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Companies from the UK were once again the biggest source of foreign direct investment to Oman last year, with FDI focused primarily on oil and gas, Oman government data show.
UK companies pumped nearly OR2.85 billion ($7.4 billion) into the sultanate last year, making them accountable for more than half the cumulative stock of FDI, according to Oman’s National Centre for Statistics and Information.
Total UK companies’ stock of FDI rose from OR12.46 billion at the end of 2023 to OR15.31 billion on December 31, 2024, the centre said. Total FDI stock was OR30.04 billion.
After the UK, companies from the US and China are the second and third largest source of FDI to Oman, accounting for OR7.67 billion and OR1.293 billion respectively.
The UK and Oman have traditionally enjoyed close economic, political and military ties, ever since the days of the British empire in nearby India. The UK supported Oman during a rebellion in the southern Dhofar region in the 1960s.
UK exports to Oman rose 11 percent to GBP1.2 billion ($1.55 billion) in the year to July 31, 2024. In turn, UK imports from Oman – a non-Opec oil and gas producer – surged by a third to almost GBP400 million over the same period.
