Invest Oman platform received 96 investment applications, localises 44 projects

Muscat: Ibtisam bint Ahmed Al Farooji, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Investment Promotion (MoCIIP), affirmed the MoCIIP’s continued efforts to enhance Oman’s position as a competitive global investment destination, in line with the goals of Oman Vision 2040.

She noted the qualitative shift witnessed in the investment promotion sector, which has been reflected in the efficiency of the integrated system for attracting capital and supporting the path of sustainable economic diversification.

She explained that foreign direct investment (FDI) in the Sultanate of Oman has recorded steady growth in recent years, reaching approximately OMR31 billion. She also pointed out that the industrial sector is currently leading economic diversification efforts successfully, with its investment contribution rising from 6% to 9.5%.

She described it as one of the key pillars in strengthening the national economy’s resilience to global shocks and benefiting from the Sultanate of Oman’s strategic location and free trade agreements.

On the business environment and facilitation of procedures, the Undersecretary for Investment Promotion noted that Invest in Oman Hall has achieved tangible results in addressing investment challenges and localising major strategic projects, in coordination with relevant government entities across strategic sectors. The platform received 96 investment applications, successfully localised 44 projects that have entered actual implementation, including 36 entirely new projects in the local market. Efforts also contributed to resolving challenges faced by seven stalled strategic projects and reactivating them.

She added that the polysilicon production project in the Sohar Freezone represents a strategic project that will enhance Oman’s position to become the world’s second-largest exporter of this vital material. The project has also contributed to attracting complementary projects within supply chains, including the “GE Solar” project for manufacturing solar panels in Sohar. Together, both projects are expected to contribute at least RO 1 billion annually to Oman’s trade balance and export revenues.

Regarding external promotion, she explained that the MoCIIP is adopting a structured approach aimed at achieving tangible outcomes and measurable investment returns, focusing on the quality and strategic impact of promotional outputs. The promotional plan covered 15 international markets and meetings with 260 global companies, resulting in clear investment commitments for 12 strategic projects.

She noted that the upcoming phase, from May to December this year, will witness intensified field visits to directly attract targeted companies in priority sectors, further strengthening investment promotion efforts and attracting high-quality projects to the Sultanate of Oman.

Al Farooji also affirmed that Oman’s legislative and judicial framework has witnessed significant development through the establishment of the specialised ‘Investment and Commercial Court’, which enhances investor confidence by ensuring speedy litigation, protection of rights, and transparency through specialised judges.

She noted that the integration of efforts among various government and service entities contributes to providing a flexible and predictable investment environment that supports the goals of comprehensive economic development in the Sultanate of Oman.