The Oman Investment Authority (OIA) has contributed over $18.2 billion (RO 7 billion) to the state budget, continuing the role once held by the State General Reserve Fund since 2016. These contributions have strengthened investor confidence, improved the investment climate, and reduced companies’ debt by 47% by the end of 2024.
In an interview with Enjaz & Eejaz, OIA’s quarterly bulletin, Chairman Sultan al Habsi outlined the Authority’s key economic contributions over the past five years. He highlighted the dual financial and economic impact of the National Development Fund (NDF), which has spent over $22.9 billion (RO 8.8 billion) since its establishment, enhancing financial stability, easing the state’s budgetary burden, and stimulating economic growth.
Aligned with Oman Vision 2040, OIA projects target high-impact sectors to diversify the economy, create jobs, and strengthen supply chains. The Board oversees OIA’s vision, strategy, major investment decisions, and governance to ensure long-term sustainability, maintaining its role as “a trusted custodian of Oman’s wealth” for present and future generations.
OIA’s “National Agenda” focuses on attracting foreign investment, reducing debt, developing human capital, increasing local content, and supporting digital transformation. In 2024, the NDF and Future Fund Oman secured over $8.58 billion (RO 3.3 billion) in foreign investments, while the divestment programme generated $3.9 billion (RO 1.5 billion). Debt was cut by over $6.5 billion (RO 2.5 billion).
Human capital initiatives, including the ‘Nomou’ and ‘Mu’tamad’ programmes, positioned people at the centre of growth. Local content efforts, such as the ‘Vendor Development Program’, supported 58 SMEs between 2023 and 2024, boosting SME spending to $690 million (RO 265.5 million).
OIA also advanced its digital transformation, aligning its internal strategy with the national plan under Oman Vision 2040.
Source: Oman Daily Observer
