Muscat – Oman attracted foreign direct investment (FDI) worth RO3.715bn in the first nine months of 2024, primarily driven by robust investments in the sultanate’s oil and gas and manufacturing sectors.

The total FDI stock reached RO26.677bn by the end of Sept-ember 2024, reflecting a strong year-on-year growth of 16.2%, up from RO22.961bn in the same period last year. However, FDI inflows for January to September 2024 were notably lower than in the corresponding period of 2023, when investments stood at RO4.821bn, according to data released by National Centre for Statistics and Information.

The oil and gas sector remained the dominant recipient of FDI, accounting for 79.1% of the total, or RO21.112bn. New foreign investments in this sector totalled RO3.439bn in the first three quarters of 2024. The manufacturing sector ranked second, with FDI stock of RO2.137bn, representing 8% of the total. It attracted inflows of RO730.3mn during the period.

The financial brokerage sector received 5.1% of the total FDI, amounting to RO1.364bn, while real estate, rental and commercial activities saw inflows of RO969.1mn, or 3.6% of the total.

Other sectors also recorded notable FDI contributions – transportation, storage and communications attracted RO379.5mn (1.4%) ; electricity and water received RO323.2mn (1.2%); trade investments were valued at RO214.9mn (0.8%); hotels and restaurants at RO107.9mn (0.4%); and construction at RO13mn. Other activities attracted RO56.6mn.

The UK remained the largest foreign investor in Oman, holding 51.2% of the total FDI stock by the end of Q3 2024, valued at RO13.665bn. The US followed with investments of RO5.253bn, while the UAE and Kuwait contributed RO836.5mn and RO833.5mn, respectively.

Other significant investors included China (RO817.8mn), Switzerland (RO551.9mn), Qatar (RO488.3mn), Bahrain (RO375.7mn), the Netherlands (RO359.1mn), and India (RO286.1mn). Investments from other countries totalled RO3.2bn.