Profits exceed OR1.6bn
Energy remains crucial sector
Oman Investment Authority (OIA) increased its assets under management by 6 percent year on year to OR20.4 billion ($53 billion) in 2024, according to the authority’s 2024 annual report.
The sovereign wealth fund’s profits exceeded OR1.6 billion, as the average price of Omani crude oil touched $79.86 per barrel, said Sultan Al Habsi, finance minister and chairman of OIA.
The global price of oil has risen in recent weeks on the back of rising geopolitical tensions in the region, as a result of the Israel-Iran conflict.
Foreign direct investment (FDI) hit OR2.8 billion by the end of the last year through projects under the national development fund, which manages domestic assets and invests to diversify economic sectors, Al Habsi said.
OIA’s global investment portfolio spans over 50 countries, with 61 percent of its assets concentrated within Oman. North America accounted for about 20 percent, while the rest was invested across Europe, Asia, Africa and Latin America.
Energy remained the dominant investment sector, making up 68 percent of the portfolio. Tourism and real estate contributed 9 percent, while both services and logistics each accounted for 8 percent.
In 2024, the sovereign fund transferred OR800 million to the state treasury. Of this, OR400 million was allocated to the Future Generations Fund, which focuses on long-term returns.
Since 2016, OIA’s contributions to the state budget have exceeded OR7 billion.
The fund has invested in Elon Musk’s AI company, xAI, and also holds shares in SpaceX.
OIA surpassed its 2024 divestment goals, completing six asset sales instead of the planned five, said president Abdulsalam Al Murshidi.
The sovereign fund also repaid OR1.8 billion in liabilities, including an early repayment of OR545 million for OQ Group.
During the year, OIA committed capital to 13 new investment funds and struck new partnerships, including one with Turkey’s Oyak Fund to launch a joint investment platform targeting sectors such as food, healthcare, energy, mining and industry within the sultanate.
Capital spending reached OR1.9 billion in 2024, surpassing the original target of OR1.7 billion, the report said.
