Muscat: The Oman Investment Authority (OIA) has successfully divested from one of its Italian assets, achieving an impressive investment return that exceeds 50% of the initial value. This accomplishment underscores OIA's strategic prowess in optimizing financial gains through global investment avenues.
According to the latest edition of OIA's quarterly newsletter, Enjaz and Eejaz, the Authority initiated this investment in 2007, acquiring a standalone office building known as RSC, situated on the outskirts of Milan, Italy.
The property encompasses approximately 22,000 square meters of leasable space, tailored to meet local market demands, making it highly appealing to a diverse range of tenants. It has been fully leased to RCS Media Group, a prominent media organization, under a 20-year lease agreement (2011–2031), with an option for a six-year extension. This leasing arrangement has provided financial stability for the asset and significantly increased its market value over time.
In line with its strategy to broaden international investments and strengthen collaborations with global partners, the Uzbek-Oman Investment Company, a key joint venture of OIA, is undertaking a significant investment in Tashkent, the capital of Uzbekistan. This initiative involves the establishment of an American university in partnership with Arizona State University, aimed at meeting international academic standards. The university is expected to revolutionize higher education in Uzbekistan, with an initial capacity to serve over 4,000 students in technical and financial disciplines, with plans to expand to accommodate 9,000 students upon completion of new facilities.
Founded in 2010 with a capital of $200 million, the Uzbek-Oman Investment Company is 75% owned by OIA. Its current portfolio includes ten diverse investment projects across sectors such as textiles, food products, pharmaceuticals, retail, technology, real estate, and foreign currency markets, reflecting a commitment to diversifying investments in promising and essential areas.
In accordance with Oman Vision 2040 and its national objectives, as well as the promotion of the digital economy, the newsletter showcased a new digital initiative from Omantel, a subsidiary of OIA. By creating an artificial intelligence-driven electronic platform, Omantel aims to boost local advertising investments while minimizing financial outflows.
Talal Said Al Mamari, CEO of Omantel, announced that the pilot launch of the platform is set to occur shortly, with a full commercial rollout anticipated by early 2025. Al Mamari highlighted that this initiative is not merely a commercial venture but a strategic shift towards establishing a sustainable, technology-oriented advertising ecosystem in Oman. The platform is designed to benefit Omani society across various sectors, paving the way for regional expansion into GCC countries and facilitating the transformation of the digital advertising landscape.
The December 2024 edition of Enjaz and Eejaz also covered various topics, including the introduction of locally branded Onsor computers that have successfully entered international markets, as well as the professional journey of Eng. Azza Al Subhi, a process safety engineer at OQ Exploration and Production.
