Oman attracts RO1.6bn worth of FDI in first 9 months of 2020 despite virus
Despite the global economic recession triggered by the coronavirus pandemic last year, Oman received RO1.644bn worth of foreign direct investment (FDI) during the first nine months of 2020.
According to an Oman News Agency report, total FDI in the sultanate at the end of the third quarter of 2020 increased to RO15.658bn compared to RO14.017bn in the same period of 2019, an year-on-year increase of 11.7 per cent.
In terms of investment volume, the UK ranked first with its RO7.92bn worth of total FDI in Oman as of the end of third quarter of 2020, up from RO7.264bn a year ago. The United States was the second biggest investor in Oman with FDI worth RO1.847bn as of the third quarter of 2020 compared to RO1.716bn for the corresponding period of the previous year.
Foreign investment from the UAE to Oman reached RO1.267bn in 2020 compared to RO1.173bn recorded in the third quarter of 2019. Kuwait came at fourth place with RO933.2mn in FDI in the third quarter of 2020. Qatar’s investments in the sultanate totaled RO410.6mn in the third quarter of last year, rising from RO350.4mn in the same period of the previous year.
China’s FDI in Oman reached to RO848.9mn as of the end of third quarter of 2020, up from RO75mn for the same period in 2019.
The FDI volume from the Netherlands increased to RO337.4mn, while investments from India came at RO318.3mn, increasing from RO321.3mn in 2019.
The largest share of total FDI in Oman went into the oil and gas sector (around RO10.06bn), followed by the manufacturing sector which saw total foreign investment worth RO1.55bn as of the third quarter of 2019.
In the financial sector, Oman received RO1.47bn in investment till the end of the third quarter of 2020. Real estate activities received total investment of RO1.14bn as of the third quarter of last year, up from RO763.8mn for the same period of 2019.