Oman’s industrial sector saw a notable expansion of 9.2% year-on-year, surpassing the global average. In Q1 2024, the sector’s production value hit $2.5 billion, contributing 10% to the country’s GDP, according to the National Centre for Statistics and Information.

Growth was driven primarily by the basic chemical industries, which increased by 6.4% year-on-year to $92 million. Manufacturing industries also saw a 6.3% rise year-on-year, reaching a production value of $148.4 million.

“While the global industrial production increased just 0.9% in the first quarter of 2024, Oman’s industrial sector has outperformed significantly,” HE Dr Saleh bin Saeed Masan, Undersecretary in the Ministry of Commerce, Industry and Investment Promotion, said, referring to a report from the United Nations Industrial Development Organization (UNIDO).

“The industrial sector’s success is driven by continuous support, increased local demand and expansion of exports to new markets,” he added. 

Oman’s industrial framework is further highlighted by its performance in the Competitive Industrial Performance (CIP) Index 2024, which achieved 53rd place globally and fourth in the region among 153 countries ranked by UNIDO.

Additionally, foreign direct investment (FDI) in the industrial sector reached $5.1 billion by August this year, with 60 new industrial projects valued at $2.29 billion initiated this year.

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