Oman: Saudi Arabia’s Public Investment Fund (PIF) and the Oman Investment Authority (OIA) have sealed a momentous MoU. The aim is to boost Oman’s thriving economy by injecting a substantial $5 billion.
With a focus on tapping into the rapidly growing economy of the MENA region, PIF’s investments in Oman are set to soar. The strategy involves diversifying assets across various sectors to stimulate further economic growth.
The MoU signing ceremony in Riyadh witnessed the presence of prominent figures from both parties, including Abdulsalam Al Murshidi, President of OIA, Yasir Al Rumayyan, Governor of PIF, HH Sayyed Faisal Al Said, Ambassador of Oman to Saudi Arabia, and Ibtisam Al Farooji, Undersecretary for Investment Promotion at the Ministry of Commerce, Industry, and Investment Promotion.
Abdulsalam Al Murshidi highlighted that the MoU signifies the dedication of both Oman and Saudi Arabia to strengthen their economic integration and promote sustainable development in the region.
Additionally, he stated that this milestone comes on the heels of the establishment of the Saudi Omani Investment Company, which is geared towards allocating $5 billion for investments in promising Omani sectors. Consequently, this strategic partnership will unlock fresh opportunities for international economic collaboration.
Alignment with Oman Vision 2040 and Saudi Vision 2030
Mulham Al Jarf, Deputy President for Investments at OIA, highlighted the remarkable growth of Oman’s economy, making it a preferred destination for international investments in the MENA region.
He further stated, “This MoU is consistent with OIA’s efforts and mandates to attract foreign direct investments in line with Oman Vision 2040’s national goals.”
The partnership between PIF and OIA aims to foster private-sector collaborations, driving development, transformation, and growth in both countries. It reflects the deep-rooted historical, cultural, and political ties between Oman and Saudi Arabia.
The strategic partnership with OIA aims to expand PIF’s portfolio within Oman, building upon the recent establishment of the Saudi Omani Investment Company (SOIC), wholly owned by PIF.
Through this MoU, PIF seeks to streamline its investment activities across various asset classes and industries in Oman. Simultaneously, OIA will explore attractive investment opportunities and provide essential support in the Omani market.
Yazeed A. Al-Humied, Deputy Governor and Head of MENA Investments at PIF, stated that this strategic collaboration aims to create sustainable returns, add value to local economies, and align with Saudi Arabia’s Vision 2030.
Mulhem Basheer Al Jarf, Deputy President for Investment at OIA, emphasized that the MoU enhances their existing relationship with PIF. Moreover, it paves the way for private-sector partnerships and supports OIA’s efforts to attract Foreign Direct Investment (FDI) in line with Oman’s Vision 2040. Playing a pivotal role in Oman’s pursuit of economic diversification, sustainable development, and prosperity, OIA is a key government entity responsible for strategic investments.