Top foreign investors in Oman working on economic growth

19-Aug-2021, ILLINOIS NEWS TODAY

Muscat: Top foreign investors in Oman say they are enthusiastic about continuing to develop the country’s economy and contributing to the goals of Vision 2040.

Last year, the United Kingdom and the United States were the countries that led foreign investment in Oman.

In the first three quarters of 2020, the United Kingdom donated 7.92 billion Oman to investment projects and the United States promised an additional 1.84 billion Oman, according to data from the National Center for Statistics and Information (NCSI).

Foreign direct investment (FDI) from the United Kingdom represents approximately half of the foreign investment received by Oman during this period, or approximately 15.65 billion OMR. Investment from the United Kingdom is guided by a comprehensive agreement between the United Kingdom and Oman signed in May 2019. This especially facilitates trade and investment in science, health, technology and innovation.

“This is aimed at supporting Oman’s growing desire for foreign investment,” said the UK Department for International Trade. Investment in the first three quarters of 2020 was 11% higher than in the same time frame of the previous year when the UK funded 7.26 billion OMR worth.

Future investment in Oman could extend to “renewable energy and green technology by leveraging commonalities between UK industrial / energy strategy priorities and Oman’s Vision 2040 Sustainability Plan” there is.

Green Energy has played an important role in the UK, hiring 250,000 people, investing more than £ 14 billion (7.5 billion OMR) in the UK economy in 2019 and adding value of £ 95 billion (51 billion OMR). Is producing. Economic activity. Meanwhile, trade between the United States and Oman is governed by the free trade agreement signed between the two countries in 2009.

“This has increased trade in both directions, created opportunities for businesses in the United States and Oman, and supported Oman’s goal of attracting investment and diversifying the economy in line with Oman Vision 2040,” said Oman. US Ambassador Leslie MTsou said.

Oman is an important strategic partner in the United States,” she added. “Our relationships are stronger and stronger, supported by people-to-people connections, lasting security partnerships, and strong trade between the two countries.”

One of the key areas in which the UK is keen to invest is Duqm, the next port city that aims to become the axis of Oman’s non-oil futures. Many major facilities are under construction or under construction, including Duqm Port, Duqm Dry Dock, China Oman Industrial Park, Duqm Refinery, and many other facilities.

The UK has funded several Duqm projects, including Duqm Refinery, the Port of Duqm and the Duqm Naval Dockyard (DND). This adds to the £ 23.8 million (13 million OMR) investment to extend the current joint logistics support base.

“Duqm is the largest free-trade area in the Middle East and the largest economic initiative in modern history in Oman, mining, fishing, aqua farming, food distribution, healthcare, education and tourism,” said the Department of International Trade.

Oman’s presence in the Gulf also presents a more attractive opportunity for UK investors and businesses given its strategic position and potential for growth as a trading hub with the Middle East and East Africa. As bilateral trade expands above and below the country, much effort is being put into introducing Oman in the UK and to British companies considering investing in the Gulf.

Regarding US concerns, there are about 100 US companies investing or doing business in Oman, many of which represent world-renowned brands. US investment in Oman spans a wide range of sectors, including consumer product distribution, oil and gas exploration, hospitality, and other services such as engineering, information technology, finance, accounting, legal, and consulting.

Oman is one of only 20 countries with which the United States has free trade agreements, demonstrating US confidence in Oman as a destination for US trade and investment. The ongoing pandemic of COVID-19 could reduce US investment, but US products continue to be valued in Oman.

“Similarly, the United States, the world’s largest economy, offers Omani companies unparalleled investment opportunities,” said a representative of the US Embassy in Muscat. “The Embassy and Oman American Business Center are eager to help US companies in new investment and expansion in Oman.”

Other major foreign investors in Oman are China (OMR848.9 million), the Netherlands (OMR337.4 million), India (OMR318 million) and Switzerland (OMR280 million). The Gulf Cooperation Council (GCC) countries: United Arab Emirates (OMR 1.26 billion), Kuwait (OMR 902 million), Bahrain (OMR 441.3 million), Qatar (OMR 410.6 million) are all in Oman. It is an important holding country. ..

Most of the investment made (OMR10.06bn) went to the oil and gas sector. The financial sector received an additional 1.47 billion OMR investment and real estate activity gained an additional 1.14 billion OMR.