Oman Investment Authority (OIA) made a successful divestment from one of its assets in Italy, which generated an investment return exceeding 50 per cent of the original value. This achievement reflects OIA’s strategic success in maximising financial returns through global investment opportunities.
The latest issue of the quarterly newsletter of OIA, Enjaz and Eejaz, pointed out that the Authority began this investment in 2007, involving a standalone office building known as RCS, located on the outskirts of Milan, Italy.
The property spans approximately 22,000 square metres of leasable space and was designed to meet local market needs, which makes it highly attractive to a broad range of tenants.
The building was fully leased to a major media group, RCS Media Group, under a 20-year lease agreement (2011–2031), with an option for a six-year extension. This arrangement ensured financial stability for the asset and significantly enhanced its market value over the years.
Continuing its strategy of expanding international investments and strengthening partnerships with global stakeholders, the Uzbek-Oman Investment Company, one of OIA’s strategic joint ventures, has pursued a landmark investment in Uzbekistan’s capital, Tashkent. The initiative involves establishing an American university in collaboration with Arizona State University as an academic partner. The university, designed to meet global academic standards, is set to transform higher education in Uzbekistan with a capacity to accommodate over 4,000 students in technical and financial programmes. Plans are underway to expand the campus’s capacity to 9,000 students upon completion of the new facilities.
The Uzbek-Oman Investment Company, established in 2010 with a capital of $200 million, is 75 per cent owned by OIA. Its portfolio currently includes 10 diverse investment projects spanning textiles, food products, pharmaceuticals, retail, technology, real estate and foreign currency markets, reflecting a focus on diversifying investments in promising and vital sectors.
In alignment with Oman Vision 2040 and its national goals, as well as supporting the digital economy, the newsletter also highlighted a new digital initiative by OIA subsidiary Omantel. By developing an artificial intelligence-powered electronic platform, Omantel seeks to enhance local advertising expenditure while reducing financial outflows.
Talal bin Said al Mamari, CEO of Omantel, announced that the platform’s pilot launch will take place soon, with full commercial deployment planned by early 2025. Al Mamari emphasised that this initiative represents not just a commercial step but a strategic transformation towards building a sustainable, tech-driven advertising ecosystem in Oman. The platform aims to benefit Omani society across all sectors, laying the groundwork for a regional expansion into GCC countries and driving the digital advertising sector’s transformation.
The December 2024 issue of Enjaz and Eejaz also highlighted several topics, including the launch of locally branded Onsor computers, which have reached international markets, and the journey of Eng Azza al Subhi, a process safety engineer at OQ Exploration and Production. — ONA
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