Oman (20)
The Sultanate of Oman has significantly enhanced its global investment profile by joining the World Association of Investment Promotion Agencies (WAIPA). This strategic move underscores Oman's commitment to attracting foreign direct investment and fostering economic growth.
During a meeting in Geneva, Oman's Permanent Representative to the United Nations and International Organizations, Idris Abdul Rahman Al Khanjari, and WAIPA's CEO and Executive Director, Ismail Ersahin, discussed potential avenues for collaboration.
The focus was on promoting Oman as an attractive investment destination, leveraging WAIPA's extensive network and resources, and exploring the possibility of Oman hosting the prestigious 2025 World Investment Conference.
Al Khanjari emphasized the strategic importance of Oman's membership in WAIPA, highlighting the country's recent efforts to modernize its foreign investment framework.
He emphasized that joining the Association and other economic organizations in Geneva would facilitate increased market access for Omani businesses and attract international investors to the Sultanate.
Oman's unique investment proposition is bolstered by its strategic location, world-class infrastructure, and favorable investment climate. The country's proximity to major global markets, coupled with its modern ports, free economic zones, and industrial parks, creates a compelling environment for foreign investors.
WAIPA's Executive Director expressed the Association's dedication to supporting its members in attracting high-quality investments and fostering effective communication among different investment promotion agencies.
Through knowledge sharing, best practices exchange, and capacity building initiatives, WAIPA aims to empower its members to compete effectively in the global investment landscape.
Oman's accession to WAIPA marks a significant milestone in its economic development journey.
By leveraging the Association's expertise and network, Oman can further enhance its investment attractiveness, attract sustainable foreign capital, and position itself as a leading investment destination in the region.
Oman's SEZAD Bolsters Global Partnerships to Attract Foreign Investment
14 Sep 2024 Written by Admin AdminThe Special Economic Zone at Duqm (SEZAD) in Oman is actively positioning itself as a prime destination for foreign direct investment (FDI). To further strengthen its global reach, SEZAD has recently collaborated with an Irish consultancy firm and hosted a high-level delegation from the Asian Infrastructure Investment Bank (AIIB).
Training for Enhanced FDI Attraction
In partnership with the Irish consultancy, SEZAD has launched a comprehensive training program for its staff. This program aims to equip SEZAD with the necessary skills and knowledge to attract and nurture strategic FDI.
The focus is on understanding the pivotal role of FDI in economic growth, job creation, and GDP expansion. The training covers strategies for developing compelling value propositions, targeted marketing campaigns, and effective post-investment support to foster business expansion and maximize growth.
Collaboration with AIIB
SEZAD's commitment to international partnerships is further underscored by its recent meeting with a delegation from AIIB.
The discussions explored potential investment opportunities, strategies for strengthening economic ties, and ways in which AIIB can contribute to SEZAD's strategic development goals.
Institutional Transformation
These initiatives are part of a broader effort by OPAZ, the Public Authority for Special Economic Zones and Free Zones, to transform its institution and enhance its ability to attract both local and foreign investments.
The training programs and international collaborations are key components of this transformation, empowering SEZAD to play a more active role in fostering economic growth and development.
Oman’s capital market draws 135 nationalities; foreign investments up 19%: MSX data
16 Aug 2024 Written by Admin AdminOman’s capital market has attracted investors from 135 nationalities, up from 67 in 2023, supported by favorable policies including low tax rates and flexible capital transfer options.
Newly released statistics from the Muscat Stock Exchange reveal a 19 percent increase in foreign investments as of May, including participants from the Gulf Cooperation Council, Arab countries, and beyond.
Oman’s capital market has implemented policies favoring foreign investments, including unrestricted profit repatriation and exchange operations. This trend aligns with the nation’s economic resurgence and growing institutional confidence in government strategies aimed at reducing public debt, increasing investment in essential services, and launching infrastructure projects to bolster private sector participation.
The MSX data also indicates that foreign investments are predominantly focused on the industrial and service sectors, accounting for 15.8 percent and 15.7 percent respectively.
Gulf investors are particularly focused on the services sector, accounting for 15.4 percent, and the financial industry at 8.5 percent.
Conversely, non-Gulf Arab investments are primarily directed toward the financial sector, comprising 3 percent.
Local investments heavily favor the financial industry at 87.6 percent, followed by the industrial sector at 75.6 percent and the services sector at 67.7 percent.
