Future Fund Oman (FFO), the latest investment initiative under the Oman Investment Authority (OIA), has recently announced its first batch of approved investment projects. With a total value exceeding $2 billion, these projects include $1.6 billion committed by foreign investors and $571 million contributed by FFO. The investments will create more than 1,600 direct employment opportunities, marking a significant step forward in Oman’s economic diversification and development strategy.
The projects span 10 key sectors, including technology, manufacturing, tourism, renewable energy and electric vehicles. Future Fund Oman added that small and medium enterprises (SMEs) and startups will play a prominent role, with investments targeting food, health, financial technology, e-commerce, and more.
Future Fund Oman was established in collaboration with the Ministry of Finance with a capital of $5.2 billion, allocated over five years from 2024 to 2028. The fund strategically excludes investments in oil, gas, and real estate, focusing on growth-oriented sectors aligned with Oman’s Vision 2040.
Key projects
Among the approved projects are transformative initiatives that position Oman as a leader in innovative industries. Notable projects include the United Solar Polysilicon Plant in the SOHAR Port and Freezone, which will be one of the largest polysilicon production facilities in the world and the first of its kind in the Middle East. This facility will produce 100,000 tons of polysilicon annually, a critical component for renewable energy industries such as solar panel manufacturing.
Other major partnerships include the IDG Oman Fund, developed in collaboration with China’s IDG Capital, which will focus on ICT, renewable energy, and electric vehicles. Future Fund Oman has also partnered with EW Partners to establish the EWP Oman Fund, which will target key sectors such as ICT, energy, tourism and agriculture.
Fostering innovation and growth
This comprehensive approach reflects Future Fund Oman’s commitment to fostering innovation and growth across a broad spectrum of industries, ensuring that both large-scale ventures and emerging businesses contribute to Oman’s economic progress.
Mulham Al Jarf, deputy president for investments at Oman Investment Authority, stated that these projects underscore the fund’s dedication to fulfilling its strategic objectives which include stimulating local economic growth, fostering collaboration with the private sector, attracting foreign investments, and creating opportunities for Omani businesses and job seekers. He added that these projects represent just the beginning of Future Fund Oman’s efforts since its establishment in January 2024.
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Support to SMEs and startups
Future Fund Oman is also supporting a range of SMEs and startups in partnership with fund managers like Tanmia, ITHCA, Omantel, and Cyfr Capital. These include IO Kitchen, an innovative cloud kitchen featuring over 30 virtual brands, and Bima, an online insurance brokerage service.
The fund has also committed to supporting Qpay, the first licensed Omani entity offering a “buy now, pay later” service. Other groundbreaking projects include BcLear Aligner, an AI-powered solution for dental braces, Nashid, a blockchain-based digital identity platform, and Antom, a digital financial platform that enhances the capabilities of Oman’s fintech ecosystem.
