Future Fund Oman approves projects worth $2.5bln
FFO's contribution to these projects amounted to RO 333 million, while foreign capital contributions reached RO 885 million. This reflects growing international confidence in Oman's investment environment, according to a report by the Oxford Business Group (OBG) covering FFO's performance in 2024. The report highlighted the Fund's pivotal role in stimulating economic diversification and expanding the investment base in line with Oman Vision 2040.
The report noted that Oman Investment Authority (OIA) established FFO with a capital of RO 2 billion, to be allocated over five years, as a key instrument to support sustainable growth and enhance the resilience of the national economy. The Fund operates within a comprehensive strategic framework designed to stimulate investment in promising high-potential sectors such as industry, renewable energy, ICT, agriculture, fisheries, and tourism, alongside emerging fields such as e-commerce, fintech, and electric vehicles.
The report also emphasized that FFO's role goes beyond providing capital; it aims to empower SMEs, support venture capital firms, and foster an innovation ecosystem. This aligns with the Fund's structure, which allocates 90% of its capital to major national projects, while 10% is dedicated to supporting SMEs and venture-backed startups. Through this strategic capital distribution, the Fund complements the National Development Fund (NDF) and the Future Generation Fund (FGF), working together towards realizing Oman's Vision 2040.
The report praised the recent legal and regulatory improvements in Oman aimed at attracting foreign investment and diversifying income sources. These reforms include the introduction of a new law allowing 100% foreign ownership in most sectors, the launch of the 'Invest in Oman' platform as a unified digital gateway to streamline licensing procedures, and the update of the list of activities prohibited for foreign ownership, now reduced to only 123 activities. Other initiatives include the implementation of the privatization law, which enabled transferring government assets to the private sector and international investors through IPOs.
As a result of these improvements and OIA's efforts, FFO has been able to contribute significantly to the national economy through quality projects approved during its first year. These projects include investment funds, major national projects, and initiatives supporting SMEs and startups.
The report highlighted the Fund's collaboration with Chinese partners to launch two investment funds. The first, the 'IDG Oman Fund', was launched in partnership with 'IDG Capital' to invest its entire capital of USD 200 million within Oman, targeting ICT, renewable energy, and electric vehicles. The fund focuses on attracting foreign direct investment and supporting the growth of advanced industries and clean technologies, marking a strategic step towards building an advanced industrial base in the Sultanate of Oman.
In addition, FFO partnered with the Chinese firm 'EW Partners', which focuses on investments in the Middle East and North Africa, developing an investment platform that connects leading Chinese companies with expansion opportunities in the GCC. The partnership resulted in the establishment of the 'EWTP Oman Fund' with a capital of USD 250 million, aiming to invest the entire amount within Oman in sectors such as ICT, renewable energy, tourism, and agriculture. This fund's importance lies in its focus on attracting leading Chinese industrial companies to establish their regional operations in Oman, creating local job opportunities, and strengthening supply chain capabilities, which aligns with the OIA's 'Oman Angle' philosophy.
In addition to creating investment funds, FFO has undertaken a crucial role in supporting major national projects such as the United Solar Polysilicon Plant in Sohar Free Zone. This project is the largest of its kind outside China, with a production capacity of 100,000 tons of polysilicon.
Abdulsalam al Murshidi, President of OIA, highlighted the project's added value in his interview with OBG, saying: 'FFO has successfully established a value chain in Oman by investing in the United Solar Polysilicon plant in Sohar, reinforcing Oman's position as an influential player in the renewable energy sector.' According to the report, this project is expected to enable Oman to capture 4.4% of the global polysilicon market, estimated at USD 37.3 billion.
The report also noted FFO's support for SMEs and startups, having approved several related projects, including Q-Pay, Oman's first certified 'Buy Now, Pay Later' provider; Bima, a digital insurance services platform; and the SERB Project for managing drone traffic.
Furthermore, the report detailed the FFO's five-year strategic vision (2024–2028) and its expected economic impact. Projects approved by FFO in 2024 alone are anticipated to create over 1,600 direct jobs, diversify the economy to reduce reliance on oil and gas, empower entrepreneurial ventures, and foster innovation. These objectives align with the pillars of Oman Vision 2040, which aims to build a productive and diversified economy led by the private sector, support sustainable development through clean energy and green industries, create jobs, develop local talent, and transfer knowledge to Omani workers while strengthening local and international partnerships in renewable energy and advanced technologies.
2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).
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