Skip to content Skip to Search
Skip navigation

Oman unveils $5.2bn startup fund and plans for new city

By Pramod Kumar
Oman News Agency
Spread over 14.8 million sq m, Sultan Haitham City will have 20,000 residential units

Oman is planning to set up an investment fund with a capital of OMR2 billion ($5.2 billion) to support economic diversification.

The news was first reported by state-owned Oman News Agency, citing a decree by Sultan Haitham Bin Tariq Al Said.

The Oman Future Fund will allocate a percentage of its capital to stimulate the venture investment system in small and medium-sized enterprises (SMEs) and startups registered with Oman’s SMEs Development Authority. 

In addition, the fund aims at enhancing economic activity and encouraging the private sector to enter into partnerships or finance feasible investment projects to drive economic diversification in line with Vision 2040.

Separately, Sultan Haitham announced the construction of a new city on the outskirts of Muscat.

Spread over 14.8 million square metres, Sultan Haitham City will have 20,000 residential units distributed across 19 integrated residential neighbourhoods.

Upon completion, the city will house up to 100,000 residents, and include schools, places of worship, hospitals, a university and shopping centres.

Latest articles

UAE puts up two billion dirhams to pay for flood-damaged homes

The UAE has pledged AED2 billion ($545 million) to help rebuild homes of citizens that were damaged in this month’s floods. Sheikh Mohammed bin Rashid Al Maktoum, the UAE prime minister and ruler of Dubai, said on X (formerly Twitter) that the UAE’s cabinet of ministers had also formed a committee to assess the flood […]

The uncrewed Cygnus space freighter, from which were launched two satellites built by students from Abu Dhabi's Khalifa University

Shareholders to vote on merger to create UAE space giant

Shareholders of two Abu Dhabi technology companies will vote on Thursday on a proposed merger to create a $4 billion space organisation.  Bayanat AI and Al Yah Satellite Communications Company, better known as Yahsat, will hold their general assembly meetings simultaneously. The proposed merger will create Space42, an AI-powered space technology champion for the Middle […]

Egypt's wealthiest man, Nassef Sawiris, who lives in Cairo, has interests in construction, manufacturing and sports

Cairo has most billionaires in Africa, but wealthy are leaving

Cairo is home to more billionaires than any other African city, but Egypt is facing an exodus of its wealthiest citizens. The international wealth advisory firm Henley & Partners said Cairo is home to four billionaires, and 30 centi-millionaires – those worth $100 million or more. Most reside in affluent parts of Greater Cairo, including […]

The signing ceremony for AD Ports Group's Luanda Port agreement. The 20-year deal is extendable by another 10 years

AD Ports commits $250m to Angola port upgrade

Abu Dhabi Ports Group is investing more than $250 million in a project to upgrade the port terminal at Luanda in Angola.  The company said it hd secured a 20-year concession agreement, extendable by another 10 years, with the Luanda Port Authority for operating and modernising the terminal. In agreements with the Angolan logistics companies […]