Oman Investment Authority
Achieves 21% Growth in Asset Value
Muscat, 18 May (ONA) —— Oman
Investment Authority (OIA) has revealed that its “National Development
Portfolio” has achieved several objectives aligned with “Oman Vision
2040” since its establishment in 2021. The portfolio manages over 160
local assets and companies across 10 key sectors.
The authority has set key
targets for these companies, including financial sustainability, investing in
projects that support Oman Vision 2040, and developing human capital by
generating job opportunities for Omanis and implementing a localization plan
within the OIA and its subsidiaries.
Additionally, the portfolio
aims to maximize local content by increasing spending on small and medium
enterprises (SMEs) and raising the proportion of local content in the total
value of contracts awarded by the OIA and its affiliated companies.
From 2021 to the end of 2024,
the portfolio delivered strong performance, achieving an annual asset growth
rate of 21.5%, bringing total assets to approximately RO 12.1 billion by the
end of 2024. Revenue also grew by 25%, reaching RO 82.8 billion. Furthermore,
the portfolio contributed RO 3.7 billion to the state’s general budget,
invested RO 8.8 billion in long-term assets, and attracted RO 638 million in
foreign direct investments.
The portfolio has also
implemented a divestment strategy to empower the private sector and increase
its contribution to the national economy, while securing local and
international strategic or financial partners to enhance corporate performance.
It has redirected revenues toward investments in sectors that support economic
diversification, completing 19 divestments with total returns of around RO 2.7
billion since its inception.
The portfolio has diversified
its investments across priority sectors under Oman Vision 2040. Key projects
include the Duqm Refinery and the Bisat Field in Block 60, which doubled daily
oil production, as well as the OQ Ammonia Plant in Dhofar. In mining, the portfolio
advanced the redevelopment of the Al-Asil and Al-Bayda mines. In logistics, it
launched the Hafeet Rail Project and operationalized the Asyad Container
Terminal. In public services, the portfolio initiated the Manah1 and Manah 2
projects.
In the ICT sector, the OIA
established a semiconductor design center and opened a drone manufacturing
facility in Oman. In fisheries, the Adamas vessel joined Oman’s fleet,
alongside the inauguration of a tuna canning factory and the launch of an
aquaculture and advanced boat-building project. The tourism sector saw the
opening of several projects, including the Jumeirah Muscat Bay Resort and the
Naseem Resort by Dusit in Al Jabal Al Akhdar.
The OIA has established a
clear governance framework for local content within its subsidiaries,
incorporating it into their corporate performance scorecards and launching a
collective investment policy. It also set targets for SME spending by its
affiliated companies.
As a result, the OIA reported
an increase in local content to 32.4% of total contract value in 2024,
alongside RO 265.5 million spent on SMEs—equivalent to 19.8% of total supply
chain expenditures for the year.
Over the past four years, the
OIA and its subsidiaries generated 6,500 jobs for Omanis, bringing total
employment to 41,000 with an Omanization rate of 77.7% by the end of 2024.
The authority has also
focused on fostering integration among its subsidiaries under the National
Development Portfolio to align efforts and drive collaboration toward national
goals.
—— Ends/AH
