Oman wealth fund OIA's assets jump to $53bln in 2024; profit falls by 7.81%
which fell to $4.12 billion from $4.416 billion the previous year.
OIA transferred $2.1 billion to the state budget last year, marginally higher than the $2.08 billion contributed in 2023.
Last year, OIA investments were distributed across more than 50 countries, with Oman accounting for the largest share at 61.3%, followed by North America at 19.9%, while the remaining portion was allocated across Europe, Asia, Africa, and Latin America.
In terms of local sectors, OIA allocated its investments across various sectors, which the energy accounts for 68%, tourism and real estate for 9%, services and logistics for 8% each.
'In 2024, there was a notable increase in foreign investment inflows into local sectors, with committed foreign direct investment (FDI) reaching approximately OMR 2.8 billion by the end of the year through projects under the National Development Fund (NDF),' Sultan Al Habsi, Oman's Minister of Finance and Chairman of OIA's Board of Directors said in its annual report.
Energy dominated at 68% of commitments, including additional funding for Duqm Refinery and launching the 500 MW solar plants. The rest targeted logistics, tourism, mining, and telecoms, with capital allocated to Asyad Container Terminal and reopening copper mines.
OIA said its portfolio companies repaid $4.7 billion in debt, including a prepayment of $1.4 billion repayment by state energy group OQ.
Sovereign guarantees fell to $4.7 billion, nearly half 2023 levels. Six assets were divested, one more than planned, raising fresh capital and broadening local equity participation. The flagship exit was a 25% IPO of OQ Exploration & Production.
Amidst growing energy volatility and geopolitical risk, OIA said it plans to scale renewables, digital infrastructure, and critical minerals, while trimming hydrocarbons and divesting non-core assets.
(Writing by Bindu Rai, editing by Seban Scaria)
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