Oman’s top foreign investors committed to economic growth

Oman’s top foreign investors committed to economic growth

Muscat: Oman's top foreign investors say they are keen to continue developing the country's economy and contribute towards the objectives of Vision 2040. The United Kingdom and the United States were the countries that led foreign investment into Oman last year. The UK contributed OMR7. 92 billion in investment projects, while the US pledged a further OMR1. 84 billion, during the first three quarters of 2020, according to National Centre for Statistics and Information (NCSI) data. Foreign direct investments (FDIs) from the UK amount for nearly half of the foreign investment received by Oman during this period: about OMR15. 65 billion. Investment from Britain is guided by the UK-Oman Comprehensive Agreement, signed in May 2019, which in particular has facilitated trade and investment in science, health, technology and innovation. "This aims to support increasing Omani desire for foreign investment," said the UK's Department for International Trade. Investment during the first three quarters of 2020 were 11 per cent greater than the same time frame for the previous year, when the UK provided funding worth OMR7. 26bn. Future investment in Oman is likely to expand into "renewables and green technology, by leveraging the common ground between the UK's industrial/energy strategy priorities