Oman Investment Authority (OIA) ended 2024 with $53 billion in assets under management and a net profit of $4.12 billion, enabling a $2.1 billion transfer to the state budget and reinforcing its fiscal importance, according to an announcement.
Ranked among the top ten global sovereign wealth funds by Global SWF for five-year annualized returns, OIA is advancing a strategy centered on diversification and Oman Vision 2040 goals.
The sovereign fund operates through three arms: the National Development Fund (NDF), Future Generations Fund (FGF), and the newly launched Future Fund Oman (FFO).
Despite its global footprint spanning over 50 countries, 63% of OIA’s portfolio remains domestic. North America accounts for 19.9%, with the remainder spread across Europe, Asia, Africa, and Latin America.
NDF exceeded its 2024 investment target, deploying $4.9 billion, mainly in energy. Key initiatives included additional financing for the Duqm Refinery and launching 500 MW solar plants.
The remainder supported logistics, tourism, mining, and telecom sectors, including capital for the Asyad Container Terminal and the reopening of copper mines.
FGF expanded international exposure with investments in 13 new funds focused on AI, healthcare, fintech, and the energy transition.
The fund also took early positions in global tech players, including xAI, while assessing alignment with Oman’s economic needs.
Launched in early 2024, the $5.2 billion FFO committed $865 million to strategic projects, notably the Sohar PolySilicon plant and partnerships targeting ICT, renewables, electric vehicle supply chains, and agritech.
OIA portfolio companies repaid $4.7 billion in debt, cutting sovereign guarantees to $4.7 billion, nearly half of 2023 levels. Six asset divestments, including a 25% IPO of OQ Exploration & Production, enhanced local market participation and capital inflows.
Efforts to stimulate innovation and entrepreneurship included direct SME funding exceeding $28 million. SMEs accounted for nearly 20% of OIA’s procurement.
Engagement with global institutions and improved transparency contributed to Oman’s restoration to investment-grade status.
OIA plans to deepen investments in renewables, digital infrastructure, and critical minerals while reducing hydrocarbon exposure and expanding co-investment to facilitate knowledge transfer into local ventures.
