The Oman Investment Authority (OIA) has reported a growth in assets exceeding OMR1 billion in 2023, totaling OMR19.240 billion.
OIA achieved profits exceeding OMR1.7 billion, with an investment return rate of 9.95 percent, surpassing the previous year's 8.8 percent.
This announcement was made during a press conference held by the authority in Muscat today.
Additionally, OIA has continued to contribute to the State’s General Budget, with a total contribution of over OMR6 billion between 2016 and 2023. OIA and its affiliated companies have also generated more than 1,300 job opportunities for Omanis, as outlined in OIA’s 2023 annual report.
The report aligns with the principles and national objectives of Oman Vision 2040, emphasizing transparency, governance, and institutional performance.
Moreover, OIA reaffirms its dedication to maintaining open communication with society.
OIA has placed emphasis on diversifying its investments both locally and internationally across various sectors to optimize returns and mitigate risks. It has also incorporated an Omani perspective in its global investments to bring value and technology to targeted local industries.
The OIA's Future Generations Fund (FGF) oversees the OIA's investments abroad. In 2023, it allocated funds to 13 global funds that operate in various sectors within the private markets. Additionally, the FGF's public markets sector continued to invest in different countries worldwide, achieving an impressive average return of 9.8 percent, surpassing the target return of 5 percent.
Among the OIA's direct foreign investments are Electric Hydrogen (EH2), a company focused on developing electrolyzers with higher current densities and lower voltages. The OIA also invested in Hysata, an Australian company that contributes to the production of green hydrogen, and Our Next Energy (ONE), a US-based company specializing in the manufacturing of vehicle batteries, electric vehicles, and energy storage systems.
In terms of global funds, the OIA invested in the Platinum Investment Fund, which focuses on the industrial, chemical, and distribution sectors. They also allocated funds to the Global Infrastructure Fund, which invests in North America, Europe, Asia Pacific, and Latin America. Additionally, the OIA invested in the Chinese Five Way Fund, which concentrates on consumer innovation, information technology, and life sciences.
Furthermore, the OIA has been actively working to reduce the debt of its affiliated companies and mitigate financial risks. In 2023, they successfully paid OMR2.4 billion, including a prepaid amount of OMR300 million. These efforts have contributed to an improvement in the Sultanate of Oman's credit rating as assessed by international rating agencies.
In line with its dedication to economic diversification, the National Development Fund (NDF) increased its investment spending in local sectors to around OMR 2.1 billion, exceeding the OMR 1.9 billion target. This was accomplished by expanding and improving existing projects, finalizing ongoing projects, approving and initiating new projects, and announcing the completion of six national projects across various geographical and sectoral domains.
OIA and its subsidiaries successfully concluded nine divestments in 2023, surpassing the planned eight divestments, as part of their ongoing divestment strategy to achieve national objectives. These divestments included direct sales and public offerings on the Muscat Stock Exchange (MSX), which positively impacted trading volume at MSX and attracted foreign investments.
Efforts to enhance In-country Value (ICV) and support SMEs continued, with a total of RO 202.6 million spent on SMEs, including RO 106.7 million allocated to holders of the Entrepreneurship Card “Riyada”. Additionally, OIA companies invested over OMR 42 million in services and products from the mandatory list during 2023.
Sheikh Nasser Sulaiman Al Harthy, OIA’s Deputy President for Operations, reported that the authority created over 1,300 job opportunities for Omanis in OIA and its affiliated companies, achieving a total Omanisation rate of 76.9%.
