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Oman registers 10.4% jump in foreign investments

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The acquisition of a stake in Eco Fox will help develop, produce and distribute sustainable biofuels

The volume of foreign direct investments (FDIs) in Oman reached  OMR 18.14 billion up to the third quarter of 2022, an increase of 10.4 percent year-on-year, Oman Daily Observer reported, citing the ministry of commerce, industry and investment promotion.

The value of direct foreign investments in the manufacturing sector amounted to OMR 1.72 million up to the end of the third quarter of 2022, compared to OMR 1.5 million for the same period.

The ministry issued 35 regulations to improve the business environment between 2020 and 2022.

The number of transactions completed through the government’s “Invest Easy” portal reached 989,495 in 2022, compared to 804,330 in 2021, an increase of 23 percent year-on-year.

Recently, Oman’s Sultan ratified the 2023 budget, with a deficit of OMR1.3 billion ($3.38 billion), or three percent of GDP, the finance ministry said, adding that the 2022 budget achieved a surplus of OMR 1.146 billion.

The 2023 budget forecasts revenues of OMR 10.05 billion, five percent lower than 2022, and expenditure of OMR 11.35 billion, 6.4 percent lower than the previous year.

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