Muscat: The Oman Future Fund, under the ownership of the Oman Investment Authority, has unveiled its inaugural investment portfolio, which encompasses a total value surpassing Omani Million Rupees (OMR) 832 million, with investments from international partners amounting to OMR 609 million.
Simultaneously, the fund has contributed OMR 220 million towards these projects, which are anticipated to create over 1,600 direct employment opportunities.
The portfolio spans across ten critical sectors within the Sultanate of Oman. The flagship projects fall into two categories: major projects, which include sectors such as technology, industry, tourism, new energy, and electric vehicles, and small and medium enterprises (SMEs) and startups, covering areas like food, health, technology, financial technology, and e-commerce.
Deputy Chairman of the Oman Investment Authority, Mulham Bashir Al Jarf, highlighted that these projects are a testament to the Authority's commitment to achieving the strategic objectives of the Oman Future Fund.
He further emphasized the focus on stimulating and developing the local economy, advancing targeted economic sectors, fostering integration with the private sector, attracting foreign investments, and creating business opportunities for small and medium enterprises and startups.
Al Jarf also noted that these projects mark the Fund's inaugural ventures since its inception on January 17, 2024. The initiative has seen significant interest from both local and international investors, with applications submitted to the Fund surpassing 212, underscoring the Authority's dedication to making informed decisions that secure the Fund's investments.
Among the direct projects, three stand out: the United Solar factory situated in the Sohar Free Zone, recognized globally as one of the largest polysilicon production facilities and the first of its kind in the Middle East. This facility plays a pivotal role in the development of downstream renewable energy industries, particularly the solar panel sector, boasting a production capacity of 100,000 tonnes annually.
The second initiative under consideration is the IDG Oman Investment Fund, established in collaboration with the esteemed Chinese IDG Capital Fund, renowned for its extensive experience in a diversified investment portfolio. This fund is poised to allocate its resources towards investments in the Sultanate of Oman, in partnership with select Chinese entities, with a particular emphasis on sectors such as information and communications technology, renewable energy, and electric vehicles.
Furthermore, the EWTP Oman Fund, in conjunction with the Chinese EWTP Capital Fund, is set to focus its efforts on the Omani market, investing in promising Chinese companies across various sectors, including information and communications technology, energy, tourism, and agriculture.
The Oman Future Fund, in its endeavor to invest in direct local projects, employs a dual approach of partnership or lending, subject to certain criteria. These criteria include a stipulation that the Fund's ownership percentage in the project does not surpass 40 percent, with an emphasis on supporting projects aimed at growth, with investment amounts ranging from OMR5 to 100 million.
Regarding investments in small and medium-sized enterprises (SMEs), the Fund adopts a venture capital approach, with a maximum investment limit of OMR5 million per project, without the requirement of majority ownership. The focus is on investing in capital that is allocated towards achieving growth and expansion for the project.
