OMAN INVESTMENT AUTHORITY REPORTS USD 4.1 BILLION PROFIT FOR 2024, RANKS AMONG TOP 10 GLOBAL SOVEREIGN FUNDS

Cision Canada

02-07-2025

MUSCAT, Sultanate of Oman, July 2, 2025 /CNW/ -- Oman Investment Authority (OIA), the Sultanate's sovereign wealth fund, closed 2024 with US $53bn in assets under management and a US $4.12bn net profit, enabling a US $2.1bn transfer to the state budget and reinforcing its growing fiscal role. Recognized among the top ten sovereign wealth funds by Global SWF for five-year annualized returns, OIA is harnessing Oman's potential through globally diversified investments in future-focused sectors.
OIA invests through three verticals: the National Development Fund (NDF), Future Generations Fund (FGF), and Future Fund Oman (FFO). Spanning over 50 countries, the portfolio remains 63% domestic, with 19.9% in North America, and the rest across Europe, Asia, Africa, and Latin America. The strategy reduces risk while advancing Oman Vision 2040 priority sectors. NDF deployed US $4.9bn in 2024, surpassing its US $4.4bn target to accelerate domestic projects. Energy dominated at 68% of commitments, including additional funding for Duqm Refinery and launching the 500 MW solar plants. The rest targeted logistics, tourism, mining, and telecoms, with capital allocated to Asyad Container Terminal and reopening copper mines.
FGF broadened international exposure through stakes in 13 new funds across AI, healthcare, fintech, and energy transition. As an early investor in xAI, OIA is positioned to capture value from global innovation trends while evaluating its relevance to Oman's economy.
Launched in January 2024 to attract foreign investors and scale local champions, the US $5.2bn FFO committed US $865mn to projects including the Sohar PolySilicon plant, set to be the world's largest outside China, and joint funds with IDG Capital and ewpartners targeting ICT, renewables, EV supply chains, and agritech.
OIA portfolio companies repaid US $4.7bn in debt, including prepayment US $1.4bn repayment by state energy group OQ. Sovereign guarantees fell to US $4.7bn, nearly half 2023 levels. Six assets were divested, one more than planned, raising fresh capital and broadening local equity participation. The flagship exit was a 25% IPO of OQ Exploration & Production. These reflect efforts to empower the private sector and attract strategic and financial partners.
OIA continued supporting innovation and entrepreneurship through startup funding, accelerators, and targeted procurement. In 2024, Small Medium Enterprises accounted for nearly 20% of OIA's supply chain spend, bolstered by ring-fencing and over US $28mn in direct funding.
OIA strengthened ties with institutional investors and hosted the largest-ever global gathering of sovereign wealth funds in Muscat. This engagement, along with improved disclosure, earned World Bank recognition and supported upgrades that restored Oman to investment-grade status.
Amid energy volatility and geopolitical risk, OIA plans to scale renewables, digital infrastructure, and critical minerals, while trimming hydrocarbons and divesting non-core assets. It also plans to expand co-investment to accelerate knowledge transfer into Omani ventures. With strong 2024 results, deeper capital market access, and a tech-driven project pipeline, OIA is emerging as a key stabilizer of Oman's public finances.
The 2024 Annual Report is available at www.oia.gov.om.