Oman's biggest sovereign wealth fund has agreed with Japanese institutions to set up a joint $400 million fund that will invest in food and agribusiness industries, Omani officials said on Sunday.
The fund will facilitate direct investment in Gulf Cooperation Council (GCC) states by Japanese food and agribusiness firms, ranging from grains and feed to vegetables, milk and dairy products, logistics and research firms, they said, aiming to spend at least 35 percent of the money in Oman.
The Gulf Japan Food Fund will be owned 37.5 percent by Oman's State General Reserve Fund. State-run Oman National Investments Development Co and Gulf Investment Corp, owned by the six GCC states, will hold a combined 12.5 percent.
Japan's Mizuho Bank and Norinchukin Bank will provide the remaining half of the capital.
The sultanate is trying to diversify its economy beyond oil, using state funds in international ventures that steer investment and technology back to Oman.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.