UK accounts for over half of FDI into Oman, says London Mayor

Muscat: The United Kingdom accounts for more than half of foreign direct investment into Oman, the Lady Mayor of London said.

Addressing a banquet in the City of London held in honour of His Majesty Sultan Haitham bin Tarik, she pointed to the strong presence of British and Omani businesses at the event as evidence of the depth of their commercial relationship.

“The remarkable number of British and Omani businesses represented here tonight is itself a testament to the strength of our economic ties,” she said.

Highlighting opportunities for further cooperation, she said the UK-Oman Sovereign Investment Partnership was helping channel investment in both directions.

“The UK-Oman Sovereign Investment Partnership is helping channel investment in both directions,” she said, adding that the opportunities ahead were even greater.

The Lady Mayor also highlighted the potential for collaboration in emerging technologies, pointing to the Oman Investment Authority's investments in British university spinouts working in artificial intelligence and robotics through Cambridge Innovation Capital and Oxford Science Enterprises.

She described the investments as a way of turning research into commercial opportunities, saying: “It’s turning ideas into industries. Research into discovery. And the ambitions of one generation into opportunities for the next.”

She also referred to the landmark free trade agreement between the UK and the Gulf, saying it was “opening doors to new markets and partnerships”.