• Oman

    • OIA announces establishment of Oman Future Fund with a Capital of OMR 2 billion

    By on May 31, 2023
    OIA
    OIA

    His Excellency Abdul Salam bin Muhammad Al-Murshidi, Chairman of the Oman Investment Authority, explained that the establishment of the Oman Future Fund, which comes in partnership with the Ministry of Finance, embodies the goals and specializations of the agency seeking to contribute to the implementation of government policies and strategies related to the advancement of the targeted economic sectors, stimulating and diversifying the Omani economy, and the bold investment system in the Sultanate of Oman and the private sector benefiting from this fund in financing its projects, in addition to attracting foreign investments, providing job opportunities, and supporting small and medium enterprises by allocating part of the fund’s capital to finance them.

    In a statement to Oman News Agency, His Excellency said that the fund complements the financing and investment coverage system currently provided by the government through a number of institutions such as the Oman Development Bank, the Small and Medium Enterprises Portfolio, Rakaza Fund, and the Oman Technology Fund. but with a larger capital, with flexibility in determining the type of contributions to the chosen investments; Whether through direct financing at market cost, or partnership in capital with the private sector, so that financing is distributed among these sectors in a balanced manner and not focusing on a specific sector.

    His Excellency added that the Oman Investment Authority will manage the fund with its investment expertise, and it will be subject to the governance in force in the agency, which includes international best practices. To ensure efficiency and flexibility in order to achieve the desired financial and economic objectives of its establishment.

    His Excellency Abdulsalam Al-Murshidi indicated that the approval of financing requests for projects will take place through a joint team between the agency, the Ministry of Finance and any other party that is agreed upon, as the team will evaluate investment opportunities on commercial grounds through the financial and economic feasibility of the project and its sustainability, in addition to its contributions to the sectors targeted by the fund. and finding job opportunities.

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