Oman’s foreign direct investment (FDI) has grown by 17.6% over the past five years. As of the third quarter of 2024, the total FDI reached OMR 26.677 billion. This surge reflects Oman’s success in becoming a global investment hub, backed by strategic initiatives, a supportive business environment, and strong infrastructure.
Qais bin Mohammed Al-Yousef, Oman’s Minister of Commerce, Industry, and Investment Promotion (MoCIIP), emphasized the importance of investment policies. He believes these policies are key to building a promising economic future. The development of clear, integrated strategies has made Oman an attractive destination for foreign investment.
Furthermore, Al-Yousef also highlighted the government’s commitment to providing a stable legal environment. In fact, the creation of the Investment and Trade Court shows that Oman is serious about supporting foreign investors. Additionally, the government offers competitive incentives to help investors do business in the country. Improving the investment climate is essential for Oman’s sustainable development.
Ibtisam bint Ahmed Al-Faroojiyah, Undersecretary for Investment Promotion at MoCIIP, said the ministry is reviewing investment policies and laws. In addition, Oman is also promoting investment opportunities through global exhibitions and marketing campaigns. These efforts aim to attract more foreign investment, boost economic diversification, and increase non-oil revenue in Oman’s GDP.
The government is focusing on several key sectors from Oman Vision 2040. These include transport, logistics, renewable energy, and information technology. Moreover, other sectors such as food security, tourism, and mining are also being targeted. These industries are expected to play a significant role in Oman’s long-term economic growth.
According to the National Centre for Statistics and Information (NCSI), the UK is the largest investor in Oman, with OMR 13.66 billion in investments. The US follows with OMR 5.25 billion. Additionally, other major investors include the UAE, Kuwait, and Qatar. These countries’ investments reflect growing confidence in Oman’s economic environment.
The manufacturing sector attracted OMR 2.13 billion in FDI. Similarly, the financial sector received OMR 1.36 billion, and real estate saw OMR 969.1 million in investments. The Ministry of Commerce, Industry, and Investment Promotion manages these investments through the ‘Invest in Oman’ platform. This platform offers opportunities in various sectors, including tourism and real estate.
Furthermore, the government has also increased Oman’s international presence. The ministry participated in 21 global events and hosted delegations from 23 countries last year. These activities aim to attract investors and promote Oman as a top investment destination.
Eng. Nasser bin Khalifa Al-Kindi, CEO of Invest in Oman, noted the platform’s role in attracting high-capital investors. In fact, the platform simplifies the investment process and brings together key government institutions. To date, it has processed 59 projects worth OMR 3.2 billion. Of these, 29 projects, totaling OMR 1.2 billion, have been localized.
