Riyadh, Saudi Arabia – The Public Investment Fund (PIF) announced on Thursday that it has signed a Memorandum of Understanding (MoU) with the Oman Investment Authority (OIA) to expand cooperation and investment between the two entities, enabling new investments in Oman’s rapidly growing economy.
The MoU provides incentives for PIF and its portfolio companies in Oman. The agreement builds on the recent establishment of the Saudi Omani Investment Company (SOIC), a PIF-wholly owned company, which intends to invest up to $5 billion in Oman.
The SOIC recently closed its first investment in Oman as a 20 percent anchor investor in Abraj Energy Services’ IPO and continues to seek other investment opportunities with OIA and its companies.
The agreement will pave way to streamline its investment activities in Oman across a wide range of asset classes and target industries. The OIA is expected to explore attractive investment opportunities for cooperation and partnership with PIF, in addition to providing all aspects of support required in the Omani market.
“This MoU is an important step in further strengthening the relationship between PIF and OIA to expand investment and cooperation in the fast-growing Omani economy,” Deputy Governor and Head of MENA Investments at PIF Yazeed A. Al-Humied said. “PIF aims to create long-term strategic partnerships in the region that support the creation of sustainable returns, deliver value to local economies, maximize PIF’s assets, and diversify the Saudi Arabian economy in line with Vision 2030.”
Deputy President for Investment at OIA Mulhem Basheer Al Jarf said: “This MoU builds on our existing relationship with PIF and enables greater cooperation, driving economic diversification in Saudi Arabia and Oman. It aims to facilitate partnership opportunities for the private sector in both countries, in alignment with OIA’s efforts to attract FDI to the Sultanate of Oman through Oman’s 2040 vision.”
As a key government entity responsible for strategic investments, OIA plays a leading role in Oman’s efforts to diversify the economy and foster sustainable development.