Muscat: The OIA highlighted significant progress in job creation and national economic development during its annual media briefing, detailing the performance of its three investment portfolios — National Development, Generations, and the Oman Future Fund — which are distributed across more than 50 countries worldwide. The Sultanate remains the top investment destination, accounting for 61.3 percent of total allocations, followed by North America (19.9 percent), and then Europe, Asia, Africa, and Latin America.
In a move to reallocate capital towards new, economically diversifying projects, the OIA successfully divested six assets in 2024, surpassing its target of five. The proceeds will be reinvested in new projects that support economic diversification.
The Future Fund Oman received 294 investment applications in sectors linked to economic diversification, of which 44 proposals were approved. The Authority committed RO 333.1 million to these projects, including a major investment in a polysilicon factory project in Sohar.
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Furthermore, the OIA emphasised its commitment to supporting local businesses, with spending on small and medium enterprises (SMEs) reaching RO 265.5 million in 2024, including RO 139 million that was allocated to entrepreneurship card holders.
Through its National Development Portfolio, the Authority invested approximately RO 1.9 billion in local projects during 2024, exceeding its target of RO 1.7 billion. Key projects in this portfolio include the Duqm Refinery, the redevelopment of the Al Aseel and Al Bayda mines, the operation of the Asyad Container Terminal, and the Manah 1 and 2 solar power plants. This portfolio also played a crucial role in attracting RO 3.348 billion in foreign direct investment (FDI) by 2024, primarily concentrated in the energy sector, followed by tourism and mining.
OIA also confirmed its ongoing diversification of international assets, with investments in 13 global funds over the past year. These funds span a wide range of sectors including technology, artificial intelligence, energy, healthcare, and financial technologies.
