Muscat: The executive regulations related to the Oman Future Fund, which was established with a capital of RO2 billion, will be announced within six months, according to Oman Investment Authority (OIA).
The Fund will offer a sort of economic stimulus by participating in private financing, financing projects undertaken by the government and more importantly it will offer help attract investment in the economy by allocating part of the capital for financing.
Abdul Salam bin Mohammed al Murshidi, chairman of the Oman Investment Authority (OIA), said the Oman Future Fund has been established in partnership with the Ministry of Finance and will contribute to the implementation of government policies and strategies related to the advancement of the key sectors.
The private sector will benefit from the fund in the form of financing projects, in addition to attracting foreign investments, providing job opportunities, and supporting small and medium enterprises by allocating part of the fund’s capital to finance them.
He said that currently financing is done by the government through a number of institutions such as the Oman Development Bank, the Small and Medium Enterprises Fund, the Rakiza Fund, and the Oman Technology Fund.
With a larger capital and flexibility in choosing the type of contributions of investments, whether through direct financing at market cost or partnership in the capital with the private sector, Oman Future Fund will be distributed across sectors in a balanced manner.
Oman Investment Authority will manage the fund with its investment expertise, and it will be subject to governance as per international best practices to ensure efficiency and achieve the desired financial and economic objectives of its establishment.
The approval of financing requests for projects will take place through a joint team between the agency, the Ministry of Finance, and any other party that is agreed upon, as the team will evaluate investment opportunities on commercial grounds through the financial and economic feasibility of the project and its sustainability, in addition to its contributions to the sectors targeted by the fund. and finding job opportunities.
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