The first half of this year has seen significant growth in trading activity at MSX, underscoring heightened market dynamism.
Trading volumes surged to 3.1 billion securities, surpassing 517 million Omani rials ($1.3 billion) in value by the end of May, marking a notable 38.4 percent increase from the previous year.
Executed transactions also rose, reflecting increased market participation and liquidity.
The exchange is expanding its database on listed companies to enhance transparency and advocate for disclosure standards among publicly traded entities, the Oman News Agency reported.
Additionally, efforts are underway to encourage government and family-owned businesses to transition into privately held entities, enriching market diversity and investment opportunities.
Foreign investors can invest in shares of MSX-listed companies or investment funds without prior permission, under the oversight of an independent supervisory body ensuring market fairness, investor protection, and transparency.
Foreign investment in MSX-listed public joint-stock companies is permitted up to 100 percent, with significant interest observed in the industrial and services sectors, highlighting diversified investor preferences.
Reflecting positive sentiment, the market capitalization of MSX-listed public joint-stock companies reached 9.4 billion rials by May’s end, up 448.5 million rials since the start of the year.
The broader market value of all MSX-listed securities rose to 24.48 billion riyals, a gain of 676 million riyals year-over-year, bolstered by contributions from closed companies and the bond and sukuk market.
Market indices reflected this growth, with the main index climbing to 4845 points by May’s close, up 331 points from the previous period.
Successful IPOs by entities like Abraaj Energy Services and OQ Gas Networks have attracted new investors and boosted market liquidity, with OQ considering IPOs for two more subsidiaries this year, according to Bloomberg.
This upward trend underscores investor confidence in MSX’s growth potential, supported by Oman Investment Authority’s plans to offer additional companies for public subscription in the coming years.
The OIA reported a 7.4 percent year-on-year increase in Oman’s sovereign wealth fund assets, reaching 19.24 billion rials in 2023, with a 9.95 percent return on investment, as disclosed in a statement on X.
This performance underscores the authority’s pivotal role in fostering economic growth and stability in the Middle Eastern country.
The robust results also reflect the OIA’s strategic investment approach and effective management of its diverse portfolio, in line with its mandate to manage national funds and assets, build financial reserves, and advance targeted economic sectors through government policies.
At a media briefing in Muscat earlier this month, the authority affirmed its commitment to contributing over 6 billion rials annually to the state’s general budget from 2016 through 2023.
The statement further outlined the OIA’s plans to geographically diversify its new foreign and local investments across various sectors, while facilitating technology transfer and modern techniques to bolster targeted local industries.
Looking ahead, MSX aims to strengthen its regulatory framework, expand investor outreach initiatives, and cultivate an environment conducive to sustainable economic growth, the Oman News Agency reported.
By enhancing its reputation as a gateway for international investment and adhering to global best practices in financial markets, MSX aims to maintain its position as a leading choice for investors interested in opportunities in Oman’s dynamic capital market, it added.
Omani Climate Tech Startup 44.01 Secures $37 Million to Revolutionize Carbon Capture
18 Jul 2024 Written by Admin AdminOman-based climate technology company 44.01 has taken a significant leap forward in the fight against climate change by securing a $37 million Series A funding round. This substantial investment signifies a growing global commitment to innovative solutions for capturing carbon dioxide (CO2) permanently and effectively.
44.01's Groundbreaking Approach:
44.01 tackles the challenge of CO2 emissions head-on with their pioneering mineralization technology. This method converts captured CO2 into stable rock formations, offering a multi-faceted solution:
- Permanent Carbon Storage: Unlike temporary capture methods, mineralization offers a permanent solution for CO2 removal. Once transformed into rock, the CO2 is securely locked away, preventing it from re-entering the atmosphere and contributing to global warming.
- Scalability for Global Impact: A key advantage of 44.01's technology lies in its potential for large-scale implementation. Mafic and ultramafic rock formations, suitable for CO2 mineralization, are found on every continent. This widespread availability allows 44.01's solution to be adapted and deployed across the globe.
- Cost-Effective Climate Action: Compared to traditional carbon capture methods, 44.01's mineralization process offers a more economical approach. The modular nature of their projects allows for quicker construction and deployment, reducing overall costs.
A Strong Vote of Confidence:
The diverse group of investors participating in the Series A round underscores the immense potential of 44.01's technology. Led by Equinor Ventures, a venture capital firm specializing in climate solutions, the round also includes prominent names like Shorooq Partners, Amazon's Climate Pledge Fund, Siemens Financial Services, and Innovation Development Oman. This blend of financial backing and industry expertise will be crucial in propelling 44.01's future endeavors.
