MoCIIP highlights 2024 achievements at annual media briefing
Published: 07:04 AM,Apr 17,2025 | EDITED : 11:04 AM,Apr 17,2025
Muscat: The Ministry of Commerce, Industry and Investment Promotion (MoCIIP) held its annual media briefing on Thursday under the theme “Partnering for Synergy”, unveiling key milestones achieved in 2024 and reaffirming its commitment to fostering a robust, knowledge-based economic environment in collaboration with its partners.
The event was presided over by Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, and attended by Dr. Saleh bin Said Masan, Undersecretary for Commerce and Industry, Ibtisam bint Ahmad al Farooji, Undersecretary for Investment Promotion; and Pankaj Khimji, Advisor for Foreign Trade and International Cooperation.
Senior ministry officials, national media representatives, economists, and prominent social media influencers also took part in the gathering, which offered a comprehensive overview of the Ministry’s performance and strategic direction.
In its presentation, MoCIIP revealed that the number of registered commercial records in the Sultanate had risen to 441,773 in 2024, up from 387,666 in 2023, an increase of 13.96 per cent.
The Ministry also noted a 3.6 per cent growth in the contribution of domestic trade to the Gross Domestic Product (GDP), reaching RO 19.127 billion at current prices, compared to RO 18.455 billion in the previous year.
Service-related activities accounted for approximately 46.5 per cent of the GDP in 2024.
Foreign Direct Investment (FDI) in Oman climbed to RO 30.042 billion by the end of 2024, reflecting an increase of RO 4.583 billion from the fourth quarter of 2023.
The oil and gas sector remained the dominant recipient of FDI, accounting for 79.7 per cent of the total, followed by the manufacturing sector at 8.3 per cent, which attracted RO 2.490 billion.
The financial intermediation sector accounted for 4.6 per cent, while real estate, rental, and business activities represented 3.4 per cent.
MoCIIP reaffirmed its strategy to strengthen partnerships across sectors and drive economic diversification through innovation, streamlined regulations, and investor-friendly policies.
The event was presided over by Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, and attended by Dr. Saleh bin Said Masan, Undersecretary for Commerce and Industry, Ibtisam bint Ahmad al Farooji, Undersecretary for Investment Promotion; and Pankaj Khimji, Advisor for Foreign Trade and International Cooperation.
Senior ministry officials, national media representatives, economists, and prominent social media influencers also took part in the gathering, which offered a comprehensive overview of the Ministry’s performance and strategic direction.
In its presentation, MoCIIP revealed that the number of registered commercial records in the Sultanate had risen to 441,773 in 2024, up from 387,666 in 2023, an increase of 13.96 per cent.
The Ministry also noted a 3.6 per cent growth in the contribution of domestic trade to the Gross Domestic Product (GDP), reaching RO 19.127 billion at current prices, compared to RO 18.455 billion in the previous year.
Service-related activities accounted for approximately 46.5 per cent of the GDP in 2024.
Foreign Direct Investment (FDI) in Oman climbed to RO 30.042 billion by the end of 2024, reflecting an increase of RO 4.583 billion from the fourth quarter of 2023.
The oil and gas sector remained the dominant recipient of FDI, accounting for 79.7 per cent of the total, followed by the manufacturing sector at 8.3 per cent, which attracted RO 2.490 billion.
The financial intermediation sector accounted for 4.6 per cent, while real estate, rental, and business activities represented 3.4 per cent.
MoCIIP reaffirmed its strategy to strengthen partnerships across sectors and drive economic diversification through innovation, streamlined regulations, and investor-friendly policies.