Future Fund Oman (FFO), a new initiative by the Oman Investment Authority (OIA), has announced its first series of approved investment projects, collectively exceeding $2 billion. The funding includes $1.6 billion from foreign investors and $571 million from FFO itself. These investments are expected to generate over 1,600 direct jobs, supporting Oman’s efforts toward economic diversification under Vision 2040.
Spanning 10 critical sectors, including technology, manufacturing, tourism, renewable energy, and electric vehicles, the projects place strong emphasis on fostering small and medium enterprises (SMEs) and startups. Targeted areas for SME growth include food production, health services, financial technology, and e-commerce.
Strategic Projects and Partnerships
Among the key initiatives is the United Solar Polysilicon Plant in SOHAR Port and Freezone, set to be the Middle East’s first polysilicon production facility and one of the largest globally, with an annual capacity of 100,000 tons. Additionally, FFO has partnered with IDG Capital to create the IDG Oman Fund, focusing on ICT, renewable energy, and electric vehicles. Another collaboration, the EWP Oman Fund with EW Partners, targets sectors like energy, agriculture, ICT, and tourism.
Support for SMEs and Startups
Future Fund Oman prioritizes innovation-driven startups and SMEs through partnerships with Tanmia, ITHCA, Omantel, and Cyfr Capital. Highlighted projects include IO Kitchen, an advanced cloud kitchen concept; Bima, an online insurance platform; and Qpay, Oman’s first licensed “buy now, pay later” service. Other ventures include BcLear Aligner, an AI-based dental brace solution, Nashid, a blockchain-based digital identity platform, and Antom, a digital financial platform enhancing Oman’s fintech landscape.
Commitment to Economic Progress
Established in January 2024 with a $5.2 billion capital to be deployed over five years, Future Fund Oman excludes investments in oil, gas, and real estate, instead focusing on high-growth sectors. Mulham Al Jarf, Deputy President for Investments at OIA, emphasized the fund’s role in stimulating economic growth, fostering public-private collaboration, attracting foreign investments, and generating opportunities for Omani businesses and workforce development.
These projects mark the beginning of FFO’s contributions to Oman’s economic transformation, demonstrating its commitment to building a diversified, future-ready economy.