Building a Sustainable Future:
The $37 million investment will empower 44.01 to accelerate their progress on multiple fronts:
- Technology Refinement: With additional resources, 44.01 can further refine their mineralization process, optimizing efficiency and effectiveness for capturing and storing CO2.
- Scaling Up for Impact: The company can now focus on developing large-scale commercial projects, translating their successful pilot initiatives into real-world solutions with a substantial environmental impact.
- Global Expansion: 44.01's vision extends beyond national borders. The funding allows them to pursue international expansion, offering their technology as a tool for combating climate change on a global scale.
A Beacon of Hope in the Climate Crisis:
44.01's success story serves as a beacon of hope in the ongoing fight against climate change. Their innovative approach to CO2 capture demonstrates the growing importance of technological solutions in addressing this critical global challenge. With a strong foundation of financial backing and a clear vision for the future, 44.01 is well-positioned to make a significant contribution to a more sustainable future for our planet.
OIA made the revelation in its maiden annual report, covering its financial and operational performance over the June 2020 – December 2021 period.
Oman Investment Authority (OIA), the integrated sovereign wealth fund of the Sultanate of Oman, says it has green-lighted an “exit plan” submitted by wholly-owned energy and petrochemicals subsidiary OQ Group envisioning divestments totalling between RO 1.5 billion and RO 2 billion.
OIA made the revelation in its maiden annual report, covering its financial and operational performance over the June 2020 – December 2021 period, and published earlier this week.
“(The Authority) approved an exit plan valued between RO 1.5 billion and RO 2 billion through selling some shares to the private sector or offering them for subscription in the public capital market and attracting strategic partners to benefit from their knowledge and improve performance,” it stated.
No details were shared about the OQ-owned or affiliated assets that have been lined up for full or partial divestment. But in a statement issued last month, OIA revealed that it was prepping two OQ projects, among other ventures from across the Authority’s sizable portfolio, for listing on the Muscat Stock Exchange (MSX) via Initial Public Offerings (IPO).
Recent divestments undertaken by OQ over the period under review include its stakes in India-based Bharat Oman Refineries Limited (BORL) and Portuguese energy sector Redes Energéticas Nacionais (REN).
In other key financial and operational highlights of the past year, OQ transferred its shareholding in Oman Shipping Company to Oman Investment Authority. OQ also issued bonds valued at RO 288 million in the “international capital markets at a competitive price, with significant participation of major investors and financial institutions,” OIA stated in its annual report.
Developments in the renewables and green hydrogen space have also been significant, according to the report. In addition to launching an Alternative Energy Department focused on supporting green hydrogen and ammonia initiatives, OQ also signed a number of agreements with international companies to develop green energy projects in Duqm SEZ and Dhofar Governorate.
Another key highlight of the year has been the successful conclusion of a number of agreements with the Ministry of Energy and Minerals, Oman Shell and TotalEnergies linked to the development of gas and condensate reserves in Block 10 in central Oman. The output, which will begin flowing from mid-2023, will eventually be channelled to Marsa LNG, a new green LNG project due to come up at Sohar Port to provide LNG as bunker fuel for maritime shipping. Marsa LNG is a joint venture between TotalEnergies and OQ.
In Block 60, wholly owned and operated by OQ’s Upstream unit, the company recently reported a five-fold increase in output from the Bisat field. Furthermore, the successful completion of the Bisat B Project has also enabled the doubling of production well above capacity, it said.
Earlier this week, international ratings agency Fitch Ratings Fitch Ratings affirmed OQ’s Long-Term Issuer Default Rating (IDR) at 'BB-' with Stable Outlook.
Fitch also revised up OQ's Standalone Credit Profile (SCP) to 'b+' from 'b' to “reflect successful project execution in both the upstream and downstream segments, alongside stronger financial performance on higher oil and gas prices as well as refining and petrochemical margin leading to lower net leverage expectations. OQ's SCP also reflects its solid business profile with integrated operations spanning exploration and production (E&P), refining, marketing, chemical and petrochemical segments,” the ratings agency added.
