Oman attracts foreign direct investment worth USD 59 billion
09/01/24
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 the financial brokerage sector received OMR 1.53 billion (USD 3.97 billion). Real estate, leasing and commercial activities attracted OMR 1 billion (USD 2.6 billion). Further FDI in electricity and water reached OMR 466.3 million (USD 1.21 billion), transport, storage and communication obtained OMR 362 million (USD 940.14 million) while trade reached OMR 216 million (USD 560.97 million). FDI in the hotel and restaurants sector acquired OMR 111.4 million (USD 289.31 million), construction attracted OMR 82.1 million (USD 213.22 million) while investment in other activities saw investment worth OMR 78.9 million (USD 204.91 million).
In terms of investment origin, NCSI data revealed the top 3 countries investing in the Sultanate were the United Kingdom with OMR 11.5 billion (USD 29.87 billion) which accounted for 50% of total foreign direct investment. Second was the United States of America with OMR 3.9 billion (USD 10.13 billion), while the United Arab Emirates invested OMR 1.27 billion (USD 3.3 billion)
In further investment news, Oman’s aim to expand domestic green hydrogen production could support its gross domestic product according to Fitch Ratings. French investment bank Natixis estimates that investment in hydrogen would exceed OMR 115.51 billion (USD 300 billion) by 2030. The main near term benefits of the development plan are expected to boost investment and employment. As a result, such investment would significantly boost the country’s economic growth.
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