The Oman Investment Authority (OIA) announced on Tuesday that its assets have grown by more than RO1 billion, reaching a total of RO19.240 billion. This increase is attributed to profits exceeding RO1.7 billion and an investment return of 9.95%, surpassing last year's 8.8%.
During the OIA's media meeting to review its annual report, it was revealed that the authority has consistently supported the state's general budget, providing over RO6 billion from 2016 until the end of 2023. Additionally, the authority and its subsidiaries have created more than 1,300 job opportunities for citizens.
The annual report for 2023, issued by the authority, reflects the principles and national objectives of Oman Vision 2040. It emphasizes governance and institutional performance to enhance transparency and maintain continuous communication with the community. This report marks the third since the establishment of the authority on June 4, 2020.
Sultan bin Salem al Habsi, Minister of Finance and Chairman of the Board of Directors of the Oman Investment Authority (OIA), affirmed that the authority and its subsidiaries have directly contributed to the government's reform programs and initiatives. These efforts aim to mitigate the negative impacts of economic fluctuations.
Al Murshidi, Chairman of OIA, emphasized that the recognition from His Majesty the Sultan Haitham bin Tarik served as a significant motivation to sustain the progress and success trajectory amidst the challenges faced in the year. The accomplishments in 2023 were attributed to the dedication and capabilities of national talents within the authority and its affiliated companies. Their commitment, expertise, and confidence enabled them to align with the authority's mandate as Oman's sovereign wealth fund, delivering on set objectives and national priorities.
The private markets division of the Futures Generations Fund, responsible for managing the authority's international investments, engaged with 13 global funds across various sectors and initiated multiple direct investment ventures. On the other hand, the public markets division of the Futures Generations Fund expanded its investment portfolio in numerous countries worldwide, achieving an impressive average return of 9.8%, surpassing the targeted rate of 5%.
The authority's subsidiaries have successfully reduced their debt by repaying over RO2.4 billion, with RO300 million paid before the 2023 due date. This has led to an improvement in Oman's credit rating by global rating agencies.
Investment in local sectors of the National Development Portfolio has increased to RO2.1 billion, surpassing the targeted RO1.9 billion. This was achieved through expanding existing projects, completing ongoing ones, and initiating new projects. Additionally, six national projects with a total investment of over RO4 billion have been successfully completed.
In line with the national agenda, the authority has created 1,307 new job opportunities for Omanis, exceeding the target of 800 jobs. Various training and qualification programs have been launched, including the "Ruwad Oman" scholarship program for exceptional students, the Oman Investment Authority Training and Development Academy, and the unified "Jadara" platform for employment and training opportunities utilizing artificial intelligence.
The authority and its affiliated companies have been persistently working towards increasing local content and boosting the involvement of small and medium enterprises (SMEs). The total expenditure on SMEs has reached RO202.6 million, out of which RO106.7 million was allocated to holders of the Entrepreneurship Card. SMEs represented 16.8% of the total supply chain spending, with over RO42 million directed towards services and products listed as mandatory by the authority's subsidiaries in 2023.
