Oman Investment Authority, the Sultanate of Oman’s sovereign wealth fund, has reported its strongest annual performance, posting profits of about $7.8bn and a 14.6 per cent return on investment for 2025.

The fund said its assets reached around $60bn by the end of 2025, while cumulative portfolio value growth since 2020 stood at approximately 73 per cent.

According to data from SWF Global, OIA ranked third globally among sovereign wealth funds for overall return on investment and first worldwide for public market returns in 2025.

The results come as Gulf sovereign wealth funds continue to expand their global influence across sectors, including infrastructure, technology, energy transition, logistics and private equity.

OIA said it exceeded its approved annual performance indicators by 105 per cent, supported by gains in public markets, asset management measures and restructuring initiatives involving state-owned enterprises.

The authority also said it attracted around $4.1bn in foreign direct investment during the year, as Oman seeks to diversify its economy beyond hydrocarbons and strengthen its role in global capital flows.

Since taking ownership of several state-owned companies in 2020, OIA said it has implemented restructuring measures aimed at improving operational and financial performance, increasing profitability and enhancing efficiency across its portfolio.

The sovereign fund added that it settled approximately $2.4bn in debt across subsidiaries and completed 24 divestments under a programme launched in 2022 to recycle capital and maximise returns.

The divestments generated more than $7.3bn for reinvestment by the end of 2025.

Expanding portfolio

OIA said its portfolio spans more than 52 countries, with nearly two-thirds of investments held domestically in Oman. International allocations include 19 per cent in North America, 9 per cent in Europe, 4 per cent in Asia-Pacific and 7 per cent in other global markets.

The authority said international institutions, including the World Bank, had recognised Oman’s progress in strengthening governance and oversight of state-owned enterprises.

OIA said the 2025 performance reflected a broader strategy to use sovereign capital to generate returns, attract foreign investment, restructure state assets and expand Oman’s international investment platform.

Oil prices fell 2 per cent on Tuesday in early Asian trade after US President Donald Trump said he had paused a planned attack on Iran to allow for negotiations to end the war in the Middle East.

Brent futures for July delivery fell $2.26, or 2 per cent, to $109.84 a barrel, while US West Texas Intermediate crude CLc1 for June delivery fell $1.22, or 1.1 per cent, to $107.44.

In the previous session, the benchmarks hit their highest levels since May 5 and April 30, respectively.

The June WTI contract expires on Tuesday, while the most active July contract CLc2 fell $1.63 or 1.6 per cent to $102.75 per barrel.

Trump said on Monday there was a “very good chance” the US could reach an agreement with Iran to prevent Tehran from obtaining a nuclear weapon, hours after announcing the pause in military action to allow talks.

“While Trump‘s signal has eased some immediate pressure, the fundamental risks persist … The market is now watching whether Trump‘s comments represent a genuine shift toward de-escalation or just a tactical pause,” said Tim Waterer, chief market analyst at KCM Trade.

“Also, how Iran responds to the latest developments, and what’s actually happening on the water with tanker movements through the Strait of Hormuz are key determinants of where oil prices head to from here.”

The Middle East conflict has effectively closed the Strait of Hormuz, a critical waterway that carries about a fifth of the global supplies of oil and liquefied natural gas, raising concerns over supply disruptions.

Iranian Foreign Ministry spokesperson Esmaeil Baghaei confirmed on Monday that Tehran’s position had been conveyed to the US via Pakistan but provided no further details.

“One might think the oil market would become increasingly numb to these headlines,” ING analysts said in a client note. “However, the scale of supply disruptions is significant and growing more concerning each day that oil flows remain halted.”

Meanwhile, Iran’s semi-official Tasnim news agency reported that Washington had agreed to waive sanctions on Tehran’s oil exports during negotiations, but a US official denied the claim.

Separately, US Treasury Secretary Scott Bessent extended a sanctions waiver by 30 days to allow “energy-vulnerable” countries to continue purchasing Russian seaborne oil.

In the US, a record 9.9 million barrels were drawn from the Strategic Petroleum Reserve last week, Energy Department data showed, bringing stockpiles down to about 374 million barrels, the lowest point since July 2024.

Four analysts polled by Reuters estimated, on average, that US crude inventories fell by about 3.4 million barrels in the week that ended on May 15. Official data from the Energy Information Administration is scheduled to be released on May 20.

Dubai Insurance has been appointed as the first official insurance provider for the newly introduced autonomous taxi fleet operated by Dubai Taxi Company, marking what the company described as the region’s first dedicated insurance framework for a fully driverless commercial taxi fleet, state news agency WAM reported.

Dubai’s Roads and Transport Authority (RTA) recently commenced commercial operations of the autonomous taxi service in Umm Suqeim and Jumeirah, in partnership with Apollo Go and WeRide, a global leader in autonomous driving technologies.

WeRide vehicles are made available to the public through the Uber app, while Tawasul Transport is responsible for fleet management and operations.

Apollo Go, a subsidiary of Baidu, provides autonomous mobility services via the Apollo Go app in collaboration with the Dubai Taxi Company to support local operations.

Dubai has been expanding the use of advanced technologies and artificial intelligence across public services as part of its long-term transportation strategy, with autonomous mobility positioned as a key pillar of future urban development.

First provider to insure autonomous taxi fleets in Dubai

Abdellatif Abuqurah, chief executive officer of Dubai Insurance, said the move reflected the evolving nature of mobility and the growing need for the insurance sector to adapt alongside technological change.

