Oman’s Sovereign Wealth Fund Sees 7.4% Increase in Total Assets, Reaches $49.9 Billion in 2023
In a recent report released by the Oman Investment Authority, it was revealed that the total assets of Oman’s sovereign wealth fund have increased by an estimated 7.4 percent year on year, reaching 19.24 billion Omani rials ($49.9 billion) in 2023.
Driving Economic Growth and Stability
The impressive growth in numbers highlights the authority’s crucial role in driving economic growth and stability within the Middle Eastern country. This is a testament to the OIA’s strategic investment approach and effective management of its diverse portfolio.
Managing Funds and Assets
The OIA’s objective is to manage and develop the country’s funds and assets, achieve financial reserves, and implement government policies to advance targeted economic sectors. During a media meeting in Muscat, the entity confirmed its commitment to supplying the state’s general budget with amounts exceeding 6 billion rials from 2016 to the end of 2023.
Diversifying Investments and Achieving High Returns
The OIA aims to diversify its foreign and local investments geographically and across various sectors. It plans to connect foreign investments to targeted local industries by transferring technology and modern techniques. The authority’s investments have shown robust performance, with an average return of 9.95 percent in 2023.
Prominent Foreign Investments
The authority listed Electric Hydrogen, the Australian company Hysata, and the American firm Our Next Energy, among others, as its most prominent direct foreign investments. Additionally, the public markets sector of the Al-Ajyal portfolio continues to invest in countries worldwide, exceeding the target rate of 5 percent with an average return of 9.8 percent.
Steadfast Commitment to Economic Growth
Despite facing global challenges, Finance Minister Sultan bin Salim Al-Habsi, who also serves as the chairman of the authority, emphasized that the OIA remains committed to growing Oman’s economy and achieving financial sustainability. The authority’s strategic investments and management approach continue to pave the way for economic prosperity in Oman.