Muscat, Oman–The Oman Investment Authority (OIA) has unveiled a new fund called “Future Fund Oman” valued at US$5.19 billion.
The fund will serve a wide range of investment categories, develop the national economy and attract foreign investments.
According to the Oman News Agency (ONA), According to the Oman News Agency (ONA), Future Fund Oman has a capital of $5.19 billion that will be utilised over five years, with $1 billion every year.
The fund will allocate 90% of its capital to directly invest in new or existing investment projects that prove to be commercially and economically viable. The remaining 10% is divided into 7% allocated to SMEs and 3% allocated to startups.
The fund offers its funding and investment solutions to various investor categories. They include private sector organisations, business owners, SMEs, foreign investors, and startups. The fund will focus on eight targeted sectors: tourism, manufacturing, green energy, information and communication technologies, ports and logistics, mining, fisheries, and agriculture.
The fund will be governed by OIA’s governance practices as per the best international practices to ensure efficiency and flexibility in achieving the desired financial and economic objectives of establishing the Fund.
The fund will complement the existing government financing and investment ecosystem involving several institutions such as the Development Bank, SMEs Development Fund, Rakiza Fund, Oman Technology Fund, etc.