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Cision Canada
9 hours ago
- Business
- Cision Canada
OMAN INVESTMENT AUTHORITY REPORTS USD 4.1 BILLION PROFIT FOR 2024, RANKS AMONG TOP 10 GLOBAL SOVEREIGN FUNDS
MUSCAT, Sultanate of Oman, July 2, 2025 /CNW/ -- Oman Investment Authority (OIA), the Sultanate's sovereign wealth fund, closed 2024 with US $53bn in assets under management and a US $4.12bn net profit, enabling a US $2.1bn transfer to the state budget and reinforcing its growing fiscal role. Recognized among the top ten sovereign wealth funds by Global SWF for five-year annualized returns, OIA is harnessing Oman's potential through globally diversified investments in future-focused sectors. OIA invests through three verticals: the National Development Fund (NDF), Future Generations Fund (FGF), and Future Fund Oman (FFO). Spanning over 50 countries, the portfolio remains 63% domestic, with 19.9% in North America, and the rest across Europe, Asia, Africa, and Latin America. The strategy reduces risk while advancing Oman Vision 2040 priority sectors. NDF deployed US $4.9bn in 2024, surpassing its US $4.4bn target to accelerate domestic projects. 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. FGF broadened international exposure through stakes in 13 new funds across AI, healthcare, fintech, and energy transition. As an early investor in xAI, OIA is positioned to capture value from global innovation trends while evaluating its relevance to Oman's economy. Launched in January 2024 to attract foreign investors and scale local champions, the US $5.2bn FFO committed US $865mn to projects including the Sohar PolySilicon plant, set to be the world's largest outside China, and joint funds with IDG Capital and ewpartners targeting ICT, renewables, EV supply chains, and agritech. OIA portfolio companies repaid US $4.7bn in debt, including prepayment US $1.4bn repayment by state energy group OQ. Sovereign guarantees fell to US $4.7bn, 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. These reflect efforts to empower the private sector and attract strategic and financial partners. OIA continued supporting innovation and entrepreneurship through startup funding, accelerators, and targeted procurement. In 2024, Small Medium Enterprises accounted for nearly 20% of OIA's supply chain spend, bolstered by ring-fencing and over US $28mn in direct funding. OIA strengthened ties with institutional investors and hosted the largest-ever global gathering of sovereign wealth funds in Muscat. This engagement, along with improved disclosure, earned World Bank recognition and supported upgrades that restored Oman to investment-grade status. Amid energy volatility and geopolitical risk, OIA plans to scale renewables, digital infrastructure, and critical minerals, while trimming hydrocarbons and divesting non-core assets. It also plans to expand co-investment to accelerate knowledge transfer into Omani ventures. With strong 2024 results, deeper capital market access, and a tech-driven project pipeline, OIA is emerging as a key stabilizer of Oman's public finances. The 2024 Annual Report is available at
Muscat Daily
22-06-2025
- Business
- Muscat Daily
OIA posts RO1.6bn profit, ramps up local investment
Muscat – Oman Investment Authority (OIA) has reported strong financial results for 2024, announcing that its assets now exceed RO20bn, with annual profits reaching RO1.585bn. In line with its commitment to fiscal support, OIA injected RO800mn into the state budget last year. According to SWF Global, the authority is now ranked the world's eighth-best sovereign wealth fund in terms of five-year investment return rates. OIA continues to spread investment risks by diversifying geographically and across sectors. Its three portfolios – the National Development Fund (NDF), Future Generations Fund and Future Fund Oman – have exposure in more than 50 countries. Local investments accounted for the largest share at 61.3%, with North America next at 19.9%. The NDF, aligned with Oman Vision 2040, invested about RO1.9bn in local projects, exceeding its RO1.7bn target. Key projects include Duqm Refinery, Lasil and Al Baydha copper mines, Asyad Container Terminal, and Manah 1 and Manah 2 solar power plants. Internationally, the Future Generations Fund expanded its portfolio by investing in 13 global funds across technology, AI, energy, healthcare and fintech, besides backing Elon Musk's xAI initiative. Future Fund Oman, launched in January 2024, received 294 investment applications and approved 44 projects worth RO333.1mn. Major investments include the Sohar