By: ONA
Oman: Assets of Oman Investment Authority (OIA) increased to OMR 18 billion, after realizing an 8.8 percent return on investment (RoI) at the end of 2022.
OIA has continued to extend its support of the state’s general budget with cumulative dividends of OMR 5.6 billion from 2016 until the end of 2022.
It also showcased OIA’s commitment to creating job opportunities for nationals with over 800 job opportunities created in its companies for Omanis.
Additionally, small and medium-sized enterprises (SMEs) have been awarded tenders and contracts worth about OMR190 million, demonstrating OIA’s ongoing efforts to support them and underscoring OIA’s crucial role in driving economic growth and development of the national economy.
Sultan Salim Al Habsi, Minister of Finance and Chairman of the Board of Directors of OIA said that OIA approached all circumstances and challenges in 2022 prudently. “It developed strategies in line with future economic analyses and expectations, with an emphasis on diversifying investments and mitigating risks,” he added.
In his opening message in the annual report, Al Habsi said that the prevailing conditions did not constitute an obstacle to OIA’s continuous journey toward promoting economic development and achieving financial sustainability in the Sultanate of Oman.
“Through its investments that spread across more than 50 countries globally, OIA managed to record good returns on investment and rewarding profits,” he said.
This includes the Future Generations Fund; with investments in public and private markets. This fund realized a relatively better financial performance compared to a number of global sovereign funds.
Meanwhile, the National Development Portfolio, which includes more than 160 companies in Oman, achieved total profits of more than OMR 1.4 billion, Al Habsi said.
Abdulsalam Mohammed Al Murshidi, President of OIA, stressed in his foreword in the report that OIA addressed the events and economic conditions of 2022 through balanced plans and prudent investment decisions in line with local and global changes.
As a result, OIA realized good performance and productivity and expanded its investments. OIA’s companies launched 10 national projects across a number of governorates in some of the targeted sectors that have the potential to contribute to the desired economic stimulus, working hand in hand with the private sector and creating job opportunities for youth and business opportunities for SMEs.
