Muscat: Oman’s investment promotion sector is undergoing a significant transformation, reinforcing the country’s position as an attractive destination for global investors and supporting the objectives of sustainable economic diversification.

Speaking on the latest developments, Her Excellency Ibtisam bint Ahmed Al Farouji, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion, said foreign direct investment in Oman has witnessed steady growth in recent years, reaching around RO 31 billion.

She noted that the industrial sector has emerged as a key driver of economic diversification, with its contribution to total investment increasing from 6 per cent to 9.5 per cent. The sector, she said, plays a crucial role in strengthening the national economy’s resilience against global economic shocks while leveraging Oman’s strategic location and network of free trade agreements.

Her Excellency highlighted the achievements of the “Invest in Oman” Hall, which has become an important platform for addressing investment challenges and facilitating major strategic projects through close coordination with government partners. The hall received 96 investment applications and successfully helped localise 44 projects that have entered the implementation phase, including 36 new projects in the local market. It also contributed to resolving challenges faced by seven stalled strategic projects and reactivating them.

Among the notable developments is the polysilicon production project in the Sohar Free Zone, which is expected to strengthen Oman’s position as the world’s second-largest exporter of the critical material. The project has also attracted complementary investments within the supply chain, including the GE Solar solar panel manufacturing project in Sohar.

According to H.E. Al Farouji, the two projects are expected to generate a positive impact on Oman’s trade balance and export revenues, contributing no less than RO 1 billion annually.

She said the ministry’s investment promotion strategy focuses on delivering measurable economic returns and high-quality outcomes. As part of this approach, Oman targeted 15 international markets and held meetings with 260 global companies, resulting in investment commitments for 12 strategic projects.

The next phase of the investment promotion programme, running from May to December this year, will focus on intensified field visits and direct engagement with targeted companies in priority sectors to attract more high-value investments.

Her Excellency also underscored the importance of Oman’s evolving legislative and judicial framework, highlighting the establishment of the specialised Investment and Trade Court. The court is expected to enhance investor confidence by accelerating dispute resolution, ensuring transparency and protecting investor rights through specialised judicial expertise.

She added that the continued coordination between government institutions and service providers is helping create a flexible, transparent and predictable investment environment that supports Oman’s long-term economic development goals.