Banking & Finance Oman sovereign fund targets $5bn spend in 2023 By Reuters December 21, 2022 Unsplash.com The fund is considering investing in the United Kingdom's technology sector to take advantage of valuations Oman Investment Authority (OIA), a sovereign wealth fund, aims to spend OMR 1.9 billion ($4.95 billion) on investment projects in 2023, state media reported on Tuesday. The OIA said financing for the investment projects will come from the local and foreign private sector, from financing institutions, or from the agency itself or its subsidiaries. The investments will include about 65 new and existing projects in sectors including logistics, food and fisheries, energy, mining, services, and communications and IT. The sovereign wealth fund also expects to exit eight investments in 2023, with estimated returns exceeding OMR 500 million. Three of the investments are in the energy sector, three are in the aviation, industry and tourism sectors, while the remaining two are in the communications and information technology sector. In October, Reuters reported that the fund was considering investing in the United Kingdom’s technology sector to take advantage of valuations hit by rising interest rates and the fall in sterling. Ibrahim Al Eisri, director general of private equity at OIA, said the wealth fund was looking at unlisted technology firms in the UK and expanding them. A senior executive at the wealth fund added it was close to investing in a port in Zanzibar.