Oman’s Economic Triumphs in 2023: Fueling Growth and Innovation

By: Hassan

Content Manager at Omanspire. Works as a Scrum Master. Hassan has technical and web design experience.

Oman’s Economic Triumphs in 2023: Fueling Growth and Innovation

Oman’s Economic Triumphs in 2023: Fueling Growth and Innovation

In its annual media briefing, the Ministry of Commerce, Industry, and Investment Promotion of Oman proudly announced the economic accomplishments of our nation in the year 2023.

Foreign Direct Investment Surges:

The Sultanate of Oman witnessed a significant increase in foreign direct investment (FDI), with a total of 25,050.7 billion Omani Rials. This marks a notable growth of 4,821.9 billion Omani Rials compared to the third quarter of 2022.

Industry Sector Investments:

The direct foreign investment in the manufacturing sector reached 1,406.2 billion Omani Rials by the end of the third quarter of 2023, highlighting substantial confidence and inflow into this critical industry.

Major Industrial Projects:

The industrial sector attracted 35 projects, each exceeding 800 million Omani Rials in investment, reflecting robust interest and commitment towards industrial development.

Trade Volume Expansion:

Oman’s total trade volume with the world amounted to a significant 37,600 billion Omani Rials, showcasing the nation’s strong engagement in global commerce and partnerships.

Export Performance:

Oman’s merchandise exports in 2023 totaled 22,690 billion Omani Rials, with breakdowns as follows:

  • 13,760 billion Rials from the oil and gas sector
  • 7,442 billion Rials from non-oil sectors
  • 1,487 billion Rials from re-exporting activities

Indicators of Transformation:

Several key indicators from Oman’s business platform reveal remarkable changes and growth:

  1. Registered Trade Records: The number of registered trade records on Oman’s business platform surged from 386,537 in 2022 to 437,858 in 2023, indicating a robust 15.8% increase.
  2. Business Transactions via Oman’s Platform: In 2023, Oman’s business platform processed a remarkable 714,017 transactions, representing a substantial 10.9% increase from the previous year.
  3. Business Liquidations and Cancellations: The number of requests for business liquidations and cancellations decreased by 10.7% in 2023, with 9,947 requests compared to the previous year.
  4. Industrial Licenses Granted: Oman’s business platform issued 27,505 industrial licenses in 2023, marking a notable 21% increase from the 22,697 licenses granted in 2022.
  5. Trademark and Patent Applications: The combined number of trademark and patent applications (both national and international) increased by 17.4% in 2023, with 11,911 applications compared to 10,148 in 2022.
  6. Patent Applications Submitted: Oman saw a significant rise in patent applications, with 874 applications in 2023 compared to the previous year (data for 2022 not available), reflecting an 18.6% increase.
  7. Certificates of Origin Issued: The issuance of certificates of origin reached 72,302 in 2023, up from 60,542 in 2022, representing a notable 19.42% increase.

These milestones underscore Oman’s robust economic progress, characterized by enhanced investor confidence, growing industrial diversification, and increased global trade engagement. The surge in FDI, coupled with the expansion of trade and investment activities, positions Oman as a dynamic player in the global economic landscape, poised for sustained growth and development in the years ahead.


Author

  • Hassan

    Content Manager at Omanspire. Works as a Scrum Master. Hassan has technical and web design experience.

    View all posts

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