MUSCAT, OMAN - Foreign direct investment (FDI) in Oman reached a staggering OMR19.620 billion during the fourth quarter of 2022, according to the latest data released by the National Centre for Statistics and Information (NCSI).
This marks a substantial increase from the total investment value of OMR17.760 billion recorded in the same period of the previous year.
The sectors attracting the highest foreign investments in Oman were the extraction of oil and gas and real estate activities, which saw a notable rise of 10.5 percent.
Key investments drive Oman’s economic growth
The extraction of oil and gas dominated FDI during the fourth quarter of 2022, with a total value of OMR14.166 billion, surpassing the OMR12.177 billion recorded during the fourth quarter of 2021.
Following closely behind was the converting industries activity, which accounted for OMR1.55 billion in investments, representing a decrease of OMR1.705 billion compared to the previous year. The financial intermediation activity followed suit with OMR1.48 billion, a decline from OMR1.648 billion.
The real estate sector also witnessed an upsurge in foreign investment, rising from OMR990.6 million in the fourth quarter of 2021 to OMR1.037 billion in the fourth quarter of 2022. Furthermore, investments in other activities increased from OMR1.240 billion to OMR1.389 billion.
Among the countries contributing to FDI in Oman, the United Kingdom took the lead with a total investment value of OMR10.156 billion. The US followed closely with OMR2.735 billion, and the UAE secured the third position with OMR1.083.4 billion.
In addition, significant investments were also recorded from Kuwait, China, Bahrain, Qatar, India, the Netherlands, Switzerland, and other countries, with values ranging from OMR171.1 million to OMR2.458 billion.
The surge in foreign direct investment highlights the growing confidence of international investors in Oman’s lucrative sectors, particularly the extraction of oil and gas and the real estate industry.
This influx of capital is expected to stimulate economic growth and foster greater development in the Sultanate.
Oman has been actively promoting foreign investments through various initiatives and reforms aimed at creating a favourable business environment and attracting more international companies to establish their presence in the country.
With continued efforts, Oman is positioning itself as an attractive destination for foreign direct investment and a key player in the global market.