Latest news with #NationalDevelopmentPortfolio
Observer
02-07-2025
- Business
- Observer
OIA reviews investment projects before the State Council
MUSCAT: The State Council on Wednesday hosted Abdulsalam bin Mohammed al Murshidi, Chairman of Oman Investment Authority (OIA), to review the OIA's efforts in managing, monitoring, and governing companies to achieve the goals of Oman Vision 2040. The meeting was attended by Shaikh Abdulmalik bin Abdullah al Khalili, Chairman of the State Council, the council members, the secretary-general of the State Council, the OIA's two vice-chairmen for operations and investment, and a number of the council's employees and specialists from the OIA. At the meeting outset, the state council chairman welcomed the chairman of the OIA, pointing to the importance of such meetings in strengthening cooperation between government institutions on one side and the State Council on the other side. These meetings, he said, aim to shed light on the programmes and initiatives implemented by various state institutions as well as the goals they are working to achieve and the challenges they face. The presentation highlighted the most prominent features of the OIA's performance in 2024, its investment portfolios, the geographical distribution of assets, the Generations Portfolio and its developments for 2024 and foreign investment objectives. It also addressed the features of the National Development Portfolio and its developments for 2024, the OIA's procedures, and examples of the programmes and initiatives it has implemented to improve the performance of its subsidiaries. The chairman of the OIA shed light on the Rawabet Programme, the OIA's corporate governance system and the Oman Future Fund. The chairman of the State Council emphasised that the meeting with the chairman of the OIA and its representatives, and their presentations to council members, provided an opportunity to review the strategies, plans and projects being implemented by the OIA and to closely examine the achievements and challenges it faces. This, in turn, enhances the role of the State Council. It also reflects the OIA's commitment to the principle of good governance.
Times of Oman
18-05-2025
- Business
- Times of Oman
Oman Investment Authority achieves 21% growth in asset value
Muscat: Oman Investment Authority (OIA) has revealed that its "National Development Portfolio" has achieved several objectives aligned with "Oman Vision 2040" since its establishment in 2021. The portfolio manages over 160 local assets and companies across 10 key sectors. The authority has set key targets for these companies, including financial sustainability, investing in projects that support Oman Vision 2040, and developing human capital by generating job opportunities for Omanis and implementing a localisation plan within the OIA and its subsidiaries. Additionally, the portfolio aims to maximise local content by increasing spending on small and medium enterprises (SMEs) and raising the proportion of local content in the total value of contracts awarded by the OIA and its affiliated companies. From 2021 to the end of 2024, the portfolio delivered strong performance, achieving an annual asset growth rate of 21.5%, bringing total assets to approximately OMR12.1 billion by the end of 2024. Revenue also grew by 25%, reaching OMR82.8 billion. Furthermore, the portfolio contributed OMR3.7 billion to the state's general budget, invested OMR8.8 billion in long-term assets, and attracted OMR638 million in foreign direct investments. The portfolio has also implemented a divestment strategy to empower the private sector and increase its contribution to the national economy, while securing local and international strategic or financial partners to enhance corporate performance. It has redirected revenues toward investments in sectors that support economic diversification, completing 19 divestments with total returns of around OMR2.7 billion since its inception. The portfolio has diversified its investments across priority sectors under Oman Vision 2040. Key projects include the Duqm Refinery and the Bisat Field in Block 60, which doubled daily oil production, as well as the OQ Ammonia Plant in Dhofar. In mining, the portfolio advanced the redevelopment of the Al-Asil and Al-Bayda mines. In logistics, it launched the Hafeet Rail Project and operationalized the Asyad Container Terminal. In public services, the portfolio initiated the Manah1 and Manah 2 projects. In the ICT sector, the OIA established a semiconductor design center and opened a drone manufacturing facility in Oman. In fisheries, the Adamas vessel joined Oman's fleet, alongside the inauguration of a tuna canning factory and the launch of an aquaculture and advanced boat-building project. The tourism sector saw the opening of several projects, including the Jumeirah Muscat Bay Resort and the Naseem Resort by Dusit in Al Jabal Al Akhdar. The OIA has established a clear governance framework for local content within its subsidiaries, incorporating it into their corporate performance scorecards and launching a collective investment policy. It also set targets for SME spending by its affiliated companies. As a result, the OIA reported an increase in local content to 32.4% of total contract value in 2024, alongside OMR265.5 million spent on SMEs—equivalent to 19.8% of total supply chain expenditures for the year. Over the past four years, the OIA and its subsidiaries generated 6,500 jobs for Omanis, bringing total employment to 41,000 with an Omanistion rate of 77.7% by the end of 2024. The authority has also focused on fostering integration among its subsidiaries under the National Development Portfolio to align efforts and drive collaboration toward national goals.
