Skip to content Skip to Search
Skip navigation

Industrial growth in Oman beats global rate

By Pramod Kumar
A view of Oman's Al Rusayl Industrial City. Manufacturing industries expanded 6.3 percent year on year in Q1 2024 Oman News Agency/X
A view of Oman's Al Rusayl Industrial City. Manufacturing industries expanded 6.3 percent year on year in Q1 2024

Oman’s industrial sector expanded by 9.2 percent year on year, ten times faster than the global rate.

Production value reached OR951 million ($2.5 billion) in the first quarter of 2024.

The sector contributed 10 percent to the Gulf state’s GDP, data from the National Centre for Statistics and Information shows.

Person, Electronics, Mobile Phone

Newsletter
Get the Best of AGBI delivered straight to your inbox every week

The basic chemical industries led the growth, rising 6.4 percent year on year to OR338.2 million. Manufacturing industries followed with a 6.3 percent annual increase, reaching a production value of OR545.2 million.

Oman’s industrial sector has significantly outperformed global industrial production, which increased by just 0.9 percent, the Muscat Daily newspaper reported, citing Dr Saleh bin Saeed Masan, undersecretary in the ministry of commerce, industry and investment promotion.

Foreign direct investment in the industrial sector reached OR2 billion by August 2024, with the launch of 60 new industrial projects valued at OR885 million.

Non-oil activity in the sultanate increased by almost 4 percent in the first quarter of the year, helping to prop up a decline in revenues from the sultanate’s energy sector.

The Gulf nation’s GDP for the first three months of 2024 was up marginally by 0.8 percent year on year to OR10.45 billion ($27 billion).

Latest articles

Gulf airlines, Gulf airlines conflict, Gulf conflict risk, Gulf flights cancelled rerouted

Conflict risk leads Gulf airlines to cancel regional routes

Gulf airlines are among airlines that have cancelled and rerouted flights across the Middle East as the conflict between Iran and Israel escalates. They are avoiding Iranian airspace and many have cancelled routes entirely following a major missile attack by Iran against Israel on Tuesday. Immediately after the attacks about 80 flights operated by carriers […]

Taaleem's schools offer 'exclusive educational experiences' including access to high-tech equipment profits

Dubai school operator Taaleem increases profit by 55%

Dubai school operator Taaleem has reported revenue of AED945.2 million ($257.3 million) for its 2023-24 financial year – a 15.5 percent year-on-year increase. More student enrolments and the opening of new schools helped Taaleem to increase net profit before tax by 55 percent, to AED182 million, in the financial year ending August. Taaleem’s shares were […]

Shein IPO

Mubadala-backed Shein courts investors before London IPO

Chinese fashion retailer Shein, which is backed by the Abu Dhabi sovereign wealth fund Mubadala, is courting European investors before an initial public offering on the London Stock Exchange. Shein is due to hold informal meetings to answer questions and test the investment appetite of major investors in the coming weeks, before its planned IPO […]

Workers stand on a scaffold in Dubai. Building a high rise in the UAE can be as much as two thirds cheaper than in other major cities

Apartments in UAE among cheapest to build in the world

Building a standard residential high-rise in Dubai or Abu Dhabi is up to two-thirds cheaper than in other major global cities, thanks to land, labour and raw materials all costing much less. Land is up to three times cheaper in the UAE compared with the prices paid in New York, London, Hong Kong and Singapore […]