UK invests $5 Billion in Oman over 12 Months

The UK’s cumulative stock of FDI in Oman was 13.7bn Omani rials ($35.6bn) by the end of the third quarter of 2024

The United Kingdom has solidified its position as the largest foreign investor in Oman, contributing more than $5 billion in foreign direct investment (FDI) over the 12 months from October 2023, according to official data.

By the end of Q3 2024, the UK’s cumulative FDI stock in Oman reached 13.7 billion Omani rials ($35.6 billion), as reported by the Oman News Agency (ONA), citing figures from the National Statistics and Information Centre (NSIC). This marks a significant increase from OMR 11.5 billion ($30 billion) at the same time in 2023.

The data reveals that UK investors injected $5.6 billion into Oman during the year ending September 2024—an average of $470 million per month.

The strong economic ties between Britain and Oman extend beyond investment. The UK is a major trading partner and maintains robust political and military links with the sultanate. Shell, a London-listed company, is a key partner in Petroleum Development Oman, while BP oversees the Khazzan tight gas project. Additionally, Oman hosts a UK military training ground and a naval logistics and ship repair base at Duqm, a strategically located port in the south.

At the end of September 2024, British investments accounted for over half of Oman’s total FDI stock, underscoring the UK’s prominent role in the sultanate’s economic landscape.

Trade relations between the two nations have also flourished. British exports to Oman reached approximately £1.2 billion ($1.46 billion) in the four quarters ending Q2 2024, reflecting an 11% year-on-year growth.

This enduring partnership highlights the UK’s pivotal role in Oman’s economic development and its broader regional influence.