With the inauguration of Port of Duqm, Oman gears up to be among the top hubs for import and exports in the MENA region. Data compiled by NCSI back up the Sultanate’s vision too, as values of exports and FDI rose in 2021, coinciding with new investments and projects.
From its latest report, OERLive learns that exports from Oman had crossed RO12bn in the first nine months of 2021 to hit RO12.28bn. A total of RO7.8bn is said to have come from oil and gas exports, while RO4.18bn was earned through non-oil exports.
Re-exports, meanwhile, contributed to RO1.2bn. The data was announced by the NCSI on account of Industry Day, which falls on the 9th of February, every year. The celebrations also serve to commemorate the day on which Late His Majesty Sultan Qaboos bin Said bin Taimour visited the Rusayl Industrial Estate in 1991.
In other news, Foreign Direct Investment (FDI) in the Sultanate rose during the first nine months last year to touch RO1.48bn, when compared with RO1.42bn in 2020. We also learned that the industrial sector contributed 8.5 per cent of the country’s GDP – RO2bn.
This also comes in part due to the strong and ever-growing Omani workforce in the industrial sector in the country. There are reportedly 33,359 Omanis working in the sector, who constitute 12.64 per cent (or 263,913 people) of the total workforce in the private sector in the country.
During the Industry Day celebrations, His Excellency Qais bin Mohammed Al Yousuf, the Minister of Commerce, Industry and Investment Promotion, reportedly virtually interacted with industrialists, project owners, and investors to exchange views on investment opportunities in the industrial sector and analyse the challenges in the market.
