OIA posts RO1.6bn profit, ramps up local investment
In line with its commitment to fiscal support, OIA injected RO800mn into the state budget last year. According to SWF Global, the authority is now ranked the world's eighth-best sovereign wealth fund in terms of five-year investment return rates.
OIA continues to spread investment risks by diversifying geographically and across sectors. Its three portfolios – the National Development Fund (NDF), Future Generations Fund and Future Fund Oman – have exposure in more than 50 countries. Local investments accounted for the largest share at 61.3%, with North America next at 19.9%.
The NDF, aligned with Oman Vision 2040, invested about RO1.9bn in local projects, exceeding its RO1.7bn target. Key projects include Duqm Refinery, Lasil and Al Baydha copper mines, Asyad Container Terminal, and Manah 1 and Manah 2 solar power plants.
Internationally, the Future Generations Fund expanded its portfolio by investing in 13 global funds across technology, AI, energy, healthcare and fintech, besides backing Elon Musk's xAI initiative.
Future Fund Oman, launched in January 2024, received 294 investment applications and approved 44 projects worth RO333.1mn. Major investments include the Sohar Poly Silicon plant – the largest outside China – and three new funds exceeding RO250mn in sectors like ICT, energy, agriculture, renewables, healthcare and electric vehicles.
Efforts to attract foreign direct investment (FDI) brought in RO3.348bn in 2024, mainly in energy, tourism and mining.
OIA also repaid RO1.846bn in debt for its companies, including early repayment of RO545mn for OQ Group loans, while government guarantees dropped from RO3.4bn to RO1.8bn.
Its divestment programme exceeded set goals, with six asset exits, including the high-profile IPO of 25% of OQ Exploration & Production shares. Proceeds are being redirected to new diversification projects.
OIA's local content and SME initiatives continue to expand. In 2024, it spent RO265.5mn with SMEs, including RO139mn for Riyada cardholders, making up nearly 20% of supply chain spend. It also launched a new mandatory list covering 311 local products and services and supported 38 SMEs with RO11mn.
The authority created 1,393 new jobs for Omanis last year, raising the Omanisation rate to 77.7%.
Abdulsalam bin Mohammed al Murshidi, President of OIA, said 2024 exceeded performance targets in job creation, local content and foreign investment, crediting the authority's achievements to the dedication of its national workforce.
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