Poly Silicon plant – the largest outside China – and three new funds exceeding RO250mn in sectors like ICT, energy, agriculture, renewables, healthcare and electric vehicles. Efforts to attract foreign direct investment (FDI) brought in RO3.348bn in 2024, mainly in energy, tourism and mining. OIA also repaid RO1.846bn in debt for its companies, including early repayment of RO545mn for OQ Group loans, while government guarantees dropped from RO3.4bn to RO1.8bn. Its divestment programme exceeded set goals, with six asset exits, including the high-profile IPO of 25% of OQ Exploration & Production shares. Proceeds are being redirected to new diversification projects. OIA's local content and SME initiatives continue to expand. In 2024, it spent RO265.5mn with SMEs, including RO139mn for Riyada cardholders, making up nearly 20% of supply chain spend. It also launched a new mandatory list covering 311 local products and services and supported 38 SMEs with RO11mn. The authority created 1,393 new jobs for Omanis last year, raising the Omanisation rate to 77.7%. Abdulsalam bin Mohammed al Murshidi, President of OIA, said 2024 exceeded performance targets in job creation, local content and foreign investment, crediting the authority's achievements to the dedication of its national workforce.
Times of Oman
22-06-2025
- Business
- Times of Oman
OIA's assets surpass OMR20bn with profits exceeding OMR1.5bn
Muscat: In line with its commitment to transparency and disclosure, and as part of its ongoing growth trajectory across its investment portfolios, Oman Investment Authority (OIA) unveiled its 2024 financial results. The report highlighted a rise in its assets to over OMR20 billion, with profits reaching OMR1.585 billion. Additionally, OIA injected OMR800 million into the state budget, a step that has earned it global ranking as the 8th sovereign wealth fund in terms of five-year investment return rate, according to a report by SWF Global. To mitigate investment risks and maximise long-term benefits, OIA continued to diversify its investments geographically and sector-wise. Its investments spanned over 50 countries through its three portfolios: the National Development Fund (NDF), the Future Generations Fund, and Future Fund Oman (FFO). Oman-based investments take the largest share of 61.3%, followed by North America with 19.9%, then Europe, Asia, Africa, and Latin America. Sector-wise, the local portfolio, the NDF, aligned with Oman Vision 2040 targets. The energy sector accounted for 68% of its investments, followed by tourism and real estate at 9%, and services and logistics at 8% each. The remaining share was distributed among strategic sectors such as mining, industry, food, and telecommunications. The NDF invested approximately OMR1.9 billion in local projects in 2024, surpassing the target of OMR1.7 billion. Notable projects included the Duqm Refinery in the energy sector, the redevelopment of the the Lasil and Al Baydha copper mines in mining, the Asyad Container Terminal in logistics, and the launch of the Manah 1 and Manah 2 solar power plants in the public utilities sector. Meanwhile, the international Future Generations Fund invested in 13 global funds across diverse sectors, including technology, artificial intelligence, energy, healthcare, and fintech. It also invested in Elon Musk's xAI, reflecting OIA's focus on supporting global digital innovation and localizing advanced technologies. Future Fund Oman, which began operations on 17 January 2024, received 294 investment applications in various sectors that align with the economic diversification plans. The fund approved 44 proposals following robust and rigorous assessment standards. Its contributions to these projects totalled OMR333.1 million. Key projects included the SoharPolySilicon plant—the largest outside China with an annual production capacity of 100,000 metric tonnes—and strategic partnerships with IDG Capital and ewpartners to attract global industrial companies by establishing three investment funds exceeding OMR250 million, targeting sectors like ICT, energy, agriculture, renewables, healthcare, and electric vehicles. OIA continues to deliver on its national agenda, focusing on attracting foreign investment, empowering the private sector, enhancing credit ratings, building national capacities, and maximising local content and innovation. The NDF attracted OMR3.348 billion in foreign direct investment in 2024, primarily in energy, followed by tourism and mining. In line with its commitment to reducing public debt and ensuring financial sustainability, OIA repaid over OMR1.846 