Oman Investment Authority (OIA) on Sunday stated that it is targeting generation of RO2.6bn(US$ 6.8million) from divestment of over 20 assets in the next five years. The authority is also hopeful of attracting RO1bn through private investments this year.
OIA revealed its future plans during the ‘Business Plans Briefing Session’, when it also announced the separation of its assets into local and foreign portfolios.
The session featured presentations by OIA and its companies, covering their performance in the last few years and projects for the next five years (2022-2026).
In his opening remarks president of OIA, H E Abdulsalam al Murshidi informed that it now has two main components – National Development Portfolio and Futures Generations Fund – with distinct objectives and mandates.
“The National Development Portfolio manages over 160 national assets and companies. This portfolio contributes to the nation’s economic growth and development and supports GDP through dividend distribution, privatisation returns, and treasury management. The Futures Generations Fund consists of all international assets and some local assets,” H E Murshidi said.
According to director of economic diversification investments in the authority, Hisham al Sheedi the session’s “agenda embodied OIA’s commitment to social engagement, and its efforts towards realising the priorities of Oman Vision 2040, specifically in terms of financial sustainability, economic diversification, empowering the private sector, and attracting foreign investments”.
Business plans of OIA companies are based on several principles, most prominently governorate development, creating jobs and business opportunities for small and medium enterprises, and achieving financial savings, he added.
Sheedi said that OIA has outlined eight priorities, including enhancing contribution of specific sectors – tourism, agriculture, fisheries and ICT – to the GDP.
Among other priorities, OIA is looking to reduce the general debt of the portfolio by 32 per cent, and accelerate growth of specific sectors where capital expenditure is set to reach RO6.7bn between 2022 and 2026, 30 per cent of which will be spent on new growth initiatives, OIA said.
