MUSCAT : The head of Oman’s sovereign wealth fund said on Sunday that profitability remains a “red line” for all investments, stressing that no projects would be pursued unless they were financially viable, even if they were government-backed.
His Excellency Abdulsalam Al Murshidi, President of the Oman Investment Authority, said the authority prioritises projects that enhance local content, create jobs for Omanis and make effective use of national resources and infrastructure.
Speaking during the “Together Forward” forum in Muscat, Al Murshidi said the authority is focusing on developing large-scale tourism projects worth tens and hundreds of millions of rials to strengthen infrastructure and attract visitors, while leaving smaller activities to the private sector without competing with it.
Read More
- Secret phone recordings can cost you RO5,000 and three years in jail in Oman
- Oman launches phase two of Maritime Gate with expanded digital services for ship registration and licensing
- Oman condemns Damascus bombings, reaffirms support for Syria’s security and stability
- Oman Across Ages Museum launches Khareef Dhofar campaign
- Two Omani students build AI-powered robot for automated waste sorting
He said about 60% of the authority’s investments are within Oman, with the remaining 40% overseas, adding that foreign investments are directed toward supporting the domestic economy by opening new markets and facilitating technology transfer.
Al Murshidi said investment decisions are based on flexibility and seizing opportunities, with priorities reviewed annually to keep pace with global economic changes and enhance the competitiveness of Oman’s economy.
He added that the government’s role is to enable markets, create opportunities and prepare the investment environment, while the private sector should lead operational and direct commercial activities.
Addressing questions, Al Murshidi said mature companies and projects would be listed on the stock exchange to allow greater participation by the private sector and citizens, including in sectors previously dominated by the state such as oil and gas.
He said the authority has also moved to close non-viable companies to avoid financial losses, while prioritising the redeployment of affected employees within authority-owned firms and related entities, noting that more than 99% of impacted workers had been re-employed, with only limited individual cases remaining.
For all the latest news from Oman and GCC, follow us on Twitter, Instagram and LinkedIn, like us on Facebook and subscribe to our YouTube page, which is updated daily.