billion in the debts of its companies including OMR545 million for OQ Group before maturity. Government guarantees were also reduced by OMR1.3 billion, lowering the total from OMR3.4 billion in 2023 to OMR1.8 billion in 2024. OIA also progressed its divestment program to attract foreign capital and empower the private sector. It exited six assets in 2024, exceeding its target of five, including the highly successful IPO of 25% of OQ Exploration & Production's total shares, and divestments from OQBI. Proceeds from these successful IPOs were redirected to new projects supporting economic diversification. In its efforts to develop human capital and employment, OIA created 1,393 new jobs for Omanis, raising the Omanizationrate to 77.7%. Local content initiatives saw remarkable progress, with OMR265.5 million spent on SMEs in 2024, including OMR139 million for Riyada cardholders. SMEs accounted for 19.7% of total supply chain spending. OIA also expanded its local content programs, launching the third edition of its mandatory list, which includes 311 products and services that should be sourced exclusively from local SMEs. OIA also approved 32 scopes under its ring-fencing programme with a total of OMR71 million, and helped in the development of 38 SMEs with OMR11 million. Abdulsalam bin Mohammed Al Murshidi, Chairman of OIA, noted that 2024 marked sustained positive momentum, with most performance targets exceeded, particularly in local content, foreign investment, and job creation. He attributed these achievements to the efforts of OIA's national talents and people.
The Print
15-06-2025
- Business
- The Print
Nargis Dutt Foundation Felicitates Meritorious Scholarship Students on Sunil Dutt's Birth Anniversary
Mumbai (Maharashtra) [India], June 9: On the auspicious occasion of Sunil Dutt's birth anniversary, the Nargis Dutt Foundation (NDF) proudly hosted its annual scholarship felicitation program on June 6, 2025, honouring excellence, perseverance, and dreams turned into reality. Held in the spirit of empowerment through education, the event recognized the top achievers among 400 scholarship recipients supported by the Foundation from grade VIII to postgraduation across Medical, Engineering, and Master's programs. As a GiveIndia Gold Certified and GuideStar India Gold Certified NGO, NDF has long championed the cause of education for deserving yet underprivileged students. This year's event was a resounding celebration of talent, hard work, and community support. The evening brought together donors, well-wishers, and supporters who have helped make these scholarships possible. Nargis Dutt Foundation appreciated the continuous support of Khalid & Zeyna Ansari Charitable Foundation, RBL Bank Ltd and Hasbro India Toys Pvt Ltd. for their generous donations. In addition to the award distribution, the event featured an array of engaging games, gifts, music & dance that reflected the joy and enthusiasm of the student community. The event was graced by Mr Jassim Biljeek, Vice Consul General at the Consulate of the Kingdom of Bahrain in Mumbai. Addressing the gathering, Chairperson & Trustee Priya Dutt shared a heartfelt message 'This scholarship program is not just about financial aid; it's about believing in potential. Each of our students represents a future of possibilities that would make my father, Sunil Dutt, immensely proud.' Among the honoured students was Vedprakash Dubey, pursuing MBBS, who said, 'When all the roads ahead of me were closed, the Nargis Dutt Foundation became a ray of hope and helped me.' Shumaila Khan, final year engineering student in Artificial Intelligence & Data Science, added, 'It wasn't just about funding my education, NDF gave me a sense of responsibility, to give back, to guide others, and to prove that even first-generation learners can lead the way.' Govind More, completing his Master's in Social Work from TISS, expressed, 'To me NDF means – empowering marginalised communities through scholarships and mentoring to bridge the gap.' The event was a powerful reminder of the transformative role that education and support can play in shaping lives. The Nargis Dutt Foundation remains committed to nurturing bright minds and ensuring that no dream is left behind due to financial constraints. As the evening concluded with joyful celebrations and camaraderie, it was evident that Sunil Dutt's legacy of compassion and service continues to inspire generations. (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same) This story is auto-generated from a syndicated feed. ThePrint holds no responsibility for its content.
