, 2025 at 12:45 pm

The Omani national flag in the capital Muscat. [HAITHAM AL-SHUKAIRI/AFP/Getty Images]

Foreign direct investment (FDI) in Oman reached 26.677 billion Omani rials ($69.28 billion) by the end of the third quarter of 2024, reflecting a growth of 16.2 per cent compared to the same period in 2023.

According to Oman News Agency, investment inflows during this period amounted to 3.716 billion rials ($9.67 billion).

Preliminary statistics released by Oman’s National Centre for Statistics and Information on Saturday revealed that the oil and gas extraction sector accounted for 79.1 per cent of the total FDI, valued at 21.112 billion rials ($54.8 billion), with inflows reaching 3.440 billion rials ($8.93 billion).

The manufacturing sector recorded FDI worth 2.137 billion rials ($5.54 billion) by the end of the third quarter of 2024, with inflows amounting to 730.3 million rials ($1.89 billion), representing eight per cent of the total.

Meanwhile, the financial intermediation sector attracted 1.364 billion rials ($3.54 billion), or 5.1 per cent, while investments in real estate, rental and business activities stood at 969.1 million rials ($2.51 billion), making up 3.6 per cent of the total.

The United Kingdom topped the list of foreign investors in Oman, contributing 51.2 per cent of the total FDI by the end of the third quarter of 2024. British investments amounted to 13.665 billion rials ($35.49 billion).

In mid-2021, Oman launched a new programme granting long-term residency to foreign investors as part of its strategy to enhance the investment environment and attract foreign investments to sectors such as manufacturing, tourism, mining, logistics, agriculture, education, health, information technology and renewable energy.

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