Oman’s industrial sector has achieved significant growth, with its contribution to the Gross Domestic Product (GDP) at current prices reaching OMR4.09 billion by the end of June 2024, representing 19.5% of the total GDP, which stands at OMR20.9 billion.
The manufacturing industries took the largest share, contributing more than OMR2.19 billion, accounting for 10.5% of the GDP. Other industrial activities contributed OMR1.9 billion, equivalent to 9.1%.
Mazin bin Hamid Al Siyabi, Assistant Director-General of Industry at the Ministry of Commerce, Industry, and Investment Promotion, stated that the contribution of manufacturing industries increased by 10.5% in the first half of 2024, compared to 9.4% in 2023 and 8% in 2020. This improvement reflects the progress of the industrial sector and the success of government policies in promoting economic growth.
In a statement to the Oman News Agency, Al Siyabi highlighted Oman’s efforts to build a strong industrial future aligned with its aspirations. Over the past five years, Oman has achieved numerous accomplishments in the industrial sector, most notably the Royal endorsement of the Industrial Strategy 2040 in May 2024. The ministry organised a series of discussion sessions involving all stakeholders to hand over the initiatives related to the strategy.
He added that indicators show the industrial sector played an increasingly important role in Oman’s economy.
The total contribution of industrial activities to the GDP at current prices was about OMR5.88 billion in 2020, rising to OMR6.88 billion in 2021 and OMR7.7 billion in 2023, with a contribution rate of 19.1%. This rate reached 19.5% in the first half of 2024.
Al Siyabi emphasised that this continuous growth reflects the effectiveness of government development plans aimed at enhancing production capacities and stimulating investments.
He noted the significant increase in industrial licence applications, which rose by 62% from 12,100 applications in 2020 to more than 135,000 applications by the end of November 2024.
This increase indicates investors’ interest in the industrial sector and the success of policies encouraging the establishment of new projects.
Additionally, customs exemption requests increased by 42%, indicating improved economic conditions and increased commercial activities.
There were 77,300 applications for certificates of origin, reflecting the growth in foreign trade and the desire of Omani companies to expand into international markets. Furthermore, 517 customs exemption requests were submitted, achieving a 42% growth rate, and 590 customs exemption decisions were issued, reflecting improved regulatory procedures.
Al Siyabi, Assistant Director-General of Industry at the Ministry of Commerce, Industry, and Investment Promotion, stated that the industrial sector has received significant governmental support through the implementation of innovative strategies and initiatives. These efforts aim to develop manufacturing industries and enhance local value
addition.—The Times of Oman
