Skip to content Skip to Search
Skip navigation

PIF seeks $5bn investments in Oman

Saudi Crown Prince Mohammed bin Salman with Oman's deputy prime minister Assad bin Tariq Al Said. The two countries plan to increase investment and cooperation Saudi Press Agency via Reuters
Saudi Crown Prince Mohammed bin Salman with Oman's deputy prime minister Assad bin Tariq Al Said. The two countries plan to increase investment and cooperation
  • Saudi wealth fund and Oman Investment Authority sign MoU
  • Agreement will enable ‘new and promising investments’
  • Expanded cooperation via PIF’s Saudi Omani Investment Company

Saudi Arabia’s sovereign wealth fund, PIF, has signed a memorandum of understanding with its Omani counterpart to seek out investments in Oman worth $5 billion.

The agreement aims to support the expansion of investment and cooperation between PIF and its portfolio companies with the Oman Investment Authority (OIA), said a PIF announcement on Thursday. 

The MoU builds on the recently established Saudi Omani Investment Company (SOIC), which is expected to invest up to $5 billion in the sultanate.

SOIC in February closed its first investment: a 20 percent stake in Oman’s Abraj Energy Service during an IPO of the company, which is a subsidiary of Oman’s integrated energy group OQ.

OIA is one of the Gulf’s smaller sovereign investment funds but plays a leading role in Oman’s efforts to diversify its economy and foster sustainable development. 

It was reported last November that OIA manages $41 billion in assets.

Most of its investments, 61.5 percent, are in Oman. North America accounts for 17 percent, Western Europe makes up 9.3 percent, and Asia Pacific is 4.7 percent. 

As of this year, PIF, one of the region’s largest funds, manages $700 billion in assets, according to governor Yasir Al-Rumayyan. It mainly invests in Saudi Arabia but holds assets globally across its various areas of business.

Latest articles

Adnoc Distribution targets 200 EV stations by year-end

Adnoc Distribution, the UAE’s largest fuel and convenience retailer, is planning to more than double the number of fast electric vehicle (EV) charging stations as part of its five-year expansion strategy. The company has 90 fast EV charging points and aims to reach 150-200 by the end of the year, the UAE state-run Wam news […]

Opec oil demand US crowded highway

Opec optimistic about oil demand through to 2025

Opec continues to expect strong oil demand growth this year and next as the world economy remains resilient, the group’s chief said. “For 2024, oil demand growth is at 2.2 million barrels per day, with total global demand anticipated to average 104.5 million bpd,” Haitham Al Ghais, the secretary general of Opec, the Organisation of […]

Elon Musk launched xAI last year. It will use the new funding to bring products to market and research technologies

Prince Alwaleed part of Elon Musk’s $6bn AI funding round

Elon Musk’s artificial intelligence startup xAI has secured $6 billion in a series B funding round led by investors including Saudi billionaire Prince Alwaleed Bin Talal and his investment firm Kingdom Holding Company. The round, which also included investments from Dubai-based Vy Capital and US companies Andreessen Horowitz and Sequoia Capital, will assist the commercial […]

PIF space unit

PIF launches space unit, despite Saudi funding constraints

Saudi Arabia’s Public Investment Fund has launched a space unit to develop off-planet commercial activities, despite challenges the sovereign wealth fund faces funding Saudi Arabia’s giga-projects.  The PIF-owned Neo Space Group will invest in satellite navigation and communications, Earth observation and remote sensing. It will also include a venture capital fund to help Saudi startups […]