Oman’s foreign direct investment crosses RO 30 billion by end of 2024

Muscat : This was announced by the Ministry of Commerce, Industry and Investment Promotion during its annual media briefing, highlighting the nation’s growing appeal to international investors.

The Ministry revealed that the FDI figure represents an increase of RO 4.5 billion compared to the fourth quarter of 2023, demonstrating a strong and sustained growth trajectory. The manufacturing sector attracted a substantial portion of this investment, exceeding RO 2.4 billion by the end of last year and accounting for 8.3 percent of the total FDI in Oman.

The Ministry also reported that the contribution of domestic trade to the gross domestic product (GDP) of commercial economic activities, including services at current prices, rose by 3.6 percent, reaching over RO 19 billion by the end of 2024. Additionally, the manufacturing sector’s contribution to GDP at current prices reached more than RO 4.1 billion, representing 1.10 percent, while overall industrial activities contributed approximately 19.8 percent.

Trade figures for 2024 were equally robust, with the total trade exchange between Oman and the world surpassing RO 40.9 billion. Of this, commodity exports accounted for RO 24.2 billion, indicating Oman’s growing presence in international markets.

Digital transformation also featured prominently in the Ministry’s review. In 2024, the ‘Oman Business Platform’ facilitated approximately 827,129 transactions, while the number of automatic licenses issued since April 2021 exceeded one million. Moreover, more than 1.2 million electronic transactions and services were completed through 913 Sanad Service Centers across the Sultanate.

In the area of intellectual property and innovation, 12,675 applications were submitted for national and international trademarks, patents, copyrights, related rights, and industrial designs. The Ministry also approved 1,000 new standards in 2024 aimed at enhancing the competitiveness of national products in global markets.

In terms of regulatory support, 14,685 electronic permits were issued to certify certificates of conformity via the Oman Business Platform, while 21,965 permits were granted to release imported products for the local market through the customs declaration system.

Investment promotion efforts through the ‘Invest Oman’ platform remain strong, with 90 investment project applications under review, including 40 projects valued at over RO 1 billion that have already been localized.

The Investor Residency Program continues to attract foreign interest, with 3,407 investors from over 60 countries having obtained residency cards in Oman by the end of February 2025.

The Ministry reaffirmed its commitment to driving economic development and job creation. During the second half of 2024, approximately 18,437 Omani citizens were employed in key sectors including construction, manufacturing, and wholesale and retail trade.