Oman Investment Authority assets up $2.6bn to $50bn

OIA achieved profits that surpassed OR1.7bn ($4.4bn) with a rate of 9.95 per cent investment returns compared to 8.8 per cent in the previous year.

OIA continued its contribution to the state’s general budget, amounting to more than OR6bn ($15.6bn) between 2016 and 2023.

Oman Investment Authority

OIA and its companies also created more than 1,300 job opportunities for Omanis, as stated in OIA’s 2023 annual report.

This report reflects the principles and national goals of Oman Vision 2040, focusing on enhancing transparency, governance, and institutional performance. Furthermore, OIA reiterates its commitment to having continued communication with society.

OIA focused on diversifying its foreign and local investments geographically and across various sectors to maximise returns and minimise risks.

It also brought an Omani angle in its international investments to attract value and technology to targeted local sectors.

OIA’s Future Generations Fund (FGF), is responsible for the OIA’s investments abroad. In 2023, it invested in 13 global funds operating across multiple sectors in the private markets sector.

It also engaged in diversified direct investments. Meanwhile, the public markets sector, part of FGF, continued investing in various countries worldwide, achieving an average return of 9.8 per cent, surpassing the target return of 5 per cent.

Among OIA’s direct foreign investments is Electric Hydrogen (EH2), a company developing electrolysers with higher current densities and lower voltages.

OIA also invested in Hysata, an Australian company contributing to the production of green hydrogen, as well as Our Next Energy (ONE), a US company specialising in manufacturing vehicle batteries, electric vehicles, and energy storage systems.

As for global funds, OIA invested in:

• Platinum Investment Fund, which focuses on the industrial, chemical, and distribution sectors
• Global Infrastructure Fund, investing in North America, Europe, Asia Pacific, and Latin America
• Chinese Five Way Fund, which concentrates on consumer innovation, information technology, and life sciences

Continuing its efforts to reduce OIA Companies’ debt and mitigate financial risks, OIA successfully paid OR2.4bn ($6.2bn), including OR300m ($779m) prepaid in 2023.

These efforts contributed to raising the Sultanate of Oman’s credit rating by international rating agencies.

As part of its commitment to achieving economic diversification, investment spending in the local sectors of the National Development Fund (NDF) increased to approximately OR2.1bn ($5.5bn), surpassing the target of OR1.9bn ($4.9bn).

This was achieved through expanding and enhancing current projects, completing ongoing projects, approving and developing new projects, and announcing the completion of six national projects in diverse geographical and sectoral areas.

Continuing the divestment plan to achieve various national goals, OIA and its companies successfully completed nine divestments in 2023, surpassing the planned eight divestments.

Oman Investment Authority announces that its assets have grown by over RO 1 billion during 2023, reaching a total of RO 19.240 billion. Its profits also surpassed RO 1.7 billion with a rate of 9.95% investment returns.https://t.co/umxhvNfR62 pic.twitter.com/RIK8zLlZBG

— Oman News Agency (@ONA_eng) June 4, 2024

These included both direct sales and public offerings on the Muscat Stock Exchange (MSX). This had a positive impact on the trading volume at MSX and attracted foreign investments.

OIA and its companies continued their steadfast efforts to maximiae In-country Value (ICV) and enhance the role of SMEs.

The total amount spent on SMEs amounted to OR202.6m ($526m), with OR106.7m ($277m) going to holders of the Entrepreneurship Card “Riyada”.

Furthermore, OIA companies spent more than OR42m ($109m) on services and products in the mandatory list during 2023.

Sheikh Nasser Sulaiman Al Harthy, OIA’s Deputy President for Operations said that the authority generated more than 1,300 job opportunities for Omanis in OIA and its affiliate companies with a total Omanisation rate of 76.9 per cent.