The Oman Investment Authority (OIA) made headlines with a notable increase in its asset portfolio, reaching $53 billion in 2024, up from $49.89 billion the previous year.
Despite this climb in assets, the sovereign wealth fund experienced a decrease in profits. Earnings dropped by 7.81%, sliding to $4.12 billion, compared to $4.416 billion in 2023.
In terms of contributions to the nation’s budget, OIA transferred $2.1 billion last year, slightly edging out the prior year’s contribution of $2.08 billion. This steady fiscal support underscores the fund’s role in bolstering Oman’s economic landscape. Meanwhile, OIA’s investment reach spanned more than 50 countries, with Oman taking the lion’s share at 61.3%. North America followed with 19.9%, and the rest spread across Europe, Asia, Africa, and Latin America.
Domestically, OIA’s investments cut across various sectors. A substantial 68% of its investments were in energy, including significant funding for local projects like the Duqm Refinery and solar power initiatives. Other sectors, such as tourism, real estate, services, and logistic,s each received 8-9% of allocations. These strategic investments signal OIA’s role in driving national growth through sectoral diversification.
Foreign investments saw a surge as well, with foreign direct investment (FDI) commitments hitting roughly OMR 2.8 billion by the year-end, propelled by the National Development Fund’s initiatives. This capital infusion echoes Oman’s appeal as an investment hub, especially in energy projects.
OIA’s performance on debt management also stood out, with portfolio companies paying off $4.7 billion of debt, including an advanced repayment of $1.4 billion by state energy player OQ. Sovereign debt guarantees were then slashed nearly in half to $4.7 billion.
Asset divestiture was active, where six assets changed hands, slightly exceeding divestment plans. A notable exit included a 25% initial public offering (IPO) of OQ Exploration & Production, broadening equity ventures.
