Boosted by high oil prices and fiscal stability, the Sultanate of Oman ranks among the top countries in the world that is expected to benefit from an upsurge in investment inflows in 2023.
A new report by fDi Intelligence (fDi stands for Foreign Direct Investment), an English-language bimonthly magazine that specializes in up-to-date movements of foreign investment around the world, said that Oman is among the leading countries globally that will capitalise on this investment momentum in the coming year.
Using macroeconomic trajectory and foreign investment flows analysis of the top 50 investment destinations (using data from the International Monetary Fund and investment monitors fDi Markets), the "FDI Standouts Watchlist 2023" has revealed the ranking of the top 10 most attractive powers in terms of foreign investment. Topping the list is Qatar with 87.64 points, followed by India with 86.20 points, Morocco with 82.46 points, Oman with 81.14 points and Ireland with 80.61 points. Saudi Arabia, Egypt, Singapore, Greece and UAE complete the top ten list of the report.
Foreign investment has played a major role in Oman’s economic growth. According to Oman’s Ministry of Commerce, Industry and Investment Promotion (MoCIIP), the total volume of direct foreign investments, till the third quarter of 2022 reached RO 18.14 billion, recording an increase of 10.4 per cent, compared to the same period in last year,
Data show that the volume of trade exchange between Oman and other countries until Q3 2022, reached RO 30.421 billion, with an increase of 46.18 per cent. The value of foreign direct investments (FDI) in the manufacturing sector until Q3 2022 reached RO 1.717 billion, compared to RO 1.512 billion in the same period in 2021.
To attract foreign investments into the country, MoCIIP implemented the investor residency initiative which is a tool and a competitive advantage to attract foreign investments and stimulate various economic sectors. The initiative links residency with investment by facilitating the granting of residency to investors and their family members, who are interesting to invest in the Sultanate of Oman for periods ranging from 5 to 10 years, subject to extension, provided that the procedures and controls established for that are adhered to in accordance with the categories offered.
As of January 1, 2023, the total number of investors who obtained investor residency in Oman reached 1219 investors of various nationalities, including the issuance of 725 investor residency cards for the 10-year category, and 489 cards for the 5-year category, as well as 5 Retirement cards.