Oman sees surge in FDI in 2023, according to NCSI report

Oman’s FDI rises 21.6 pct in 2023

Muscat: The volume of foreign direct investments in the Sultanate of Oman until the end of the fourth quarter of 2023 amounted to 25 billion and 50 million Omani riyals, an increase of 21.6 percent compared to the same period in 2022, which amounted to 20 billion and 590 million Omani riyals.

Preliminary statistics issued by the National Center for Statistics and Information showed that the volume of flows in foreign direct investment recorded a growth of 57.5 percent until the end of the fourth quarter of 2023, reaching 4.45 billion Omani riyals, compared to 2.83 billion Omani riyals until the end of the fourth quarter of 2022.

The oil and gas extraction sector accounted for 78 percent of the total foreign direct investment until the end of the fourth quarter of 2023, with a total value of 19 billion, 523 million and 800 thousand Omani riyals, up from 14 billion, 638 million and 900 thousand Omani riyals.

The value of foreign direct investment in the manufacturing sector until the end of the fourth quarter of 2023 amounted to one billion, 781 million and 300 thousand Omani riyals, up from one billion, 873 million and 200 thousand Omani riyals, while the value in financial intermediation amounted to one billion, 347 million and 600 thousand Omani riyals, compared to one billion, 824 million and 900. One thousand Omani riyals, while the value in real estate and rental activities and commercial project activities amounted to one billion and 34 million and 400 thousand Omani riyals, up from one billion and 5 million and 500 thousand Omani riyals.

The United Kingdom topped the total foreign direct investment until the end of the fourth quarter of 2023, accounting for 50.7 percent of the total foreign direct investment, amounting to 12 billion, 676 million and 500 thousand Omani riyals, followed by the United States of America, with a total investment amounting to 4 billion, 296 million and 600 thousand Omani riyals. Then the Republic of China with one billion and 329 million and 100 thousand Omani riyals, the United Arab Emirates with 958 million and 600 thousand Omani riyals, and the State of Kuwait with 830 million and 900 thousand Omani riyals.