Wednesday, May 29, 2024
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Muscat – Oman attracted ROI 651bn worth of new foreign direct investment (FDI) in the first quarter of 2023 with the oil and gas sector receiving the majority, according to data released by the National Centre for Statistics and Information.

The data indicated that the total FDI stock in the sultanate increased 8.4% to RO21.274bn at the end of Q1 2023 compared to RO19.623bn at the end of December 2022.

The bulk of FDI in the sultanate is directed towards the oil and gas and manufacturing sectors, with lower shares going to the financial, real estate and other sectors.

Total FDI in Oman’s oil and gas sector increased 12% to RO15.835bn at the end of Q1 2023 compared to the previous quarter’s figures, accounting for nearly 75% of the total FDI stock in the country.

FDI flows in the oil and gas sector grew sharply by 92.9% year-on-year to reach RO4.138bn in the first quarter of 2023.

However, FDI in manufacturing increased slightly to RO1.571bn at the end of Q1 2023 from RO1.549bn at the end of December 2022.

Foreign direct investment in the financial sector increased to RO1.514bn at the end of Q1 2023 against RO1.481bn at the end of December 2022, while total FDI in real estate (renting and business activities) inched up to RO1.044bn in Q1 2023 from RO1.037bn at the end of December 2022.

UK – the most significant source of FDI

The United Kingdom continues to be Oman’s most significant source of FDI. Investments from UK-based entities accounted for nearly half of the total value of FDI in the Sultanate.

The total FDI stock from the UK reached a staggering RO10.352bn at the end of Q1 2023, accounting for 48.7% of the total FDI in Oman. FDI flows from the UK jumped more than 44% to RO1.738bn in Q1 2023 against RO1.206bn in the same period of 2022. The United States emerged as the second biggest foreign direct investor in Oman with total FDI from the US reaching RO3.508bn at the end of Q1 2023. FDI flows from the US jumped more than 73% to RO1.093bn in Q1 2023 against RO630mn recorded in the same period of 2022.

Foreign direct investment from China reached RO1.231bn at the end of Q1 2023. FDI flows from China increased 52% to RO286.8mn in Q1 2023 against RO188.2mn recorded in the first quarter of last year.

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