Oman Investment Authority’s (OIA) Future Fund Oman has allocated $4.7 billion to invest in new or existing large-scale projects across the country in the next five years. In a statement, the authority revealed that it will invest 90 percent of the fund’s capital, which amounts to $5.2 billion, directly in commercially and economically viable projects.
The OIA also stated that 7 percent of the Future Fund Oman’s capital will go to funding small- and medium-sized enterprises (SMEs) in the country. Meanwhile, the authority will utilize the remaining 3 percent to support startups. This multi-faceted approach reflects a holistic strategy aimed at driving growth, fostering entrepreneurship and nurturing innovation within Oman’s economy.
Focused investment
Future Fund Oman will prioritize investing $1 billion annually in eight key sectors. Those sectors are crucial for Oman’s economic diversification efforts. These include tourism, manufacturing, green energy, fisheries, agriculture, ports and logistics, mining, and information and communication technologies (ICT).
With a targeted focus on those sectors, the Future Fund Oman seeks to diversify Oman’s economy and reduce its reliance on oil revenues. Moreover, the fund seeks to invest in projects that promote sustainability and innovation. Hence, it aims to position Oman as a hub for entrepreneurship and technological advancement in the region.
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Fund’s significance
The launch of the Future Fund Oman represents a significant milestone in Oman’s journey towards economic diversification and sustainable development. As the nation embarks on ambitious goals under its Oman Vision 2040, this initiative holds the promise of unlocking new opportunities. Moreover, it will drive innovation and foster inclusive growth across various sectors of the economy.
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