Oman Future Fund has announced OR832m ($2.2bn) of investment projects in partnership with local companies and international investors.
The Oman Investment Authority-owned fund includes foreign investments worth OR609m ($1.6bn).
Meanwhile, the fund’s investment in the projects amounted to OR220m ($572m). These projects are expected to generate more than 1,600 direct job opportunities.
Oman investment opportunities
The projects cover 10 different vital sectors in the Sultanate of Oman. The major projects category includes:
- Technology
- Industry
- Tourism
- New energy
- Electric vehicles
The small and medium enterprises and startups category, included
- Food
- Health
- Technology
- Financial technology
- E-commerce
Mulham Bashir Al Jarf, Deputy Chairman of Oman Investment Authority, said that the projects reflect the Authority’s efforts to achieve the strategic objectives of Oman Future Fund.
He added that they focus on stimulating and developing the local economy, advancing the targeted economic sectors, and integrating with the private sector, in addition to attracting foreign investments and generating business opportunities for small and medium enterprises and start-ups.
He explained that these investment projects are the first for the Fund since the start of its operations on January 17, 2024.
The Fund saw a great turnout from local and foreign investors, with more than 210 applications.
The direct projects category includes three projects, namely:
- The United Solar factory located in Sohar Free Zone, which is one of the largest factories in the world and the first of its kind in the Middle East in the polysilicon industry. It contributes to the development of downstream renewable energy industries, including the solar panel industry, with a production capacity of 100,000 tons per year
- The second project is the IDG Oman Investment Fund. It comes in partnership with the Chinese IDG Capital Fund, which has long experience in diversified investments. The fund will invest in the Sultanate of Oman in partnership with promising Chinese companies with a focus on information and communications technology, renewable energy, and electric vehicles
- The EWTP Oman Fund, which comes in partnership with the Chinese EWTP Capital Fund. It targets investment in the Omani market in partnership with promising Chinese companies with a focus on information and communications technology, energy, tourism, and agriculture
The mechanism for investing in direct local projects by Oman Future Fund takes the forms of partnership or lending according to several criteria, including that the ownership percentage of the Fund in the project does not exceed 40 per cent, and the focus is on projects targeting growth.
The Fund’s investment in these projects ranges between OR5-100m ($13-260m).
As for small and medium enterprises projects, the Fund’s investments in them is either through partnership or venture capital, so that the maximum investment limit in them is OR5m ($13m), without owning majority shares, and focusing on investing in the capital allocated to achieve growth and expansion for the project.
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