Kuwait's investments in Oman grow 4.6% to reach $3.76 billion - Sarmad

(KUNA) — Official data showed on Saturday that Kuwait’s investments in the Sultanate of Oman grew by 4.6 percent to reach 1.444 billion Omani rials (approximately $3.76 billion) in the first quarter of this year, reinforcing its position at the top of the list of Arab countries with the highest investments in the Sultanate.

According to preliminary statistics issued by the Oman National Centre for Statistics and Information, Kuwait maintained its third-place global ranking in terms of foreign direct investment (FDI) in the Sultanate, after the United Kingdom, whose investment volume grew by 9.9 percent to reach 16.884 billion rials (approximately $44 billion), and the United States, with total investments amounting to 8.695 billion rials (approximately $22.6 billion), representing a growth rate of 10 percent.

The statistics indicated that China ranked fourth, with investments totaling 901 million rials ($2.345 billion), after growing by 9.3 percent during the first quarter of this year compared to the same period last year.

Overall, the data showed that the Sultanate of Oman recorded an increase in the volume of foreign direct investment by 8.7 percent by the end of the first quarter, reaching 32.197 billion rials (approximately $83.8 billion), while investment inflows amounted to approximately 2.567 billion rials ($6.7 billion).

The data showed that the oil and gas extraction sector accounted for the largest share of foreign direct investments during the same period, valued at 25.888 billion rials (approximately $67.4 billion), recording a growth of 9.5 percent.

The manufacturing sector ranked second, with a value of 2.870 billion rials (approximately $7.5 billion), recording a growth of 5.4 percent, followed by the financial intermediation sector, valued at 1.565 billion rials ($4 billion), with a growth rate of 9.6 percent.