OQ Group, with assets totalling $27.6 billion as of June 30, 2021, owns and operates businesses across the Oil & Gas value chain. OQ posted a profit of RO 701.664 million for the year ended December 31, 2021 after recording a loss RO 1,716.944 million during the previous year. Total revenue surged to RO 8.768 billion in 2021, up from RO 5.393 billion in 2020. Operating profit climbed to RO 958.791 million versus an operating loss of RO 1.575 billion in 2020.
source: zawya
Bank Muscat, the leading financial services provider in Oman, has affirmed its readiness and alignment to promoting financial inclusion and digital payments across the Sultanate by providing various e-payment options to the general public at merchant partners across the Sultanate.
The bank continues to expand e-payment options available including Debit, Prepaid and Credit Cards, wearables, Mobile wallets and the Mobile Banking app as well as the latest QR-code-based payments that help retail outlets easily accept digital payments from the Mobile Banking app or Wallet of any bank in Oman.
Bank Muscat pointed out that businesses across the country including micro and small enterprises can easily implement QR-code-based payments in order to meet the latest regulations on the need for businesses to provide e-payment options to their customers.
Abdullah Hamood Al Jufaili, Assistant General Manager, Digital Banking, Bank Muscat, said: “Bank Muscat is encouraged by the rapid shift to digital payments and invites today's tech-savvy customers to use different e-payments options according to their convenience.
E-payments benefit our merchant partners, customers, and the general public by improving financial inclusion and offering convenient and highly secure payment options hence, it is important that businesses offer various e-payment options that will boost economic growth and development. QR-code-based payments are particularly helpful to small businesses in this regard.
We are confident that the ongoing digital transformation will help our nation and its people achieve the ambitious goals of Oman Vision 2040.”
The QR code scanning option allows merchant partners to accept e-payments from customers quickly and securely, irrespective of their bank or wallet. It has been seeing exponential growth since its recent launch with over 440 merchants already implementing the e-payment facility.
The security of transactions is enhanced by ensuring that payments are credited into the business’ account, without the need to handle physical cash and the inconvenience of maintaining small changes for customers. Payments can be easily initiated from a customer’s Mobile Banking application or Wallet application to the merchant’s account by scanning a QR code. A merchant can also request money from a customer using the Mobile Payments System registered mobile number / Alias / QR code.
It must be noted that customers of local banks can easily make payments, transfer money or request funds from others using the Central Bank of Oman’s Mobile Payment Clearing and Switching System (MPCSS).
Funds can be transferred instantaneously using one of the following modes. For person-to-person transfers, money can be sent or collected from the recipient’s default account or wallet. ‘Send money’ can be initiated by using a mobile number, Alias, or by QR code scanning, and ‘collect money’ can be initiated using recipient Alias/Mobile Number if both the sender and recipient are registered on MPCSS.
Bank Muscat customers have the facility to register on the MPCSS via both its BM Wallet and the mBanking app. Funds can be transferred instantly and at zero cost to both Bank Muscat and non-Bank Muscat accounts or wallets by using their MPCSS -registered mobile number/alias/QR code.
There is no need to enter an account number. Beneficiaries can be instead selected from one’s phone contact list to initiate a payment.
source: zawya
The foundation stones for two new projects worth more than OMR14 million were laid on Sunday in the Governorate of Muscat.
This was done for the construction of the sixth building in the Knowledge Oasis Muscat (KOM) and the facility building in Al Rusayl Industrial City.
These two projects are aimed to provide advanced services and facilities that will encourage local, regional and international investments in its various industrial cities.
The laying of the foundation stones was done under the auspices of Hilal bin Hamad Al Hasani, Chief Executive Officer of the Public Establishment for Industrial Estates – Madayn.
“These projects play a key role in contributing to the advancement of the industrial sector in the Sultanate, and eventually reflect positively on the national economy and the business environment,” Al Hasani said.
He added that: “In light of the rapid industrial growth in the country and to contribute in achieving Oman 2040 vision, Madayn alongside its investment arm – Shumookh Investment and Services Company, aim at developing the infrastructure in the various industrial cities across Oman.
These efforts play a major role in realising ‘live-work-play’ environments and developing advanced infrastructure that is able to compete globally and attract new investments and partnerships.”
Al Hasani calls upon Omani Small and Medium Enterprises (SMEs) registered with the Public Authority for Small and Medium Enterprises Development (Riyada) and the local companies to submit their proposals related to supply and construction services to the main contractor of the two projects in KOM and Al Rusayl.
