Economy Oman sovereign fund’s assets rise 12% to $50bn in 2023 By Pramod Kumar August 20, 2024 Oman News Agency A view of The Sustainable City Yiti. The Oman Investment Authority paid off OR300m of debt owed by its companies Oman Investment Authority (OIA) reported a 12 percent growth in assets to OR19.2 billion ($50 billion) in 2023 compared to OR17.2 billion a year ago. The sovereign wealth fund’s profits exceeded OR1.7 billion, OIA president Abdulsalam Al Murshidi said in the authority’s 2023 annual report. Last year, the wealth fund contributed OR800 million to the state budget, bringing total contributions to more than OR6 billion since 2016. NewsletterGet the Best of AGBI delivered straight to your inbox every week The funds were sourced from profits and returns, with no assets needing to be sold to generate liquidity. In its ongoing efforts to reduce debt and manage financial risks, OIA paid off OR300 million of debt owed by its companies, leading to an improvement in the Sultanate’s credit ratings. The fund focused on geographic and sectoral diversification to maximise returns and mitigate risks last year. Oman’s planned income tax is an economic gamble Oman achieves 54% of 2024 employment plan in first half Oman reveals plan to steer IPOs to Muscat exchange Some of OIA’s international investments included EV battery startup Our Next Energy, hydrogen technology startup Electric Hydrogen and green hydrogen electrolyser maker Hysata. Meanwhile, the National Development Fund, which oversees 160 holding companies and subsidiaries, invested over OR2 billion in expanding and improving current projects, as well as completing under-construction ones. The divestment plan continues with the completion of nine transactions throughout the year, including direct sales and initial public offerings on the Muscat Stock Exchange, Al Murshidi said.
