The Oman Future Fund, a key initiative under the Oman Investment Authority, has revealed its first set of investment projects, valued at over $2.16 billion. These projects, executed in collaboration with both local companies and international investors, include $1.58 billion in foreign investments, while the Fund itself has committed $571 million. The ventures are expected to generate more than 1,600 direct jobs.
Spanning ten critical sectors such as technology, industry, tourism, renewable energy, and electric vehicles, these projects aim to stimulate the Sultanate’s economy. Additionally, sectors like food, health, fintech, and e-commerce are covered under the SME and start-up categories.
Mulhim bin Bashir al Jarf, Deputy Chairman of the Oman Investment Authority (OIA), emphasized that these projects align with the Fund’s strategic goals of boosting the local economy, developing key industries, fostering partnerships with the private sector, and attracting foreign investment. He highlighted that the projects mark the first investments since the Fund’s operational launch in January.
The Fund has received over 212 applications, reflecting strong interest from investors. Al-Jarf stressed that the Oman Future Fund follows strict investment guidelines to ensure sound decision-making.
Among the key projects are the United Solar Factory in Sohar Free Zone, one of the world’s largest polysilicon plants, and the first in the Middle East to support solar panel manufacturing, with an annual capacity of 100,000 tonnes. Additionally, the IDG Oman Investment Fund, in partnership with China’s IDG Capital, will focus on Oman’s ICT, renewable energy, and electric vehicle sectors.
In the SME and start-up sector, the Fund has partnered with local firms like Tanmia, Omantel, and Cypher Capital to launch innovative projects such as IO Kitchen, a cloud kitchen with over 30 virtual brands, and Bima, Oman’s first online insurance broker. Other notable projects include OPay, which provides “Buy Now, Pay Later” services, and Baslir Aligner, an AI-powered orthodontics solution.
These investments are designed to foster sustainable growth. The Fund’s participation in any project is limited to a 40% stake, with investments ranging from $13 million to $260 million. For SMEs, investments are capped at $13 million, focusing on growth and expansion without taking majority ownership.
