MUSCAT: The Oman Investment Authority (OIA) has made substantial contributions to the State’s General Budget and effectively managed its subsidiaries' corporate debt. In 2023, the OIA contributed RO 800 million to the General Budget, bringing its total contributions to over RO 6 billion since 2016. This financial boost underscores the OIA’s commitment to supporting the state’s fiscal health and economic stability.
The Authority has also made notable progress in reducing its debt. Over the past year, OIA achieved a remarkable 24 per cent reduction in debt, amounting to RO 2.4 billion. This reduction is part of a broader strategy to enhance financial sustainability. Additionally, the OIA prepaid RO 300 million in debt in 2023, further strengthening its financial position. Since 2020, the debt of OIA’s subsidiaries has decreased from RO 10.135 billion to RO 7.681 billion by 2023, reflecting ongoing efforts to streamline and consolidate financial obligations.
The OIA’s post highlights the Authority’s continued commitment to financial prudence, stating, “Continuing our journey towards financial sustainability, #OIA reduced its companies' debt by 24 percent and increased its contribution to the State's General Budget, exceeding RO 6 billion from 2016 to 2023.”
Sultan al Habsi, Minister of Finance and Chairman of the OIA’s Board of Directors, commended the government’s efforts to mitigate the negative impacts of global economic challenges through various programs and reforms. He noted that despite these challenges, the Omani economy has continued to perform robustly, with oil prices surpassing projections in the State's General Budget. The recovery of non-oil sectors from the COVID-19 pandemic, alongside increased foreign investment and reduced government debt, highlights the resilience and strategic direction of Oman’s economic policy.
According to an evaluation by the National Center for Statistics and Information (NCSI), the OIA’s National Development Fund (NDF) significantly contributed to the country’s gross domestic product (GDP), reaching RO 6.20 billion or 14.4 per cent in 2022, compared to RO 4.46 billion in 2021. Furthermore, investment spending by OIA companies in local sectors totaled RO 2.1 billion, marking an 8.4 per cent increase and surpassing the annual target of RO 1.9 billion.
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