Oman Future Fund, owned by Oman Investment Authority, has announced the first batch of its investment projects in partnership with local companies and international investors, with a total value exceeding OMR832 million. These projects cover 10 different vital sectors in the Sultanate of Oman, including technology, industry, tourism, new energy, and electric vehicles. The Fund’s investments in these projects amount to OMR220 million, and they are expected to generate more than 1,600 direct job opportunities.
Mulham Bashir Al Jarf, Deputy Chairman of Oman Investment Authority, highlighted that these projects reflect the Authority’s efforts to achieve the strategic objectives of Oman Future Fund. The focus is on stimulating and developing the local economy, advancing targeted economic sectors, integrating with the private sector, attracting foreign investments, and generating business opportunities for small and medium enterprises and startups. Since the Fund began its operations in January 2024, it has received over 212 applications from local and foreign investors, demonstrating a great turnout and interest in the Fund’s investment opportunities.
Among the direct projects category announced by the Fund is the United Solar factory located in Sohar Free Zone, which is one of the largest factories in the world in the polysilicon industry. This factory contributes to the development of downstream renewable energy industries, including the solar panel industry. In addition, the Fund is partnering with the Chinese IDG Capital Fund for the IDG Oman Investment Fund, focusing on information and communications technology, renewable energy, and electric vehicles. Another partnership with the Chinese EWTP Capital Fund, the EWTP Oman Fund, targets investment in Oman’s information and communications technology, energy, tourism, and agriculture sectors.
The mechanism for investing in direct local projects by Oman Future Fund includes partnership or lending, with the ownership percentage of the Fund in the project not exceeding 40 percent. The focus is on projects targeting growth, with the Fund’s investment ranging between OMR5-100 million. Small and medium enterprises projects are also on the Fund’s agenda, with investments made through partnership or venture capital. The maximum investment limit in these projects is OMR5 million, without owning majority shares, and focusing on investing in the capital allocated for growth and expansion.
Overall, the projects undertaken by Oman Future Fund in partnership with local companies and international investors cover various sectors essential for the growth and development of the Sultanate of Oman’s economy. The Fund’s focus on stimulating and developing the local economy, integrating with the private sector, attracting foreign investments, and generating job opportunities reflects its commitment to achieving strategic objectives. With a diverse portfolio of investments in vital sectors such as technology, tourism, and new energy, the Fund is paving the way for sustainable economic growth and prosperity in Oman.
