Total foreign direct investments (FDI) in Oman sharply increased over the last one year and reached nearly RO18bn at the end of the first quarter of 2022.

The volume of FDI increased by 19% at the end of first quarter of 2022 to reach at RO17.94bn compared with RO15.07bn recorded in the same period in 2021, according to an Oman News Agency report.

The statistics issued by the National Centre for Statistics and Information (NCSI) indicated that the volume of FDI flows attracted until the first quarter of this year reached RO2.87bn.

The UK topped the list of major FDI contributors for Oman. Total foreign direct investments form the UK in Oman amounted to RO8.495bn, accounting for more than 47% of total FDI stock in the sultanate.

As per the NCSI data, the United States ranked as the second biggest contributor of FDI in Oman with total US investments reaching at RO2.666bn at the end of the first quarter of this year.

The UAE came at third place in terms of its direct investments in the sultanate that reached RO1.23bn in total.

The oil and gas sector remained the biggest recipient of the foreign direct investments in Oman. The value of FDI in oil and gas sector rose by 21.8% to RO11.8bn in the first quarter of this year compared to a year ago period.

On the other hand, the manufacturing sector – the second largest beneficiary of FDI in the sultanate – attracted total RO1.6bn worth of foreign direct investments, recording a decreased of 5.6% compared to the first quarter of last year.

The value of foreign direct investments in the financial intermediation sector reached RO1.458bn as of the end of first quarter this year.