Oman Investment Authority (OIA) announced that its assets have grown by over OMR1 billion during 2023, reaching a total of OMR19.240 billion. The authority achieved profits of over OMR1.7 billion, representing a rate of 9.95 percent investment returns compared to 8.8 percent in the previous year. This growth was highlighted during a press conference held in Muscat, where it was also revealed that OIA contributed over OMR6 billion to the State’s General Budget between 2016 and 2023, creating more than 1,300 job opportunities for Omanis.
The 2023 annual report by OIA reflects the principles and national goals of Oman Vision 2040, emphasizing transparency, governance, and institutional performance. The authority focused on diversifying its foreign and local investments across various sectors and geographies to maximize returns and minimize risks. OIA also brought an Omani perspective to its international investments to attract value and technology to local sectors. The Future Generations Fund (FGF) managed by OIA invested in 13 global funds operating in multiple sectors in the private markets sector, achieving an average return of 9.8 percent.
Among OIA’s direct foreign investments are companies like Electric Hydrogen (EH2), Hysata, and Our Next Energy (ONE), contributing to hydrogen production, electric vehicles, and energy storage systems. The authority also invested in global funds like the Platinum Investment Fund, Global Infrastructure Fund, and Chinese Five Way Fund, focusing on industrial, chemical, distribution, infrastructure, and innovation sectors. Additionally, OIA successfully paid off OMR2.4 billion in debt, raising Oman’s credit rating by international rating agencies.
OIA increased investment spending in local sectors through the National Development Fund (NDF), exceeding the target by allocating approximately OMR2.1 billion to expand and enhance projects, complete ongoing initiatives, and develop new projects across various sectors. The authority successfully completed nine divestments in 2023, including direct sales and public offerings on the Muscat Stock Exchange, attracting foreign investments and boosting trading volume. OIA also focused on maximizing In-country Value (ICV) and supporting SMEs, with spending on SMEs totaling RO 202.6 million in 2023.
Sheikh Nasser Sulaiman Al Harthy, OIA’s Deputy President for Operations, highlighted the authority’s commitment to Omanisation by generating over 1,300 job opportunities for Omanis, achieving a total Omanisation rate of 76.9%. OIA’s dedication to economic diversification and financial stability, coupled with its strategic investments and divestment plans, demonstrates its ongoing efforts to contribute to Oman’s economic growth and development. Through transparency, governance, and innovation, OIA continues to play a vital role in supporting the national goals outlined in Oman Vision 2040.
