The volume of foreign direct investment (FDI) in Oman reached 27.135 billion Omani riyals ($70.48 billion) in 2022, according to preliminary data issued by the country’s Foreign Ministry, citing the National Centre for Statistics and Information (NCSI).

The FDI witnessed an 8.2% uptick compared with the previous year’s volume of OMR25,089 billion, accounting for 4.8% of Oman’s Gross Domestic Product (GDP).

The ministry revealed FDI constituted for 75.9% of total foreign investment in the country by the end of 2022, with foreign investment in financial derivatives amounting to OMR52.2 million, with an inflow of OMR1.3 million.

Other foreign investment reached OMR5.642 million, with inflows of OMR343 million.

The oil and gas sectors attracted 56.4% of foreign investment with a value of OMR15.321 million compared to OMR5.56 million for financial brokerage activity, OMR2.37 million for converting industries and OMR1.62 million for transport, storage, and communications fields.

Total foreign investment in real estate, leasing and commercial projects reached OMR1.1 million OMR while foreign investment in other activities reached OMR1.15 million.

The most popular FDI sectors were oil and gas (71.1%), converting industries (9.1%), financial brokerage (8.9%), real estate, leasing, and commercial activities (4.9%). Other activities attracted 6%.

The UK topped the list countries with FDI in Oman, accounting for OMR9.62 billion, followed by the US at OMR3.68 billion, and China at OMR1.04 billion.

Other countries in the top five included the UAE (OMR915 million) and Kuwait (OMR797 million).

Statistics indicate that Omani investment abroad at the end of 2022 reached OMR5.38 billion, dropping from the OMR6.02 billion at the end of 2021, a drop of 10.6%.

The UAE topped the list of countries that attracted direct Omani investment with a total of OMR960 million, followed by Saudi Arabia with OMR129 million.

(Writing by Bindu Rai, editing by Daniel Luiz)