Oman Investment Authority Sees RO 1 Billion Asset Growth in 2023

Oman, 5 June, 2024 :  The Oman Investment Authority (OIA) has announced a significant increase in its assets by over RO 1 billion during 2023, reaching a total of RO 19.240 billion. Profits surpassed RO 1.7 billion, with a 9.95% investment return rate, an improvement from 8.8% in the previous year.

During a press conference in Muscat, OIA highlighted its contributions to the State’s General Budget, totaling more than RO 6 billion between 2016 and 2023, and the creation of over 1,300 job opportunities for Omanis. The authority's 2023 annual report aligns with the principles and goals of Oman Vision 2040, emphasizing transparency, governance, and institutional performance.

OIA diversified its foreign and local investments across sectors and regions to maximize returns and minimize risks. The Future Generations Fund (FGF) invested in 13 global funds and engaged in diversified direct investments, achieving an average return of 9.8% in the public markets sector.

Among OIA's direct foreign investments are Electric Hydrogen (EH2), Hysata, and Our Next Energy (ONE), focusing on green energy and manufacturing. The authority also completed nine divestments in 2023, contributing to economic diversification goals and attracting foreign investments.

Efforts to maximize In-country Value (ICV) and support SMEs included spending over RO 202.6 million on SMEs and more than RO 42 million on services and products from the mandatory list. OIA's Omanization rate stood at 76.9%, with over 1,300 job opportunities created for Omanis.

Sheikh Nasser Sulaiman Al Harthy, OIA’s Deputy President for Operations, emphasized the authority's commitment to generating economic growth and employment opportunities for Omanis.

Source : www.omannews.gov.om