ANKARA: The Oman Investment Authority (OIA) has signed a strategic partnership implementation agreement with the Turkish government’s OYAK Fund, with the aim of joint investment and exploring investment growth opportunities that achieve the desired returns and work to implement the economic interests of both countries, coinciding with the “state” visit of His Majesty Sultan Haitham bin Tarik Al Said to the friendly Republic of Turkey and in support of the Sultanate of Oman’s efforts to strengthen its relations with brotherly and friendly countries and create strategic partnerships with them in a way that achieves the interests of all parties.
The agreement includes allocating a capital of 500 million US dollars, equally divided between the two parties, to invest primarily in the Sultanate of Oman and the Republic of Turkey, in addition to considering investment opportunities with a strategic dimension in various countries of the world.
His Excellency Abdulsalam bin Mohammed Al Murshidi, Chairman of the Oman Investment Authority, said that the new strategic partnership is in line with the expansion and growth approach that we follow in the Authority’s foreign investment network, based on our endeavor to conclude qualitative investment partnerships with rewarding returns that carry strategic value for the national economy.
We are also proud of the global standing and extensive experience of the Authority, which has enabled it to sign strategic partnerships with nine sisterly and friendly countries. For his part, Suleiman Savash Erdem, General Manager of the Turkish Oyak State Fund, said that the selection of the Oman Investment Authority to partner with the fund is of great importance, and the establishment of the joint fund is an indicator of the authority’s confidence in the Republic of Turkey and the fund.
He expected that through this partnership, the two sides would be able to invest in strategic sectors not only in both countries but in different regions around the world, in addition to the fact that this partnership would enhance the fund’s international standing. The Authority aims to partner with the Turkish Oyak Fund, whose net assets are estimated at 10 billion US dollars, to transfer technology and knowledge and localize them in the Sultanate of Oman.
The Fund’s investments will be active in several fields, including mining, minerals, automotive industry, logistics, chemicals, agriculture, food and energy.
It is noteworthy that the eight strategic partnerships established by the Authority with the Kingdom of Saudi Arabia, Qatar, Spain, Brunei Darussalam, Vietnam, Uzbekistan, Pakistan, and India have achieved good results since their establishment, through entering into new investments, and exiting some existing investments with lucrative returns, in addition to raising the capital of some of them, and directing the compass of their investments to new areas. On the sidelines of hosting the annual meeting of the International Forum of Sovereign Wealth Funds in Muscat (3-6 November 2024), the Authority signed a memorandum of cooperation with the Public Investment Authority of the State of Kuwait with the aim of strengthening the investment partnership between the two brotherly countries.
The two parties began discussions on establishing a joint investment fund in the Sultanate of Oman, in addition to studying investment opportunities in the Authority’s existing investment opportunities that are concerned with investment in various fields such as energy, utilities, social infrastructure, communications, transportation and logistics services.
