The Outer

Oman Future is Possible Fund and an investment partner in accordance with Oman Vision 2040

By Manal Abdel Fattah

On the third Ramadan evening, the Oman Chamber of Commerce and Industry reviewed the role of the Oman Future Fund as an enabler of the engines of the future and a reliable investment partner, where the tasks, objectives and work mechanisms of the Fund, the types and forms of partnership between the public and private sectors through it, and its role in stimulating bold investment through financing small and medium enterprises were introduced.

Many working papers were presented that addressed: the Fund’s objectives of strengthening the economy, empowering the private sector, supporting small and medium enterprises, encouraging bold investment while contributing to economic diversification, entering into investment partnerships, and attracting investments.

The Fund’s role is in integrating with government financing projects to provide broader financing options for both private sector institutions, business owners, small and medium-sized companies, and foreign investors, while targeting priority sectors for economic diversification in accordance with the “Oman 2040” vision, which are tourism, industry, production, green energy, information and communications technology, mining, and fisheries.

Agriculture, ports and logistics services, with the fund’s capital amounting to two billion Omani riyals and providing financing during the period from 2024 to 2028 at the rate of 400 million Omani riyals each year, while direct local projects account for 90% of the financing, compared to 10% for small and medium enterprises.

The working papers emphasized the engines of growth and diversification for the next stage, led by the Omani Investment Authority, ports, special and free economic zones, industrial zones, civil society institutions, human resources, and others, with reference to the cycle of local commercial activities and the external world sector as a source of income through exports, profits received, services provided, and investments. Foreign exchange in exchange for the exit of funds through imports, workers’ remittances, profits paid, services received, and national investments abroad.

Emphasis was also placed on the economic stimulus packages for small and medium enterprises, the reduction in the purchase price of tenders and small and medium purchases, and the mandatory list of support for the local product and small and medium enterprises announced by the General Secretariat of the Tender Board and the Investment Authority.

The evening also witnessed many discussions centered around the Fund’s work mechanisms, types and forms of partnership between the public and private sectors through the Fund, and the Fund’s role as a third portfolio of the Oman Investment Authority in completing the financial and investment coverage system.

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