Oman’s non-oil sector is about to get a boost via a new multibillion-dollar fund focused on domestic projects, following signs of economic improvement in the Gulf country.
The Oman Investment Authority announced the $5.2 billion Future Fund of Oman on Tuesday. The fund will be deployed over the next five years at an annual rate of around $1 billion. It will invest 90% of its capital directly in “commercially and economically viable new or existing large-scale projects.” Another 7% of the capital will be invested in small and medium-sized enterprises, and the remaining 3% will go to startups, the authority said in a press release.
The Future Fund of Oman will focus on the following sectors in support of the country’s economic objectives, according to the release: tourism, manufacturing, green energy, fishing, agriculture, ports and logistics, mining and information and communication technology.
The Oman Investment Authority serves as Muscat’s investment arm. It had nearly $17.9 billion in assets as of 2022, according to its website.
