OIA assets grew by RO 1.585 bn in 2024
Sultan bin Salem al Habsi, Minister of Finance and Chairman of OIA's Board of Directors, said, 'In 2024, OIA increased its asset size by RO 1.185 billion, reaching RO 20.425 billion compared to RO 19.240 billion in 2023. OIA continued to play its role in advancing the national agenda, contributing RO 800 million to the state's general budget, bringing OIA's total contributions since 2016 to over RO 7 billion.'
According to the Minister, RO 400 million from that contribution was allocated towards the launch of the operational phase of recently developed Future Fund Oman (FFO), which focuses on supporting strategic local projects.
Commenting on the Fund, OIA President Abdulsalam bin Mohammed al Murshidi, shared the following, 'This year, Future Fund Oman (FFO) marked the first year since its launch at the beginning of 2024. FFO was established to support local projects and strategic investments, with a focus on empowering the private sector and attracting foreign investments. It successfully achieved its intended objectives, witnessing strong interest from both local and international investors as it received 294 proposals from various economic diversification sectors. Following OIA's rigorous procedures, 44 partnership proposals were approved, amounting the FFO contribution to RO 333.1 million.'
Al Murshidi also highlighted the growth of the National Development Fund, which manages domestic assets and local companies. 'One of our key achievements is the growth in the asset size of OIA's investment portfolios. In 2024, the National Development Fund's assets increased to RO 12.075 billion, following local investment spending of RO 1.9 billion, which exceeded its 2024 target of RO 1.7 billion.'
According to the OIA President, the portfolio succeeded in doubling foreign direct investments within local sectors—primarily in the energy sector, followed by tourism and mining—compared to the previous year, reaching RO 2.8 billion by the end of 2024.
As for OIA's international investment portfolio, he added that the Future Generations Fund recorded an increase of 6.65%, reaching RO 7.535 billion by the end of 2024, in comparison to RO 7.065 billion in 2023.
Emphasising OIA's ongoing efforts in establishing strategic partnerships, Al Murshidi added: 'Furthermore, our ongoing efforts to strengthen strategic partnerships and localise global industries and technologies continued with the Future Generations Fund invested in the American artificial intelligence company xAI.'
Also during 2024, OIA invested in 13 new investment funds across different sectors, and entered into many strategic partnerships, most notably with Turkey's OYAK Fund to establish a joint fund worth $500 million focused on food, healthcare, energy, mining, and industrial sectors within Oman.
In other notable developments, the Authority repaid RO 1.846 billion in debt during 2024, including RO 545 million by OQ Group, which was settled ahead of its maturity date. In parallel, the Authority successfully reduced total government guarantees from RO 3.4 billion at the end of 2022 to RO 1.8 billion by December 2024.
The Authority ranked 8th globally among Sovereign Wealth Funds (SWFs) in terms of average 5-year investment returns.
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