The Oman Investment Authority (OIA) has announced the ‘Future Fund Oman’ with $5.2 billion, focussed towards economic development and growth. The fund will allocate close to $1 billion annually for national investment projects, help the growth of small and medium enterprises (SMEs), and also attract foreign direct investment (FDI).
The fund will focus on green energy, manufacturing, and tourism all aimed towards the diversification of Oman’s economy. The fund has also earmarked close to 90 per cent of its capital for investing directly in large-scale and economically viable projects within the Sultanate.
The Future Fund will focus on fostering innovation and entrepreneurship. Close to seven per cent of the capital will be dedicated to nurturing SMEs, and 3 per cent towards backing startups. In a note, Abdulsalam Al Murshidi, President of OIA stated the fund’s role as a catalyst for economic diversification.
He added that there is a strategic focus towards empowering the private sector, supporting SMEs, and fostering capital initiatives. Governed by an Investment Committee and an Advisory Committee, the fund ensures strategic alignment with broader economic objectives while overseeing investment decisions.
