The Outer

The Sultanate of Oman launches the Future Fund with $5.2 billion to stimulate investment

By Manal Abdel Fattah

The Oman Investment Authority launched the “Oman Future Fund” worth two billion riyals ($5.2 billion) to stimulate investments in small and medium-sized local companies and attract foreign investments.

The Omani Ministry of Finance will be a strategic partner in the fund, which was first announced in May last year, and which will also be supported by other government agencies in addition to companies including Omantel.

The head of the Omani Investment Authority, Abdul Salam bin Muhammad Al-Murshidi, explained that the establishment of the Oman Future Fund embodies the objectives and competencies of the agency that seek to contribute to the implementation of the government’s policies and strategies related to the advancement of the targeted economic sectors, and the stimulation and diversification of the Omani economy.

He added that the fund complements the financing and investment coverage system currently provided by the government through a number of institutions such as the Oman Development Bank, the Small and Medium Enterprises Portfolio, the Rakaza Fund, and the Oman Technology Fund. But with a larger capital, with flexibility in determining the type of contributions to the chosen investments. Whether through direct financing at market cost, or through capital partnerships with the private sector, such that financing is distributed among these sectors in a balanced manner and without focusing on a specific sector.

Al-Murshedi pointed out that the approval of financing requests for projects will be done through a joint team between the agency, the Ministry of Finance, and any other party that is agreed upon, as the team will evaluate investment opportunities on a commercial basis through the financial and economic feasibility of the project and its sustainability, in addition to its contributions to the sectors targeted by the fund, and finding Jobs chances.

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