Talking on the sidelines of the event, Eng. Musallam Al Hudaifi, Chief Executive Officer of Shumookh Investment and Services – the investment arm of Madayn, stated that KOM 6 project in the KOM and the facility building in Al Rusayl Industrial City come in line with the key projects implemented by Shumookh.
“The total cost of developing KOM 6 building at the Knowledge Oasis Muscat is estimated at OMR10.3 million.
With a total building area of 51,000 sqm and 500 parking spaces on the two-floor basement, the project will consist of eight floors (two-floor basement + ground floor + six floors).
Besides, the building will comprise 21,000 sqm of the rental area that will provide a variety of services and facilities to the visitors and employees based at the Knowledge Oasis Muscat and its adjacent areas,” Al Hudaifi said.
Moreover, the total value of developing the facility building at Al Rusayl Industrial City is pegged at OMR4.2 million.
“With a total building area of 19,000 sqm and 230 parking spaces at the basement level, the facility building will consist of 10 floors (one-level basement + ground floor + eight floors).
Featuring a rental area of 8,500 sqm, the building will provide various facilities to the visitors and employees based at Al Rusayl Industrial City and the neighbouring areas,” the officials informed.
They added that the facilities will include banking services, travel agency, cafes, restaurants and groceries, in addition to office spaces for government and private bodies.
In addition to the KOM 6 building project and the facility building project in Al Rusayl, more projects will be announced soon in KOM, Al Mazunah Free Zone and the other industrial cities of Madayn.
source: timesofoman
Advisers and investors said that the Foreign Capital Investment Law will contribute to establishing new investment entities and open up investment and employment opportunities in the Sultanate, directly or indirectly.
The new law will help combat illicit trade and regulate the labour market, said observers, noting that the Sultanate’s business infrastructure is now ready to attract investments, with penalties stated in the new law serving as a deterent against fraud.
Ahmed bin Abdulkareem al-Hooti, Oman Chamber of Commerce and Industry (OCCI) Board Member, said that the Foreign Capital Investment Law is an element among a set of laws that regulate commercial and economic activities, as well as investment in general.
Al-Hooti pointed out that the Foreign Capital Investment Law also functions alongside the Law on Partnership Between Public and Private Sectors, Privatization Law, Investment Law and Bankruptcy Law. This is in addition to the establishment of the Commercial Arbitration Centre, which will help investors in decision making.
Meanwhile, Dr. Yousef bin Hamad al-Balushi, CEO of Investment Smart Portal, said that investment, in general, and foreign investment, in particular, assume great significance in any development process, and this prompts all countries to grab investment opportunities.
He added that there is currently an urgent need to speed up steps towards encouraging and attracting investments, locally and internationally, for a variety of realities dictated by the growing stage, which has almost attained its prime in infrastructure and legislations.
This, in turn, dictates transformation into a new model that is capable of yielding fruits, in terms of major investments, and maximizing benefits from the Sultanate’s preparedness and high status among world countries.
The Foreign Capital Investment Law enables the investor to exclusively own the land of a project or share it with another foreign investor or Omani investor, said Dr.
Adil al-Maqdadi, a former Associate Professor, Faculty of Law, Sultan Qaboos University (SQU), an advocate and legal adviser at the Office of Dr.
Ahmed Said al-Jahwari Legal Consultants. This law has not imposed any bottom-line capital for his company, unlike the previous law, which imposes a minimum of RO15,000 for approaching an investment venture.
source: omannews
Ithraa, Oman’s investment promotion and export development agency, unveiled the Invest in Oman portal on Monday at a ceremony held at the Implementation Support & Follow-up Unit (ISFU) in Muscat.
The first and only investment platform dedicated to driving and facilitating foreign investment into the Sultanate, Invest in Oman has been designed specifically to enable local companies and entrepreneurs showcase their projects and connect them with investors worldwide.
For potential international investors, the portal provides a wealth of information and guidance including details on the Sultanate’s pro-business environment, industry trends, workforce, intellectual capital, incentives, tax and available land. Importantly, it also provides guidance on the steps involved in investing in and setting up operations in Oman.
Speaking at the launch event, Azzan al Busaidi, CEO, Ithraa, stated: “The Invest in Oman portal has been developed in response to a growing demand for investment in large, as well as early stage Omani businesses.
The portal provides a platform to present world-class investment opportunities featuring high-growth companies in the Sultanate on a global scale.”
Ibrahim Said al Mamari, CEO, Invest Services Centre, said: “This initiative is a great milestone in the development of Oman’s business environment.
