OIA assets surge by RO1 billion
Published: 07:06 AM,Jun 04,2024 | EDITED : 11:06 AM,Jun 04,2024
Oman Investment Authority (OIA) media meeting to review the highlights of its annual report.
Muscat: The Oman Investment Authority (OIA) announced on Tuesday that its assets increased by more than RO1 billion to reach RO19.240 billion, after achieving profits of over RO1.7 billion and an investment return of 9.95% compared to 8.8% last year.
It was revealed at the Oman Investment Authority (OIA) media meeting to review the highlights of its annual report.
OIA continued to support the state's general budget with amounts exceeding RO6 billion from 2016 until the end of 2023 and created more than 1,300 jobs for citizens in the authority and its subsidiaries.
This was stated in the annual report for 2023 issued by the authority, embodying the principles and national targets of Oman Vision 2040, focusing on governance and institutional performance to enhance transparency values, and affirm continuous communication with the community. This report is the third since the authority's establishment 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) confirmed that the authority and its subsidiaries had a direct contribution to the reform programs and initiatives launched by the government to mitigate the negative impacts of economic fluctuations.
Al Murshidi, Chairman, of OIA, stated that the commendation from His Majesty the Sultan Haitham bin Tarik was a major incentive to continue the growth and success journey in a year marked by global economic fluctuations, amid escalating geopolitical tensions, continued tightening of monetary policy by major central banks, banking sector disruptions in the US and Europe, the US debt ceiling debate, the ongoing Ukraine-Russia war, and the impacts of Gaza events.
He said that what was achieved during 2023 is based on national competencies that the authority and its companies are proud of; they managed, with their expertise, ambition, and confidence, to harmonize with the nature of the authority's work as Oman's sovereign wealth fund and meet expectations in achieving the authority's goals and national objectives.
The private markets sector in the Futures Generations Fund, which manages the authority's foreign investments, invested in 13 global funds operating in multiple sectors, in addition to entering various direct investments.
Meanwhile, the public markets sector in the Futures Generations Fund continued to invest in several countries worldwide, achieving an average return of 9.8%, exceeding the target rate of 5%.
As part of the efforts to reduce the debt of the authority's subsidiaries to mitigate financial risks, the authority succeeded in repaying more than RO2.4 billion of debt, including RO300 million before their due date in 2023, contributing to raising Oman's credit rating by global rating agencies.
Investment spending in local sectors of the National Development Portfolio (domestic) increased to RO2.1 billion out of a targeted RO1.9 billion, by expanding and enhancing existing projects, completing ongoing projects, and approving and developing new projects. Six national projects worth over RO4 billion rials in investment were completed.
To achieve the national agenda of the authority and its companies and translate the royal directives to create job and training opportunities for Omanis, OIA succeeded in creating 1,307 jobs for Omanis, exceeding the targeted number of 800 new jobs.
It also launched several training and qualification programs, the most important of which is the 'Ruwad Oman' scholarship program for outstanding students, which received the royal endorsement, the Oman Investment Authority Training and Development Academy, and the unified 'Jadara' platform for employment and training opportunities based on artificial intelligence.
The authority and its companies continued efforts to maximize local content and enhance the role of small and medium enterprises (SMEs), with total spending on SMEs reaching RO202.6 million, including RO106.7 million for holders of the Entrepreneurship Card. SMEs accounted for 16.8% of total spending on the supply chain, with more than RO42 million spent on services and products listed in the mandatory list by the authority's subsidiaries in 2023.
It was revealed at the Oman Investment Authority (OIA) media meeting to review the highlights of its annual report.
OIA continued to support the state's general budget with amounts exceeding RO6 billion from 2016 until the end of 2023 and created more than 1,300 jobs for citizens in the authority and its subsidiaries.
This was stated in the annual report for 2023 issued by the authority, embodying the principles and national targets of Oman Vision 2040, focusing on governance and institutional performance to enhance transparency values, and affirm continuous communication with the community. This report is the third since the authority's establishment 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) confirmed that the authority and its subsidiaries had a direct contribution to the reform programs and initiatives launched by the government to mitigate the negative impacts of economic fluctuations.
Al Murshidi, Chairman, of OIA, stated that the commendation from His Majesty the Sultan Haitham bin Tarik was a major incentive to continue the growth and success journey in a year marked by global economic fluctuations, amid escalating geopolitical tensions, continued tightening of monetary policy by major central banks, banking sector disruptions in the US and Europe, the US debt ceiling debate, the ongoing Ukraine-Russia war, and the impacts of Gaza events.
He said that what was achieved during 2023 is based on national competencies that the authority and its companies are proud of; they managed, with their expertise, ambition, and confidence, to harmonize with the nature of the authority's work as Oman's sovereign wealth fund and meet expectations in achieving the authority's goals and national objectives.
The private markets sector in the Futures Generations Fund, which manages the authority's foreign investments, invested in 13 global funds operating in multiple sectors, in addition to entering various direct investments.
Meanwhile, the public markets sector in the Futures Generations Fund continued to invest in several countries worldwide, achieving an average return of 9.8%, exceeding the target rate of 5%.
As part of the efforts to reduce the debt of the authority's subsidiaries to mitigate financial risks, the authority succeeded in repaying more than RO2.4 billion of debt, including RO300 million before their due date in 2023, contributing to raising Oman's credit rating by global rating agencies.
Investment spending in local sectors of the National Development Portfolio (domestic) increased to RO2.1 billion out of a targeted RO1.9 billion, by expanding and enhancing existing projects, completing ongoing projects, and approving and developing new projects. Six national projects worth over RO4 billion rials in investment were completed.
To achieve the national agenda of the authority and its companies and translate the royal directives to create job and training opportunities for Omanis, OIA succeeded in creating 1,307 jobs for Omanis, exceeding the targeted number of 800 new jobs.
It also launched several training and qualification programs, the most important of which is the 'Ruwad Oman' scholarship program for outstanding students, which received the royal endorsement, the Oman Investment Authority Training and Development Academy, and the unified 'Jadara' platform for employment and training opportunities based on artificial intelligence.
The authority and its companies continued efforts to maximize local content and enhance the role of small and medium enterprises (SMEs), with total spending on SMEs reaching RO202.6 million, including RO106.7 million for holders of the Entrepreneurship Card. SMEs accounted for 16.8% of total spending on the supply chain, with more than RO42 million spent on services and products listed in the mandatory list by the authority's subsidiaries in 2023.