Muscat: The National Development Portfolio, focused on the Oman Investment Authority’s investments within the Sultanate, has made notable strides in economic diversification over the past year. Through the launch and announcement of several local projects in vital sectors such as energy, industry, tourism, food and fisheries, financial services, communications and IT, logistics, aviation, and mining, the portfolio has demonstrated its commitment to Oman’s sustainable development.

In 2023, the portfolio saw its assets swell to approximately RO 12.175 billion, with profits exceeding RO 1.2 billion, delivering an impressive investment return of 11.5 per cent. This financial success contributed RO 800 million to the general budget and increased capital investment spending on projects to RO 2.1 billion, surpassing the target of RO 1.9 billion. Additionally, the portfolio completed six national projects with an investment value exceeding RO 4 billion.

Hisham bin Ahmed Al Shaidi, Director General of the Economic Diversification Directorate at the Oman Investment Authority, emphasized the alignment of these investments and projects with the “Oman 2040” vision. He highlighted their role in fostering economic growth, attracting foreign investments, enhancing local value, and creating job opportunities.

Key projects launched in 2023 include the OQ Ammonia Plant in Dhofar with a daily production capacity of 1,000 metric tons, the operational phase of Duqm Port’s container terminal, and the first phase of the electricity connection project. Other significant initiatives include the copper and gold project in Yanqul, several municipal solid waste management projects, the Quriyat Fish Farm expansion, and the Oman Adventure Center in Musandam.

Efforts to attract foreign investments resulted in agreements worth over one billion Omani riyals across the Salalah Free Zone, Sohar Free Zone, and Khazaen Economic City. The portfolio also prioritized local value addition and SME support, with substantial spending directed towards small and medium enterprises.

In natural resource management, Oman LNG secured terms to export 10.4 million metric tons of liquefied natural gas annually post-2024. New discoveries by Oman Minerals Development Group included significant amounts of copper, chromium, silica, and dolomite. Oman Food Investment Holding Company expanded its contract farming projects and began exporting camel milk to Saudi Arabia, reaching eight new international markets.

The portfolio also strengthened investment partnerships with the private sector and international investors. Notable collaborations included a technical centre for semiconductor design with GSMA and the Oman Emirates Gateway project in cooperation with Du, among others.

The National Development Portfolio is a diverse and robust investment vehicle, covering ten main sectors and more than 160 companies.