Muscat: Since its debut in February 2023 and running until June 2025, the Invest in Oman platform has garnered around 90 investment proposals totaling OMR 5.38 billion. According to the Minister of Commerce, Industry, and Investment Promotion, 43 of these projects have been localised, with a total value of OMR 2.25 billion in strategic areas such as industry, health, food security, and renewable energy.
The Shura Council invited His Excellency the Minister of Commerce, Industry, and Investment Promotion to its 13th regular session of the second regular session of the 10th term to examine the ministry's statement on numerous subjects. Most notably, they included the public and private sectors' contribution to gross domestic product (GDP), the assessment of free trade agreements, and the Nazdar program.
According to the Minister of Commerce, Industry, and Investment Promotion, the manufacturing sector saw the greatest growth rate among economic diversification initiatives, at 8.6%, reaching OMR 3. 6 billion in constant prices by the end of 2024. This equates to 10% of gross domestic product.
More than 260 initiatives are now underway in collaboration with partners and competent authorities as part of the fulfillment of the Industrial Strategy 2040.
By 2024, the manufacturing sector will have received foreign direct investment totaling OMR 2.489 billion, highlighting the Sultanate of Oman's industrial environment attractiveness.
Foreign direct investment in the Sultanate of Oman has grown cumulatively, totaling around OMR 30 billion by the end of 2024.
His Excellency the Minister of Commerce, Industry, and Investment Promotion observed that the trade sector's contribution to gross domestic product (GDP) at constant prices for 2024 is approximately 8.3 percent, or OMR 3.225 billion, with a cumulative growth of 6.6 percent during the tenth five-year plan.
The Ministry has worked to streamline commercial and industrial processes via the Oman Business platform, which completed over 800,000 transactions in 2024 and introduced 24 digital services.