BBC News
15-06-2025
- Politics
- BBC News
US journalist Austin Tice was executed, claims ex-Syria commander
The man accused of being responsible for holding the missing American journalist Austin Tice has claimed that ousted Syrian President Bashar al-Assad ordered his execution, security sources have told the General Bassam Al Hassan is a former commander in the Republican Guards who was part of President Assad's inner circle. He was also the Chief of Staff of the National Defence Forces (NDF), the paramilitary group that a BBC investigation uncovered was responsible for holding Mr Tice after his abduction in discovery was made as part of an upcoming BBC Radio 4 podcast about the disappearance of Austin American journalist vanished near the Syrian capital of Damascus in August 2012, just days after his 31st birthday. He had been working as a freelance journalist and was leaving Syria when he was abducted. The fallen regime consistently denied knowing of his whereabouts - the BBC investigation showed that was false and that Mr Tice was being held in Hassan, who is subject to UK, EU, Canadian and US sanctions, oversaw the facility where Mr Tice was held. Earlier this year, he is said to have met with US law enforcement at least three times in Lebanon. Sources claim that at least one of those meetings was in the US embassy complex. During these conversations, he is said to have told investigators from the FBI and CIA that the now-ousted President Assad ordered the execution of missing American journalist Austin Tice. Sources familiar with the conversations told the BBC that Al Hassan claims to have initially tried to dissuade President Assad from killing Mr Tice, but that he eventually passed on this order and that it was carried out. Al Hassan is also understood to have provided possible locations for the journalist's body. Sources familiar with the FBI investigation have said that efforts to confirm the validity of Al Hassan's claims are ongoing, and that a search is intended to happen of the sites where Mr Tice's body could intelligence sources familiar with the details of Al Hassan's claim that President Assad gave the order to kill Mr Tice are sceptical that he would directly give such an instruction, as he is known for having mechanisms for distancing himself from such BBC accompanied Mr Tice's mother, Debra, to Beirut as the 13th anniversary of her son's disappearance approaches. Upon finding out that Bassam al Hassan had spoken to US officials, Debra Tice attempted to meet with Al Hassan herself and contacted the US embassy requesting assistance. She told the BBC: "I just want to be able to speak to him as a mother and ask him about my son." Her attempt to meet with Al Hassan was asked about the claims by Al Hassan, she said her feeling was that he "fed the FBI a story that they wanted to hear" to help them close the Tice has led a tireless and determined campaign to bring her son home and remains committed to finding him. She told the BBC: "I am his mother, I still believe that my son is alive and that he will walk free."Separately, a former member of the NDF with intimate knowledge of Austin Tice's detention told the BBC "that Austin's value was understood" and that he was a "card" that could be played in diplomatic negotiations with the Al Hassan was considered one of President Assad's most trusted advisors. After the Syrian regime's collapse in December, Mr Al Hassan had fled to Iran. Sources close to him have told the BBC that while in Iran, Al Hassan received a phone call and was asked to come to Lebanon to meet with US officials. It is believed that he was given assurances that he would not be years, consecutive US presidents have said that Mr Tice, a former US Marine captain, who served in Iraq and Afghanistan and was a law student at the prestigious Georgetown University in Washington, was alive. In December 2024, then President Joe Biden told reporters at the White House that "we believe he's alive," and that "we think we can get him back, but we have no direct evidence of that yet".
