Total assets of Oman’s sovereign wealth fund, the Oman Investment Authority (OIA), increased by an estimated 7.4 percent year-on-year to reach OMR19.24 billion ($49.9 billion) in 2023, according to new figures.
A report issued by the OIA revealed that the return on investment for 2023 stood at 9.95 percent, the authority said in a post on X.
Driving economic growth and stability
The rise in numbers underscores the OIA’s role in driving economic growth and stability within Oman. The robust performance reflects the authority’s strategic investment approach and effective management of its diverse portfolio.
This aligns with the OIA’s objective to manage and develop the country’s funds and assets, achieve financial reserves, and implement government policies to advance targeted economic sectors.
Continued budget support, diversifying investments
During a media meeting on Tuesday in Muscat, the OIA confirmed that it will continue supplying the state’s general budget with amounts exceeding 6 billion rials from 2016 until the end of 2023.
The post also revealed that the OIA aims to diversify its new foreign and local investments both geographically and across various sectors. It plans to connect some foreign investments to targeted local industries by transferring technology and modern techniques.
Read more: Central Bank of Oman joins GCC central banks’ AFAQ payments system
Investing abroad through Al-Ajyal portfolio
The authority clarified that the private markets sector of the Al-Ajyal portfolio, which manages the OIA’s investments abroad, has invested in 13 global funds operating in multiple sectors, in addition to various direct investments.
Strong performance in public markets
The public markets sector of the Al-Ajyal portfolio continues to invest in a number of countries around the world, achieving an average return of 9.8 percent, exceeding the target rate of 5 percent.
The OIA listed Electric Hydrogen, the Australian company Hysata, the American firm Our Next Energy, the Platinum investment fund, the Global Infrastructure Fund, and the Chinese Fund as its most prominent direct foreign investments.
Resilience in the face of global challenges
In August 2023, Oman’s Finance Minister Sultan bin Salim Al-Habsi, who is also the chairman of the OIA, said: “OIA is not immune to the impact of world events, but they did not pose an obstacle to our ongoing journey toward growing Oman’s economy and achieving financial sustainability.”
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