2024-11-21 Oman Investment Authority HaiPress
MUSCAT,Oman,Nov. 20,2024 -- Future Fund Oman (FFO),the latest investment initiative under Oman Investment Authority (OIA),has announced its first batch of approved investment projects. With a combined value exceeding US$ 2 billion,these projects include US$ 1.6 billion committed by foreign investors and US$ 571 million contributed by FFO. The investments are expected to create more than 1,600 direct employment opportunities,marking a significant step forward in Oman's economic diversification and development strategy.
Future Fund Oman launches first wave of investment projects worth over US$ 2 billion
The approved projects span ten key sectors,including technology,manufacturing,tourism,renewable energy,and electric vehicles. In addition,small and medium enterprises (SMEs) and startups will play a prominent role,with investments targeting food,health,financial technology,e-commerce,and more. This comprehensive approach reflects FFO's commitment to fostering innovation and growth across a broad spectrum of industries,ensuring that both large-scale ventures and emerging businesses contribute to Oman's economic progress.
Mulham Al Jarf,Deputy President for Investments at Oman Investment Authority,stated that these projects underscore the Fund's dedication to fulfilling its strategic objectives. These include stimulating local economic growth,fostering collaboration with the private sector,attracting foreign investments,and creating opportunities for Omani businesses and job seekers. He emphasized that these projects represent just the beginning of FFO's efforts since its establishment in January 2024.
Among the approved projects are transformative initiatives that position Oman as a leader in innovative industries. Notable projects include the United Solar Polysilicon Plant in the SOHAR Port and Freezone,which will be one of the largest polysilicon production facilities in the world and the first of its kind in the Middle East. This facility will produce 100,000 tonnes of polysilicon annually,a critical component for renewable energy industries such as solar panel manufacturing.
Other major partnerships include the IDG Oman Fund,developed in collaboration with China's IDG Capital,which will focus on ICT,and electric vehicles. Additionally,FFO has also partnered with EW Partners to establish the EWP Oman Fund,which targets key sectors such as ICT,energy,and agriculture.
Future Fund Oman is also supporting a range of SMEs and startups in partnership with fund managers like Tanmia,ITHCA,Omantel,and Cyfr Capital. These include IO Kitchen,an innovative cloud kitchen featuring over 30 virtual brands; Bima,an online insurance brokerage service; and Qpay,the first licensed Omani entity offering a "buy now,pay later" service. Other groundbreaking projects include BcLear Aligner,an AI-powered solution for dental braces; Nashid,a blockchain-based digital identity platform; and Antom,a digital financial platform that enhances the capabilities of Oman's fintech ecosystem.
FFO was established in collaboration with the Ministry of Finance with a capital of $5.2 billion,allocated over five years from 2024 to 2028. The Fund strategically excludes investments in oil,gas,and real estate,focusing on growth-oriented sectors aligned with Oman's Vision 2040.
Interested investors are invited to submit proposals through the dedicated platform,https://futurefund.om/futurefund/
Media Contact:
Fahad Al Toubi
+968 24745781
Fahad.AlToubi@oia.gov.om
www.oia.gov.om
Jewellery & Gem ASEAN Bangkok (JGAB) 2025: Connecting ASEAN's Gem and Jewellery Business to the Global Market
BioCity Biopharmaceutics Co., Ltd. Announces Clinical Collaboration to Evaluate BC3195 in Combination with KEYTRUDA® (pembrolizumab) in Patients with Locally Advanced or Metastatic Solid Tumors
Acer Reports FY2024 Net Income of NT$5.54 Billion and NT$1.7 Cash Dividend Per Share
Ping An #1 in Brand Finance's Global Insurance Brand Value for 9th Year, Brand Value Reaches $33.6 Billion
LITEON Showcase Groundbreaking Energy Savings in Private 5G Network with NTT EAST at MWC 2025
2025 Global Sources Hong Kong Shows: Shaping the Future of Consumer Trends and Redefining Sourcing
©copyright 2009-2020 Diet Tips Daily