The Oman Investment Authority (OIA) recently released their annual report for 2023, which highlighted their assets reaching OMR19.2 billion, a significant increase from OMR17.9 billion at the end of 2022. The company also reported profits exceeding OMR1.7 billion in 2023 and made a contribution of OMR800 million to the State’s General Budget. OIA has contributed over OMR6 billion to the Budget since 2016, all from profits and returns without the need to liquidate assets. In efforts to reduce debt and financial risks, OIA prepaid approximately OMR300 million of debt in 2023, leading to an improvement in Oman’s credit rating.
OIA’s investment portfolio is diverse geographically, with investments made on every continent covering various sectors including food, energy, logistics, ICT, financial services, tourism, mining, manufacturing, and aviation. The company plays a pivotal role in driving sustainable economic development and aims to make Oman a more attractive investment destination. In addition, OIA focuses on creating employment opportunities for Omani citizens, hiring 1,307 Omanis in 2023, exceeding the target of 800 new positions. The company also launched training programs such as the Oman Scholars program and the OIA Academy for Training and Development.
Efforts to enhance In-Country Value (ICV) and support small and medium enterprises (SMEs) were a key focus for OIA in 2023. The company spent a total of OMR202.6 million on SMEs, with 16.8 percent of total expenditure going towards SMEs in the supply chain. The achievements of 2023 were attributed to the national talent within OIA, with the company’s workforce meeting expectations and achieving its goals and national objectives. OIA also focused on diversification of its investments, both internationally and locally, to maximize returns and decrease risks.
In terms of international investments, OIA made strategic investments in companies such as Our Next Energy (ONE), Electric Hydrogen (EH2), and Hysata, among others. Additionally, the Future Generation Fund (FGF) of OIA invested in 13 international funds and entered various direct investments to further diversify its portfolio. The National Development Fund spent approximately OMR2.1 billion on investments, completing projects in progress and initiating new projects. OIA continued to strengthen strategic partnerships with partner countries, establishing joint ventures and sending investment attachés to countries like the US, Germany, UK, and Saudi Arabia.
Overall, the annual report for 2023 highlights the success and growth of the Oman Investment Authority, showcasing its commitment to sustainable economic development, financial stability, and national progress. The company’s diverse investment portfolio, strategic partnerships, and focus on job creation and SME support position OIA as a key player in Oman’s economic landscape. As OIA continues to expand its international and local investments, while prioritizing In-Country Value and national talent development, it is poised to contribute further to Oman’s vision of becoming a leading investment destination.
