Oman sees 19% increase in FDI in 2022: Report

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Muscat - The Washington Middle East Institute's report has praised the policies of His Majesty Sultan Haitham bin Tarik in dealing with economic challenges facing the Sultanate of Oman

The report said that there has been an increase of 19 percent in Foreign Direct Investment (FDI) in the first quarter of 2022. There has been an increase in non-oil exports in 2021, in addition to the Sultanate organizing a number of conferences, including the “Oman Renewable Energy” investment conference, which was held in London recently.

The conference witnessed a strong presence from multinational companies that implemented projects in the Sultanate of Oman and seek to with that again.

The report said that His Majesty the Sultan restructured the Council of Ministers, in addition to rationalizing state-owned companies and sovereign wealth investment funds in 5 sectors within the Oman Investment Authority, in an effort to improve implementation processes and avoid duplication.

The report said that the Sultanate of Oman was able to achieve its economic growth goals through the "Medium-Term Financial Balance Plan 2022/2024", which provided revenues of $780 million in 2021 and is expected to reach $1.3 billion in 2022, and the process is still ongoing.

To restore balance to the budget, supported by the rise in oil prices, referring to the statistics of the Fitch Agency, which confirmed that the public debt ratio has decreased from 67.3 percent to 47.5 percent.

The report pointed out that the government of the Sultanate of Oman is continuing to benefit from the energy sector, as it is making unremitting efforts to develop new sources, including the agreement to develop a facility for the production of green ammonia based on hydrogen in Salalah, and the implementation of green hydrogen projects in Duqm, and the development of solar energy for production purposes in Many oil and gas fields.

The report noted the foreign policy of the Sultanate of Oman and its prominent role under the leadership of His Majesty Sultan Haitham bin Tarik, which helped to bring peace in the region, including the crisis in Yemeni and the Iranian nuclear deal.