Sunday 18 / May / 2025
Muscat: Oman Investment Authority (OIA) has revealed that its "National Development Portfolio" has achieved several objectives aligned with "Oman Vision 2040" since its establishment in 2021. The portfolio manages over 160 local assets and companies across 10 key sectors.
The authority has set key targets for these companies, including financial sustainability, investing in projects that support Oman Vision 2040, and developing human capital by generating job opportunities for Omanis and implementing a localisation plan within the OIA and its subsidiaries.
Additionally, the portfolio aims to maximise local content by increasing spending on small and medium enterprises (SMEs) and raising the proportion of local content in the total value of contracts awarded by the OIA and its affiliated companies.
From 2021 to the end of 2024, the portfolio delivered strong performance, achieving an annual asset growth rate of 21.5%, bringing total assets to approximately OMR12.1 billion by the end of 2024. Revenue also grew by 25%, reaching OMR82.8 billion. Furthermore, the portfolio contributed OMR3.7 billion to the state’s general budget, invested OMR8.8 billion in long-term assets, and attracted OMR638 million in foreign direct investments.
The portfolio has also implemented a divestment strategy to empower the private sector and increase its contribution to the national economy, while securing local and international strategic or financial partners to enhance corporate performance. It has redirected revenues toward investments in sectors that support economic diversification, completing 19 divestments with total returns of around OMR2.7 billion since its inception.
The portfolio has diversified its investments across priority sectors under Oman Vision 2040. Key projects include the Duqm Refinery and the Bisat Field in Block 60, which doubled daily oil production, as well as the OQ Ammonia Plant in Dhofar. In mining, the portfolio advanced the redevelopment of the Al-Asil and Al-Bayda mines. In logistics, it launched the Hafeet Rail Project and operationalized the Asyad Container Terminal. In public services, the portfolio initiated the Manah1 and Manah 2 projects.
In the ICT sector, the OIA established a semiconductor design center and opened a drone manufacturing facility in Oman. In fisheries, the Adamas vessel joined Oman’s fleet, alongside the inauguration of a tuna canning factory and the launch of an aquaculture and advanced boat-building project. The tourism sector saw the opening of several projects, including the Jumeirah Muscat Bay Resort and the Naseem Resort by Dusit in Al Jabal Al Akhdar.
The OIA has established a clear governance framework for local content within its subsidiaries, incorporating it into their corporate performance scorecards and launching a collective investment policy. It also set targets for SME spending by its affiliated companies.
As a result, the OIA reported an increase in local content to 32.4% of total contract value in 2024, alongside OMR265.5 million spent on SMEs—equivalent to 19.8% of total supply chain expenditures for the year.
Over the past four years, the OIA and its subsidiaries generated 6,500 jobs for Omanis, bringing total employment to 41,000 with an Omanistion rate of 77.7% by the end of 2024.
The authority has also focused on fostering integration among its subsidiaries under the National Development Portfolio to align efforts and drive collaboration toward national goals.
