Muscat: Launched as a cornerstone of Oman’s economic transformation, the OIA’s National Development Portfolio has recorded an impressive annual asset growth rate of 21.5%, with total assets reaching RO 12.1 billion by the end of 2024. Revenues climbed by 25% to RO 82.8 billion, and the portfolio made a substantial contribution of RO 3.7 billion to the state’s general budget.

In addition to financial gains, the Authority has created 6,500 new jobs for Omanis, increasing the total workforce to 41,000 employees and achieving a commendable Omanization rate of 77.7% across its companies.

Key milestones include strategic exits worth RO 2.7 billion to empower private sector participation, and foreign direct investment inflows of RO 638 million. The OIA also invested RO 8.8 billion to secure long-term returns and initiated partnerships aimed at boosting corporate performance and national economic impact.

Sectoral highlights under the portfolio include the launch of the Duqm Refinery and OQ’s ammonia plant in Dhofar, major logistics upgrades like the Hafeet Rail Project and Asyad Container Terminal, and landmark tourism openings such as Jumeirah Muscat Bay and Dusit Naseem in Jabal Akhdar.

In tech, the portfolio established a semiconductor design center and drone manufacturing facility, while fisheries advanced with new vessels, canning factories, and fish farming initiatives. Mining and renewable energy also saw traction with new projects and redevelopments.

The Authority emphasized local content, raising SME spending to RO 265.5 million in 2024 — nearly 20% of its supply chain expenditure — and increasing overall local content to 32.4% of contract value.