Oman: Abdulsalam bin Mohammed Al Murshidi, Chairman of Oman Investment Authority (OIA), announced the establishment of the Oman Future Fund in partnership with the Ministry of Finance. This aligns with OIA’s objective to contribute to the government’s development strategies.
The fund aims to enhance the national economy and diversify it while strengthening the venture capital system in Oman. Moreover, it supports the private sector by providing project financing, attracting foreign investments, creating jobs, and assisting SMEs.
It integrates with existing finance and investment programs, collaborating with institutions such as Oman Development Bank, SMEs Portfolio, Rakiza Fund, and Oman Technology Fund. In addition, the OIA will manage the fund, following international governance practices.
The Council of Ministers, led by His Majesty Sultan Haitham bin Tarik, made significant decisions during their recent meeting. One directive was to reduce electricity bills by 15% during the summer months, alleviating the burden on citizens, especially those with limited income.
Additionally, they approved an increase of OMR 26.4 million for the housing assistance program at the Ministry of Housing and Urban Planning. This will establish housing units in remote villages, relocate affected residents, provide public services, and initiate service projects.
Furthermore, to stimulate economic activity and encourage private sector involvement, His Majesty directed the launch of the Oman Future Fund with a capital of two billion Omani riyals. A portion of the fund will be set aside to support SMEs and emerging companies registered with the Small and Medium Enterprises Development Authority.
The Council also strengthened the external scholarship program to develop graduates capable of leading in the economic sectors. Further, private higher education institutions were encouraged to enrich the academic process by gaining ownership and exemptions.
Moreover, the Council adopted a plan to support local wheat production to ensure food security and stable commodities, allocating OMR 5 million until 2027 and providing usufruct lands for cultivation.
His Majesty further directed the provision of direct fuel price subsidies at Salalah Airport, matching those at Muscat International Airport, to support transportation and regional development.
The Council also approved the establishment of a national center for women’s and children’s health in Sultan Haitham City, adhering to international standards, and serving as a scientific, research, and treatment reference.
These decisions and the Oman Future Fund demonstrate Oman’s commitment to economic growth, entrepreneurship, and citizen well-being, aligning with Oman Vision 2040.