Oman: Oman’s economic landscape witnessed a substantial surge in foreign direct investments (FDI) during the third quarter of 2023, with a noteworthy increase of 3.78%. According to data reported by the National Center for Statistics and Information (NCSI), the total foreign direct investments soared to 22.96 billion Omani rials, equivalent to an impressive $59.54 billion by the end of Q3, compared to the preceding quarter.
The oil and gas extraction sector played a key role, constituting a substantial 76.9% of the total overseas funding received in the country. The figures reveal a significant injection of 17.67 billion rials into this sector in December alone. Simultaneously, the manufacturing sector experienced a commendable influx of 1.40 billion rials, showcasing diversification in the sources of foreign capital. Financial intermediation and real estate, rental activities, and business project activities secured investments of 1.53 billion rials and 1.03 billion rials, respectively.
Investments in electricity and water amounted to 466.3 million rials, whereas transportation, storage, and communications witnessed a total inflow of 361.9 million rials. Trade, hotels and restaurants, construction, and other activities also carved out their share of the investment pie, with figures standing at 216 million rials, 111.4 million rials, 82.1 million rials, and 78.9 million rials, respectively.
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The global perspective on Oman’s foreign investments reveals a fascinating narrative. The United Kingdom emerged as the leading contributor, capturing an impressive 50.1% of the total inward capital. This translated to a substantial value of 11.52 billion rials. Following closely, the US secured the second position with a total investment of 3.88 billion rials, while the UAE and Kuwait contributed 1.27 billion rials and 922.3 million rials, respectively. Bahrain, China, Qatar, and the Netherlands also featured prominently in the list of investing nations, injecting significant amounts ranging from 732.6 million rials to 374.7 million rials.
Interestingly, foreign investments from Switzerland and India added to the diverse pool, with figures amounting to 288.3 million rials and 277.8 million rials, respectively. Meanwhile, funding from other countries collectively totalled an impressive 2.65 billion rials, further underscoring the global interest and confidence in Oman’s economic prospects.
Oman’s robust performance in Q3 2023, attracting FDIs, reflects sectoral diversification and a broad international investor base, highlighting the nation’s resilience and attractiveness in the global economic landscape.
