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City Squares Company Studies Center Sultanate of Oman Branch
The Chairman of the Board of the City Squares Company appreciates the role of the Kingdom of Saudi Arabia in pumping investments and financing in the African continent with $ 41 billion. Foreign investment in Oman grows 23% in the first quarter of 2023.
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The Chairman of the Board of Directors of the Studies Center of the City Squares Company in the Sultanate of Oman said that the volume of foreign direct investment in the Sultanate of Oman increased until the end of the first quarter of this year by 23.3 percent, reaching 21 billion and 270 million Omani riyals (55.7 billion dollars), with financial flows estimated at 4 billion and 20 million Omani riyals (11 billion dollars), compared to an investment volume of 17 billion and 250 million riyals (about 45 billion dollars) during the first quarter of 2022.
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The Chairman of the Board of Directors of the City Squares Company, quoting the National Center for Statistics and Information, said that preliminary data issued by the oil and gas extraction activities sector accounted for the largest volume of foreign direct investment until the end of the first quarter of 2023 with a value of 15.8 billion riyals ($ 41.3 billion), followed by manufacturing activity with a value of 1.57 billion riyals ($ 4.11 billion).
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The United Kingdom topped foreign direct investment in Oman with 10.3 billion riyals (about 27 billion dollars), followed by the United States with 3.5 billion Omani riyals (about 9.17 billion dollars), and China with 1.23 billion riyals (3.22 billion dollars). Moody's Investors Service upgraded Oman's credit rating in May by one notch to Ba2, citing stronger financial indicators amid unexpected hydrocarbon revenues.
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The hike reflects improvements in Oman's debt burden and debt sustainability indicators during 2022, mainly due to large windfall gains from oil and gas revenues, which increase the country's resilience to potential future shocks," Moody's said.
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