Oman Investment Authority (OIA) has embarked on a transformative journey, steering the nation’s economic landscape towards growth and sustainability.
With the transfer of ownership of national companies to the OIA, the organisation has strategically focused on reducing corporate debt while catalysing economic diversification and development.
The results have been impressive, demonstrating the organisation’s commitment to securing Oman’s economic future.
Reducing Debt and Enhancing Financial Stability
One of the OIA’s remarkable accomplishments has been its relentless efforts to reduce corporate debt. Over a span of two years, the organisation successfully achieved a substantial 23.4 per cent reduction in corporate debt, a testament to its prudent financial management and strategic decision-making.
This debt reduction initiative was driven by the prepayment of a staggering RO3 billion in total debt, which included the early repayment of RO600 million in 2022.
As a promising indicator of continued financial stability, the OIA has also committed to prepaying RO900 million in debt ahead of its due date in the year 2023.
Unlocking Assets and Expanding Investment Horizons
In 2022, the OIA unveiled its impressive annual report, revealing an increase in assets to RO17.897 billion. This remarkable growth in assets, coupled with an enhanced Return on Investment (ROI) of 8.8 per cent, exemplifies the OIA’s prowess in strategic investment decisions.
Bolstering its commitment to the nation’s development, the OIA has consistently contributed to the state’s general budget, with contributions totalling RO5.6 billion spanning from 2016 to 2022.
Cultivating Future Prosperity through Strategic Investments
To secure the prosperity of future generations, the OIA embarked on a strategic investment spree. The acquisition of diverse investments, including pioneering entities like Group 14, which specialises in manufacturing silicon anode batteries; and Crusoe Energy, a visionary company harnessing flare gas for clean energy generation, underscored the OIA’s commitment to cutting-edge sustainability.
Furthermore, investments in technology-driven solutions such as Ascend Elements’ lithium-ion battery recycling technology exhibit the organisation’s dedication to nurturing innovation and sustainable practices.
Empowering Local Economy and Fostering Partnerships
Recognising the importance of a vibrant private sector in Oman’s economic trajectory, it has been dedicated to diversifying the economy. By inaugurating ten new projects across various governorates and sectors, the OIA aims to create economic incentives and amplify job opportunities for local talents and SMEs. These initiatives not only invigorate the economy but also lay the foundation for the private sector to spearhead Oman’s developmental agenda spearheaded by Oman Vision 2040.
Leveraging Partnerships for Success
During the period, OIA also diligently cultivated partnerships with international allies. Notable agreements with Saudi partners, resulting in investments amounting to RO4.5 billion, reflecting the organisation’s global standing and its commitment to critical projects such as the Yiti project and the Rakiza Fund. Similarly, engagements with Emirati partners have yielded investments in strategic sectors, boosting Oman’s economic prospects.
Investing in Talent and Promoting Omanisation
OIA created over 800 new positions for Omanis and achieved an Omanisation rate of 78 per cent. This exemplifies its dedication to nurturing local talent. Additionally, with more than 1,700 positions earmarked for Omanisation within five years, the OIA is steadfast in its mission to empower the nation’s workforce for a sustainable future.
