The Oman Investment Authority (OIA) and Saudi Arabia’s Public Investment Fund (PIF) signed a memorandum of understanding (MoU) on Thursday aimed at expanding and exploring cooperation and investment opportunities with up to $5 billion for potential Saudi investments in Oman, the official Oman News Agency (OMENA) said.
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Based on the memorandum of understanding, the OIA will explore investment opportunities that attract cooperation and partnership with the fund and provide it with the required support in the Omani market within the framework of the fund’s establishment of the Saudi Omani Investment Company to inject more than 18 billion Saudi riyals ($5 billion) into a number of sectors in the Sultanate of Oman.
In October, the Saudi fund set up five regional investment firms, targeting investments of up to $24 billion as part of a strategy to grow the assets it manages and diversify revenue sources in Saudi.
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