Finance Omani fund secures $2bn investment in new projects By Pramod Kumar October 3, 2024, 6:22 AM Reuters/Sayed Sheasha United Solar’s factory in Oman's Sohar Free Zone will support the development of downstream renewable energy industries The Oman Future Fund has secured local and foreign investments worth OR832 million ($2.2 billion) across 10 economic sectors. The OR2 billion fund, owned by the Oman Investment Authority (OIA), will invest OR220 million in these projects, while foreign investments account for OR609 million. The major project categories include technology, industry, tourism, energy and electric vehicles. The small and medium enterprises (SMEs) and startups categories include food, health, technology, financial technology and e-commerce, state-run Oman News Agency reported. These projects are expected to generate more than 1,600 direct job opportunities. Mulham Bashir Al Jarf, deputy chairman of Oman Investment Authority, said that these investment projects are the first for the fund since it began operations in January. Oman to impose income tax on high earners post-2026 Oil IPO is latest step towards Oman’s emerging market status Oman edging closer to investment grade rating The number of applications submitted exceeded 212, he said. Among the projects is the United Solar factory in the Sohar Free Zone, which will support the development of downstream renewable energy industries, including solar panel production with an annual capacity of 100,000 tonnes. Another project is the IDG Oman Investment Fund, established in collaboration with China’s IDG Capital Fund, which will focus on information and communications technology, renewable energy, and electric vehicles. Additionally, the ewpartners-Oman Fund will target investments in information and communications technology, energy, tourism and agriculture. The fund’s investments in these projects range from OR5 million to OR100 million, with a maximum ownership stake of 40 percent. The investment limit is capped at OR5 million in SME projects without majority ownership.