News

Oman`s National Finance continues to support SMEs

Oman`s National Finance Company has further strenghtened its commitment to local enterprises by extending its collaboration with Sharakah.

Sharakah is an organisation committed to supporting entrepreneurship and subsequent development of SMEs in an effort to diversify the Sultanate`s economy. Under the Imtidad SME Growth Programme 2024, National Finance will provide...

05/03/24

Oman Free Zones attract massive green industry investments

Oman's Public Authority for Special Economic and Free Zones (OPAZ) has revealed total invested capital has exceeded OMR 17 billion (USD 44 billion) as of Q2 2023.

Several contributing factors include the provision of dedicated, proactive administrative and technical teams who offer unwavering support to investors. Furthermore, Oman's favourable investment climate, coupled with the availability...

20/02/24

Oman Vision 2040 implementation progress impresses IMF

Oman has made substantial progress in diversifying its economy and implementing its Vision 2040, according to the International Monetary Fund (IMF).

The IMF has recognised the Oman governments decisive actions, which include significant investments in renewable energy, including green hydrogen as well as a national strategy for a smooth transition to net zero emissions. Additional goals of [the...

06/02/24

Omans 2024 budget targets priority sectors and social welfare

Oman’s state budget for 2024 aims to maintain spending levels in essential sectors including education, health and housing. In addition, it prioritises the development and investment in strategic projects and the enhancement of social welfare schemes while simultaneously reducing public debt.

The Ministry of Finance estimates total public spending at OMR 11.65 billion (USD 30.25 billion) for this...

23/01/24

Oman attracts foreign direct investment worth USD 59 billion

Omans foreign direct investment (FDI) reached almost OMR 23 billion by the third quarter of 2023 according to preliminary data from the National Centre for Statistics and Information (NCSI).

The oil and gas extraction sector earned 77% of total foreign investment, with a total value of OMR 17.7 billion (USD 45.97 billion). FDI in converting sectors reached OMR 1.4 billion (USD 3.64 billion), while...

09/01/24

Oman boosts local products with 'Made in Oman' campaign

Omani products have significantly benefitted from the recent 'Made in Oman' campaign which took place across the Sultanate. The campaign played an important role in enhancing public awareness of purchasing Oman made products and supporting Omani producers and exporters.

It was organised by various stakeholders including the Ministry of Commerce Industry and Investment Promotion (MoCIIP), the [Oman...

02/01/24

Oman`s oil and gas investment reaches OMR 2.25 billion

Oman`s total investment in the exploration, production and development of oil and gas during the first half of 2023 reached OMR 2.25 billion (USD 5.84 billion).

According to figures from the Ministry of Energy and Minerals, capital expenditure accounted for 62% of total investment, which included geological surveys, drilling and facilities. The remaining 38%...

12/12/23

Oman and the United Kingdom chart a shared future

Oman and the United Kingdom are consolidating an economic and military partnership in a bid to boost trade.

The UK minister for international trade, recently met with his Omani counterpart and their discussions on future collaboration promise a new chapter in the Anglo-Omani partnership. The UK and Oman have remained stable allies, especially when Oman joined the Arab League, the IMF and UNESCO...

28/11/23

Oman's economic resilience testament to strategies of Vision 40

Oman’s continued strong economic performance demonstrates the Sultanates robust economic policies and strategic Vision 40 according to a recent Allianz Trade report.

The country`s economy has shown remarkable resilience backed up by a fiscal surplus of 8% of GDP in 2022, which is an important indicator of its financial management.

Furthermore,...

14/11/23

Oman issues 2,700 investor residency cards issued to date

Oman’s Ministry of Commerce, Industry and Investment Promotion (MoCIIP) have issued over 2,700 investor resident cards as part of their investor residency scheme.

The Sultanates investor residency programme offers foreign investors and retirees the opportunity to obtain long-term residence for a duration of either 5 or 10 years with the possibility of renewal. To apply for an investor residency...

31/10/23