Oman’s foreign direct investment hits RO 31 billion

MUSCAT: The investment promotion sector in the Sultanate of Oman is seeing a quantum leap, represented in the efficiency of the integrated system for attracting capital and supporting sustainable economic diversification.
Ibtisam bint Ahmed al Farooji, Under-Secretary of the Ministry of Commerce, Industry and Investment Promotion for Investment Promotion, said that the volume of foreign direct investment (FDI) in the Sultanate of Oman recorded steady growth in recent years, reaching approximately RO 31 billion.
She pointed out that the industrial sector is currently at the forefront of economic diversification efforts, with its investment contribution growing from 6 per cent to 9.5 per cent. She considered it one of the fundamental pillars for strengthening the national economy’s ability to withstand global shocks and to benefit from the Sultanate of Oman’s strategic location and free trade agreements.
She said that the ‘Invest in Oman hall has achieved tangible results in addressing investment challenges and localising major strategic projects through integration and collaboration with partners in relevant government units across strategic sectors. She explained that the hall received 96 investment applications and successfully localised 44 projects that have entered the implementation phase, including 36 new projects for the local market. These efforts also contributed to resolving the challenges faced by seven stalled strategic projects and reactivating them.
The polysilicon production project at Sohar Free Zone is a strategic project that is expected to enhance the Sultanate of Oman’s position as the second largest global exporter of this vital material. The project has attracted complementary projects within the supply chains, including the GE Solar solar panel manufacturing project in Suhar. The two projects are anticipated to contribute at least RO 1 billion annually to the trade balance and export revenues, she said.
She affirmed that the ministry seeks to achieve tangible results and concrete investment returns by focusing on the quality of outputs and the economic impact of promotion. The promotional plan included targeting 15 international markets and holding meetings with 260 global companies, resulting in a clear commitment to invest in 12 strategic projects.
The next phase, from May to December of this year, will witness an intensification of direct field visits to attract targeted companies in priority sectors, thus boosting investment promotion efforts and attracting high-quality projects to the Sultanate of Oman, she said.
Al Farooji stressed that the legislative and judicial system in the Sultanate of Oman has seen significant development through the establishment of the specialised ‘Investment and Trade Court. This legislative development enhances investor confidence by expediting litigation procedures, protecting rights, and ensuring transparency through the presence of specialised judges.
She noted that the integration of efforts among various governmental and service entities contributes to providing a flexible and predictable investment environment that supports the objectives of comprehensive economic development in the Sultanate of Oman. — ONA