The oil, gas, and real estate industries in Oman all went up by 10.5%.
According to the latest statistics from the National Centre for Statistics and Information (NCSI), foreign direct investment (FDI) in Oman reached a staggering OMR 19.620 billion in the fourth quarter of 2022.
When compared to the OMR 17.760 billion in total investment value during the corresponding time last year, this is a significant rise.
Extraction of oil and gas, as well as real estate operations, showed a remarkable increase of 10.5% in foreign investments in Oman.
You will be interested on: Company Incorporation in Oman
Oman’s economic expansion is being propelled by key investments.
Foreign direct investment for the fourth quarter of 2022 was dominated by the oil and gas extraction industry, with a total value of OMR 14.166 billion, up from OMR 12.177 billion in the previous quarter.
The converting industries activity was a close second with OMR1.55 billion in investments, a decline of OMR1.705 billion from the previous year. Similarly, OMR1.48 billion was transferred between financial institutions, down from OMR1.648 billion.
Keep reading: Company Registration Service in Muscat Oman
There was a similar increase in foreign investment in the real estate market between the fourth quarters of 2021 and 2022, with the latter number being OMR1.037 billion. Investment in various other operations also rose, from OMR1.240 billion to OMR1.389 billion.
The United Kingdom’s investments in Oman totaled OMR 10.156 billion, making it the largest foreign investor in the country. After the United States (at OMR 2.735 billion) and the United Arab Emirates (at OMR 1.083.4 billion), the United Arab Emirates took third place.
Investments ranging from OMR 171.1 million to OMR 2.458 billion came from a variety of nations, including Kuwait, China, Bahrain, Qatar, India, the Netherlands, Switzerland, and others.
You will be interested on: Oman Mainland Company Formation Service
The rise in FDI shows that foreign investors see promising opportunities in Oman, particularly in the oil and gas extraction and construction industries.
It is hoped that the resulting economic expansion and increased infrastructure development will benefit the Sultanate.
Through a number of changes and initiatives, the government of Oman has been working to make the country more attractive to international businesses and encourage them to set up shop there.
Oman is making great strides toward becoming a magnet for FDI and a major player on the international stage.