The “Invest in Oman” and “Invest Easy” platforms will play a major role in attracting further investment to support Oman’s ambitious economy. By launching this platform, business opportunities in Oman will be easily realised by local and overseas investors through a single window. Going forward, the Investment Services Centre and Ithraa will strive to constantly improve the portal’s offer.”
Highlighting some of the key reasons driving the interest of the international investment community to Oman, Mr Al Busaidi noted that the World Bank ranks Oman as one of the most cost-effective countries in the region for doing business in terms of labour, utilities, facilities, transportation, financing and taxes.
Ithraa’s CEO added: “On top of this, Oman is the ideal location for reaching the growing and emerging markets of the Middle East, Africa and Asia. By 2025 one billion people will enter the global consuming class and around 600 million of them will live in emerging markets on our doorstep. Companies that understand and respond to these shifting dynamics will experience tremendous benefits.”
Dr Dhafir Awadh al Shanfari, CEO, Public Authority for Privatization & Partnership, stated: “Invest in Oman is set to be the meeting place for project promoters and investors.
We greatly look forward to the impact it will have on our investment landscape and the benefits this will bring to the sultanate’s business community as they take their ambitions forward.”
The portal allows investors to self-certify, browse live investment opportunities, open dialogue with business founders, perform due diligence and establish working relationships with Oman-based businesses and investors. Given its role in attracting investment to the sultanate as well as promoting Oman’s non-oil exports, Ithraa works with a range of public and private sector organisations. And with regards enhancing the domestic business environment, Ithraa co-ordinates with ISFU. The Invest in Oman portal is of particular interest to ISFU, an initiative it intends to support and monitor through its various channels.
source: omanobserver
Oman’s net foreign assets increased by close to one billion rials in 2018, thanks to an upswing in petroleum prices and a greater volume of goods exported from the Sultanate.
The Central Bank of Oman said in its 2018 annual report that the country’s net foreign assets, which are jointly owned by the CBO and the State General Reserve Fund (SGRF), have increased by OMR 990 million.
“The overall balance of payments was in surplus, leading to an accretion of OMR 990 million in the country’s foreign assets,” said Tahir Salim Al Abri, Executive President of the Central Bank of Oman, in the organisation’s annual report.
"The Central Bank of Oman (CBO) continued to pursue policies and implement measures that support growth in the economy. Adequate liquidity was ensured in the banking system so that credit availability remains supportive of productive activities.
“The CBO also relaxed some regulatory requirements to create additional space for credit with banks,” he added.
“The banking sector remained resilient and healthy, with adequate capital, a low delinquency rate and sufficient liquid assets, supporting financial stability on a sustainable basis.”
Oman’s foreign assets in part grew due to foreign direct investment in the oil and gas sector, with the Sultanate also issuing international bonds to finance its fiscal deficit.
Net inflows in the capital and financial accounts led to a surplus in the overall balance of payments, augmenting foreign exchange reserves by OMR 990 million.
However, the report said that despite an improvement in oil prices in 2018, there still remained challenges for the Sultanate’s external sector.
In this regard, the report added, “The total net foreign assets (CBO and SGRF together) increased by OMR 990 million, alleviating pressure on the adequacy of external buffers.
Import cover of CBO’s net foreign assets increased to 7.4 months from 6.3 months a year before. The current account deficit of OMR 1.671 million in 2018 far exceeded the net inflows of OMR 2,949 million under the capital and financial accounts.”
This is the first time in three years that Oman has been able to report an overall positive in its balance of payments, while the amount present in the country’s foreign reserve is also the highest it has been in the last five years.
In 2014, the overall balance stood at OMR 429 million, dipping to OMR 235 million in 2015. In 2016 that figure plunged to a negative OMR 3.61 billion, before rising significantly to negative OMR 1.06 billion in 2017. It then climbed to a positive balance of OMR 990 million in 2018.
The report said, “Both foreign direct investment (FDI) and foreign portfolio investment (FPI) witnessed large net inflows, while other investments had net outflows during 2018.
In view of the above, the nonpetroleum activities offer promising prospects in 2019.
Considering the prospects of petroleum and non-petroleum activities, the macroeconomic outlook for 2019 appears reasonable but fraught with challenges, especially on the back of expected range-bound oil prices and uncertainty surrounding them.
“The outlook however looks to be robust over the medium-term, with expected recovery in oil prices and accelerated traction in non-oil economic activities,” added the CBO.
source: timesofoman
