Oman's FDI Reaches $70 Billion, Constituting 4.8% Of GDP In 2022
Foreign direct investment (FDI) in Oman saw a notable increase in 2022, reaching a total of 27.135 billion Omani riyals ($70.48 billion), according to preliminary data from the country's Foreign Ministry, referencing the National Centre for Statistics and Information (NCSI). This marks an 8.2% rise from the previous year's figure of OMR25,089 billion and represents a significant 4.8% of Oman's Gross Domestic Product (GDP).
The ministry's data highlights that FDI accounted for 75.9% of the total foreign investment in Oman by the end of 2022. This investment was majorly channelled into various sectors, with the oil and gas industries leading the way, attracting 56.4% of the foreign investment. The statistics also showcased investments in other sectors such as financial derivatives, reaching OMR52.2 million with an inflow of OMR1.3 million, and other foreign investments amounting to OMR5.642 million with inflows of OMR343 million.
The report further elaborated on the distribution of foreign investment across different sectors. The oil and gas sectors stood out, amassing a value of OMR15.321 million, whereas financial brokerage activities, converting industries, and transport, storage, and communications fields also saw significant investments.
Among the highlighted sectors, the most attractive for FDI were oil and gas, which secured 71.1% of the total foreign investment, followed by converting industries (9.1%), financial brokerage (8.9%), and real estate, leasing, and commercial activities (4.9%). Meanwhile, other activities garnered 6% of the investments.
The United Kingdom emerged as the largest contributor to FDI in Oman, with investments totaling OMR9.62 billion. The United States and China followed with OMR3.68 billion and OMR1.04 billion, respectively. The UAE and Kuwait also featured prominently among the top five investing countries.
Omani Investment Abroad
Meanwhile, Omani investment abroad witnessed a dip, reducing from OMR6.02 billion at the end of 2021 to OMR5.38 billion by the end of 2022, marking a 10.6% decrease. The UAE was the primary recipient of Omani investment abroad, securing OMR960 million, with Saudi Arabia attracting OMR129 million.
This data underscores the strategic importance of FDI for Oman's economy, highlighting the oil and gas sectors as pivotal areas for foreign investment. The fluctuation in Omani investments abroad also offers insights into the dynamic nature of global investment trends and Oman's role within them.
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