Muscat: In a comprehensive report, the Global SWF Foundation commended the OIA for effectively consolidating Oman’s strategic global relations over the past five years. Through the establishment of joint investment funds, foreign partnerships, and the reinvestment of returns into local projects, the Authority has reinforced Oman’s position as a key player in economic diplomacy.

Among the latest milestones, OIA signed a $300 million joint fund agreement with Algeria to boost sectors such as mining, food security, and pharmaceuticals. Additionally, a $500 million joint fund was established with Turkey’s Oyak Fund, and collaboration with Uzbekistan led to the development of a university in Tashkent in partnership with Arizona State University. The Vietnam Oman Investment Company has also deployed $400 million into clean energy, infrastructure, education, and healthcare projects.

The report underlined OIA’s strategy of direct investments in global companies to localize cutting-edge technologies in Oman. These include high-profile ventures such as an investment in Elon Musk’s AI startup xAI and Tidal Vision, a U.S.-based company focused on climate and water solutions. A $100 million tech-focused fund was also launched in partnership with Singapore’s Golden Gate Ventures, along with investments in local startups like Bayanat.

On the divestment front, the Authority has successfully exited 19 government assets since mid-2022, generating returns over RO 2.7 billion. These efforts are expected to inject momentum into the Muscat Stock Exchange.

Locally, the Authority’s National Development Portfolio exceeded expectations, reaching RO 1.9 billion in capital expenditures—above its RO 1.7 billion target. Representing 60% of the Authority’s managed assets, the portfolio aligns with Oman Vision 2040, focusing on strategic sectors such as green energy, tourism, and manufacturing.

A flagship initiative, the Oman Future Fund, launched with RO 2 billion in capital, is set to supercharge the local economy—allocating 90% to large-scale local projects and 10% to small and medium enterprises. Notably, the fund attracted over $2 billion in its first year, with 70% of investment coming from international stakeholders—setting it apart from peers traditionally focused on oil and real estate.

Global SWF concluded that OIA’s multi-pronged strategy—ranging from forging global partnerships to driving local economic growth—positions it as a benchmark for sustainable development and diversification across the Gulf region.