MUSCAT: The Oman Investment Authority (OIA) has made significant contributions to the economic achievements outlined in the latest report of Oman Vision 2040. As a central force in the Sultanate of Oman’s economic strategy, OIA’s actions have been instrumental in promoting private sector engagement, fostering investment, and driving international cooperation.
OIA’s efforts have been focused on boosting both domestic and international investments across various geographic regions and sectors, contributing to financial stability and sustainable growth. The Authority has worked to reduce the debt of companies under its management, which in turn has elevated their credit ratings, allowing them to operate more efficiently in an increasingly competitive global market.
A key component of OIA’s strategy has been the promotion of strategic partnerships and joint ventures aimed at attracting foreign investment into Oman. The report highlights OIA’s involvement in 13 international funds, alongside the launch of the Future Fund Oman, a move designed to safeguard the financial future of Oman. The Authority also completed six major national projects valued at over RO 4 billion, further emphasizing its critical role in Oman’s economic development.
The 2023 performance of OIA, as reflected in the Oman Vision 2040 report, underscores its impact on the nation’s economy. RO 800 million was injected into the State’s General Budget, and assets under OIA’s management increased by over RO 1.7 billion, bringing the total to RO 19.2 billion. Additionally, OIA prepaid RO 300 million of corporate debt, reducing financial burdens for key companies. The Authority attracted RO 180 million in direct foreign investment to Oman, demonstrating its ability to draw international interest into the country’s growing economy.
OIA’s role in local economic development is further reflected in its capital spending, with RO 2.1 billion directed toward projects in various sectors. These investments have had a positive ripple effect across the country, contributing to growth and enhancing Oman’s infrastructure. Furthermore, OIA has been a major supporter of small and medium enterprises (SMEs), awarding contracts and purchase orders to more than 496 SMEs, bolstering local business development and employment.
As Oman continues to navigate the path outlined by Vision 2040, OIA remains a cornerstone of its economic strategy. The Authority’s ability to foster sustainable returns, promote strategic investment, and create valuable international partnerships places it at the forefront of the nation’s journey toward a diversified and resilient economy.
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