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Oman expects its economy to grow by 3.4 per cent in 2025, surpassing the performance of many global peers, a senior official announced at the Sultanate’s first International Investment Forum in Muscat.
Speaking at the Advantage Oman Forum on April 27 at the St Regis Al Mouj Muscat Resort, Commerce, Industry and Investment Promotion Minister Qais bin Mohammed Al Yousef emphasised the event’s significance. He stated that the anticipated growth “reflects the resilience of Oman’s economy and the confidence it has earned in global markets,” according to the Oman News Agency.
Al Yousef highlighted the increasing momentum across Oman’s economic and investment sectors. “Foreign direct investment in Oman surged by 16.2pc in the third quarter of 2024 compared to the same period in 2023. Moreover, Oman’s credit rating has been upgraded to ‘BBB-‘ with a stable outlook by S&P Global Ratings,” he added.
According to the Finance Ministry, the gross domestic product at constant prices grew by 1.9pc by the end of the third quarter of 2024, reaching 28.15 billion Omani rials ($73.2bn) at market prices, compared to 27.63bn rials in the same period the previous year.
Preliminary data released by the National Centre for Statistics and Information in December showed that the value added by oil activities fell by 2.8pc, totalling 8.88bn rials by the end of the third quarter of 2024, down from 9.13bn rials a year earlier. Oil activities accounted for 31.6pc of GDP.
Al Yousef also pointed to Oman’s monetary strength, saying: “The Omani rial is ranked the third strongest currency in the world in 2025. These developments underscore Oman’s strong economic fundamentals and our potential for impact-oriented investors.”
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