Oman targeting $10 billion in FDI
Oman's government expects $10 billion foreign direct investment in Duqm economic zone in the next five years.
The government has already invested $5 billion for developing various infrastructure facilities in Duqm economic zone, said Darwish bin Isma'eel Al Balushi, Minister Responsible for Financial Affairs.
He was addressing a seminar on GCC Investment Prospects at Duqm Special Economic Zone here yesterday.
Al Balushi said that the GCC economies will continue their good performance this year, supported by increased oil prices, growing production and export activities, growth in government spending and the growth of non-oil sectors.
Economic growth is estimated at about four per cent in Gulf Cooperation Council region.
Crude oil prices are expected to maintain the current rate of around $100 per barrel, while the inflation rate will remain at its moderate level of around three per cent.
The minister said the GCC countries are likely to post another year of current account surpluses of up to $350 billion, thanks to high oil prices.
Al Balushi noted that Duqm is an important industrial hub for attracting investments, which will help the government create employment opportunities for Omani youths.
- Is it time to give the UAE's small and medium businesses the attention they deserve?
- Lebanon’s economy not out of the deep end yet, World Bank says
- How Saudi's health insurance market may hold the key to the industry's future
- GCC economic growth looks promising for the future, report says
- Saudi SMEs v overseas enterprises. Who is the winner?