“We are proud to be part of a regional first, insuring autonomous taxi fleets in Dubai and supporting one of the most forward-thinking mobility initiatives in the world,” Abuqurah said in a statement.

The companies did not disclose financial details of the arrangement or the size of the insured fleet.

Read: WeRide, Lenovo target 200,000 autonomous vehicle rollout in global push for Robotaxi scale

Russia’s diversification of its liquefied natural gas exports to Asia after the loss of the European market will cut its revenue due to at least a doubling of logistics costs, industry sources and analysts told Reuters.

The European Union plans to fully phase out Russian LNG imports from the beginning of 2027 as part of its sanctions pressure on Moscow over the war with Ukraine.

In an attempt to regain the initiative, President Vladimir Putin said early in March that Russia could stop gas supplies to Europe ‌with immediate effect and seek longer-term commitments from other buyers.

But that so far has proved challenging.

Industry sources told Reuters that India refused to buy a cargo from Russia’s US-sanctioned plant. One industry source said Russian LNG may have proved too expensive once transport costs and sanctions-related complications were factored in.

A trip from Yamal LNG on the Arctic Yamal peninsula to Europe takes around 17 to 20 days, compared with much longer routes to Asia: 50 to 60 days via the Suez Canal, 70 to 80 days via the Cape of Good Hope, and 50 to 65 days via the Northern Sea Route (NSR) across Russia’s Arctic shores.

Transport costs from the plant to a port in Europe average $1 to $1.5 per million British thermal units (mmBtu) to northwest Europe and $2.5 to $5 to India, or around $3 on average, said Alexei Belogoryev, a research director at the Institute for Energy and Finance in Moscow.

The Suez Canal currently offers the lowest-cost route for Russian LNG, although it carries security risks, analysts say.

“For year-round deliveries to India, this is the most optimal option,” said Alexander Buyanov, deputy head of the Moscow-based Central Research Institute of the Maritime Fleet.

By contrast, the Northern Sea Route — a key focus of Russia’s transport strategy — is the most expensive option for shipments to South Asia and complicated by a shortage of ice-class tankers, according to analysts.

The institute estimates show transport costs from Yamal to India’s Kochi port exceed $187 per tonne (about $3.8 per mmBtu) via the Northern Sea Route when using Arc7-type ice-class tankers.

Combining the Northern Sea Route with trans-shipment via Russia’s far eastern Kamchatka peninsula cuts costs to $163 per ton (about $3.3 per mmBtu) and reduces tanker demand to 27 from 50.

The cheapest option is via the Suez Canal with trans-shipment in Murmansk using Arc7 and Arc4 vessels, at $128.3 to $132.9 per ton ($2.6 to $2.7 per mmBtu).

Netflix has partnered with the Arab Fund for Arts and Culture (AFAC) to launch the third edition of its regional Women in Film programme, further expanding efforts to support emerging female filmmakers across the Arab world.

The latest edition of the initiative will offer training and development opportunities to 35 participants from Saudi Arabia, the United Arab Emirates, Egypt, Jordan, and Kuwait. Building on the momentum of previous editions, the Women in Film III: Training Through Practice programme is designed to nurture the next generation of creative talent while strengthening women’s representation within the regional film industry.

This year’s programme introduces two dedicated tracks aimed at supporting both creative and technical talent. One track will focus on writers, directors, and producers, helping participants develop and package film projects through mentorship and guidance. The second will target technical roles such as cinematographers, editors, and sound designers, offering hands-on, skills-based training alongside cross-department collaboration.

Participants across both tracks will attend workshops, online mentorship sessions, and a week-long in-person residency, where they will refine projects, collaborate with peers, and present their work to industry professionals. The programme aims to provide participants with both creative and technical foundations to support long-term career development within the film sector.

Pelin Mavili, director of Global Affairs at Netflix for Middle East, Africa and Türkiye, said: “This program is essential to building a more sustainable and inclusive film industry in the region. Our ongoing partnership with AFAC has been instrumental in supporting both creative and technical talent, helping to strengthen the full ecosystem behind storytelling and nurture a new generation of emerging filmmakers. Each edition builds on the success of the last, with participants gaining hands-on experience and going on to take active roles within the region’s creative landscape.”

Rima Mismar, executive director of AFAC, added: “At AFAC, we believe that stories from the Arab world are essential to how we understand ourselves and how we are seen by others. They carry the depth, complexity, and lived realities of our region, and deserve to be told on our own terms. Building on the previous edition’s focus on developing authentic voices, Training Through Practice creates the conditions for these stories to move from idea to execution, equipping women filmmakers with the tools, confidence, and collaborative space to bring their visions to life.”

Applications for the programme remain open until July 17, with selected participants expected to be announced by the end of August.

The initiative forms part of Netflix’s broader strategy to support diverse voices and expand opportunities for women in film across the Arab world through training, mentorship, and creative development programmes.

Previous editions of the Women in Film initiative have supported emerging filmmakers through workshops held in Cairo, Dubai, and Jeddah, followed by visits to Netflix’s production hub in Tres Cantos, Madrid, where participants engaged with leading industry professionals across the audiovisual sector.

Participants from the programme’s most recent edition also premiered their short films at the Red Sea International Film Festival in 2025, marking a key milestone in their filmmaking journeys.