MUSCAT: The Sultanate of Oman has witnessed an impressive increase in foreign direct investment (FDI) over the past five years. According to the latest data from the National Centre for Statistics and Information (NCSI), FDI has surged by 17.6%, reaching a cumulative value of RO 26.677 billion by the third quarter of 2024. This growth is a clear indication of the country’s successful economic diversification strategies and the positive impact of its investment-friendly policies.
This rise in FDI is not only a reflection of global confidence in Oman’s economic prospects but also highlights the ongoing transformation within its non-oil sectors. The government has been working relentlessly to create a more conducive environment for foreign investors by implementing a series of reforms aimed at enhancing the business climate. These efforts include measures to streamline regulatory processes, simplify investment procedures, and offer various incentives to attract foreign capital.
The sectors benefiting most from this influx of foreign investment include logistics, manufacturing, renewable energy, and tourism. The expansion of these industries is directly linked to Oman’s Vision 2040, which focuses on reducing the country’s reliance on oil revenues and positioning it as a regional hub for commerce and innovation. The government’s investment in infrastructure, such as the development of free trade zones and port facilities, has also played a crucial role in attracting FDI from across the globe.
Moreover, the sustained growth in FDI is expected to continue, with the government projecting even higher inflows in the coming years. This will likely contribute to the country’s economic resilience, increase employment opportunities, and foster a climate of innovation and technological advancement. As Oman continues to embrace foreign investment, it is set to become a more diversified and competitive economy in the region, paving the way for long-term sustainable growth.
