MUSCAT: The Oman Investment Authority (OIA) outlined notable strides in job creation and economic growth during its latest annual media briefing, offering insight into the performance and distribution of its three key portfolios — National Development, Generations, and the Oman Future Fund. Collectively, these portfolios span over 50 countries, with the Sultanate itself remaining the primary focus, receiving 61.3 percent of total investment allocations. North America follows with 19.9 percent, while the remainder is spread across Europe, Asia, Africa, and Latin America, reflecting a balanced global footprint and strategic diversification.
In 2024, the Authority successfully exceeded its asset divestment target by offloading six assets instead of five, freeing up capital for reinvestment in new projects aligned with Oman’s economic diversification goals. The Oman Future Fund alone received 294 investment applications last year, approving 44 proposals worth RO 333.1 million, which included significant funding for a polysilicon factory in Sohar. These steps underline the Authority’s dedication to steering resources into promising, future-focused industries that broaden the nation’s economic base.
Support for local enterprises has also been a critical component of OIA’s strategy. In 2024, spending on small and medium enterprises (SMEs) reached RO 265.5 million, of which RO 139 million specifically supported entrepreneurs holding dedicated business cards. This commitment demonstrates the Authority’s resolve to nurture local talent and innovation while enhancing the sustainability and competitiveness of the domestic business environment.
Domestically, the National Development Portfolio invested around RO 1.9 billion in various projects, surpassing the targeted RO 1.7 billion. Notable investments included the Duqm Refinery, the redevelopment of key mining sites, the operation of the Asyad Container Terminal, and the commissioning of the Manah 1 and 2 solar power plants. These investments have also played a crucial role in attracting substantial foreign direct investment, totalling RO 3.348 billion by 2024, with energy being the primary sector, followed by tourism and mining. Additionally, OIA diversified its global reach by investing in 13 international funds spanning technology, AI, energy, healthcare, and fintech sectors.
