Oman launches $5.2bn ‘future fund’ to drive economic development

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The Oman Investment Authority (OIA) has unveiled the ‘Future Fund Oman,’ with a substantial capital of $5.2bn.

Over the next five years, the fund will allocate approximately $1bn annually to support national investment projects, attract foreign direct investment (FDI), and bolster small and medium-sized enterprises (SMEs).

With a focus on key sectors like tourism, manufacturing, and green energy, the fund aims to diversify Oman’s economy.

Governed by OIA‘s high-quality standards, the fund will contribute to Oman’s economic development and global investor confidence.

Significantly, it earmarks 90 per cent of its capital for investing directly in economically viable large-scale projects within Oman.

Governed by an Investment Committee and an Advisory Committee, the fund ensures strategic alignment with broader economic objectives while overseeing investment decisions.

Building Oman’s business ecosystem

Moreover, the ‘Future Fund Oman’ will focus on fostering entrepreneurship and innovation. Approximately 7 per cent of its capital will be dedicated to nurturing SMEs, while 3 per cent will be channeled towards backing startups, as per a statement issued by the OIA.

This strategic allocation underscores Oman’s vision to cultivate a vibrant entrepreneurial ecosystem and bolster the nation’s economic resilience.

By focusing on these critical areas, the ‘Future Fund Oman’ aims to revitalise Oman’s economic pillars and propel sustainable growth.

Abdulsalam Al Murshidi, president of OIA, emphasised the fund’s pivotal role as a catalyst for economic diversification and a trusted partner for global investors.

He underscored its strategic focus on empowering the private sector, attracting FDI, supporting SMEs, and fostering venture capital initiatives. He said, “adhering to OIA’s stringent quality standards, the fund aims to maintain its position as a global leader in governance and sustainability development.”

The launch of the ‘Future Fund Oman’ marks a significant milestone in Oman’s journey towards economic diversification and sustainable development.

As the nation continues to forge ahead with its ambitious vision, this initiative holds the promise of unlocking new opportunities, driving innovation, and fostering inclusive growth across various sectors of the economy.

Read: Oman to invest $31bn in tourism sector by 2040