MUSCAT, Oman, Nov. 23, 2024 /PRNewswire/ -- Future Fund Oman (FFO), the latest investment initiative of the Oman Investment Authority (OIA), has announced the first approved investment projects. The total value of these projects exceeds $2 billion, of which $1.6 billion is contributed by foreign investors and $571 million by FFO. These investments are expected to create more than 1,600 direct jobs, marking an important step for Oman in its economic diversification and development strategy.
Future Fund Oman launches first wave of investment projects worth over US$ 2 billion
The approved projects cover ten key areas, including technology, manufacturing, tourism, renewable energy and electric vehicles. In addition, small and medium-sized enterprises (SMEs) and start-ups will play an important role, with investment areas covering food, health, financial technology, e-commerce, etc. This comprehensive investment model reflects FFO's commitment to promoting innovation and growth in all walks of life, ensuring that both large and emerging companies can contribute to Oman's economic development.
Mulham Al Jarf, Vice President of Investments at the Oman Investment Authority, said that these projects demonstrate the fund’s commitment to achieving its strategic goals. These goals include promoting local economic growth, promoting cooperation with the private sector, attracting foreign investment and creating opportunities for Omani businesses and job seekers. He stressed that these projects are only the initial results of the FFO since its establishment in January 2024.
The approved projects include several transformative initiatives that will position Oman as a leader in innovative industries. Notable projects include the United Solar polysilicon plant at SOHAR Port and Freezone, which will become one of the world's largest polysilicon production facilities and the first of its kind in the Middle East. The plant will produce 100,000 tons of polysilicon per year, an important component for renewable energy industries such as solar panel manufacturing.
Other major collaborations include the IDG Oman Fund, which focuses on ICT, renewable energy and electric vehicles, in partnership with IDG Capital, an international investment company with global operations and extensive experience in China. In addition, FFO has also partnered with EW Partners to establish the EWP Oman Fund, which focuses on key sectors such as ICT, energy, tourism and agriculture.
Future Fund Oman also supports a range of SMEs and startups through partnerships with fund managers such as Tanmia, ITHCA, Omantel and Cyfr Capital. These include IO Kitchen, an innovative cloud kitchen with more than 30 virtual brands, Bima, an online insurance brokerage service, and Qpay, Oman’s first licensed “buy now, pay later” service provider. Other innovative projects include BcLear Aligner, an AI solution for orthodontics, Nashid, a blockchain-based digital identity platform, and Antom, a digital financial platform that empowers Oman’s fintech ecosystem.
FFO was established in partnership with the Ministry of Finance with a capital of $5.2 billion, which is planned to be invested over five years between 2024 and 2028. The fund strategically excludes oil, gas and real estate investments, focusing on growth industries that are in line with Oman's Vision 2040.
Interested investors are invited to submit proposals through the proprietary platform https://futurefund.om/futurefund/
Media Contact:
Fahad Al Toubi
+968 24745781
