Oman plans to attract OMR40 billion worth of industrial investments

Oman Saturday 09/August/2025 21:22 PM
By: ONA
Oman plans to attract OMR40 billion worth of  industrial investments

Muscat: The Ministry of Commerce, Industry and Investment Promotion (MoCIIP) is working on the execution of the Industrial Strategy 2040 and expects to increase the contribution of the industrial sector to over OMR11.6 billion by 2040. Also, the strategy is working to attract industrial investments of OMR40 billion with focus on the green industries and advanced technologies.

The MoCIIP said that the manufacturing sector in the Sultanate of Oman is one of the key pillars of economic diversification efforts, as it reduces reliability on oil revenues and boosts the in-country value (ICV), besides increasing employment opportunities.

The Ministry said that economic indicators show a strong performance as the manufacturing sector grew by 7.45% in 2024 to over OMR3.6 billion (at fixed prices), representing a 9.4% share of contribution to the gross domestic product (GDP).

The manufacturing sector continued with its positive performance to register additional growth of 5.4% in the first quarter of 2025 compared to the same period in 2024.

Regarding the foreign trade, the Ministry said that exports of non-oil goods of Oman grew by 7.2% between January and May 2025, compared to the same period in 2024, to reach OMR2.7 billion.

Growing competitiveness

The UAE, KSA and India, topped the list of countries importing Omani products, which shows the growing competitiveness of the national industries in the regional and international markets.

The number of Omani nationals working in the industrial sector reached over 57,000 in 2024.

Khalid bin Saleem Al Qasabi, Director General of industry at MoCIIP, said that the advance performance of the sector reflects the success of the industrial policies, mainly through the programmes and initiatives the ministry has launched to support industrialists and localisation of the supply chains and development of the incentives system.

He said that the Ministry continues with the implementation of a package of strategic projects associated with the Industrial Strategy 2040, in addition to the plan of increasing local content in the industrial sector.

He further said that the first half of 2025 saw the launch of the advanced automation centre for boosting the transformation towards the Fourth Industrial Revolution and delivery of 262 initiatives to 14 partners within the implementation plan of the Industrial Strategy 2040 among other achievements. - ONA