Latest news with #FutureGenerationsFund
Muscat Daily
9 hours ago
- Business
- Muscat Daily
OIA posts RO1.6bn profit, ramps up local investment
Muscat – Oman Investment Authority (OIA) has reported strong financial results for 2024, announcing that its assets now exceed RO20bn, with annual profits reaching RO1.585bn. In line with its commitment to fiscal support, OIA injected RO800mn into the state budget last year. According to SWF Global, the authority is now ranked the world's eighth-best sovereign wealth fund in terms of five-year investment return rates. OIA continues to spread investment risks by diversifying geographically and across sectors. Its three portfolios – the National Development Fund (NDF), Future Generations Fund and Future Fund Oman – have exposure in more than 50 countries. Local investments accounted for the largest share at 61.3%, with North America next at 19.9%. The NDF, aligned with Oman Vision 2040, invested about RO1.9bn in local projects, exceeding its RO1.7bn target. Key projects include Duqm Refinery, Lasil and Al Baydha copper mines, Asyad Container Terminal, and Manah 1 and Manah 2 solar power plants. Internationally, the Future Generations Fund expanded its portfolio by investing in 13 global funds across technology, AI, energy, healthcare and fintech, besides backing Elon Musk's xAI initiative. Future Fund Oman, launched in January 2024, received 294 investment applications and approved 44 projects worth RO333.1mn. Major investments include the Sohar Poly Silicon plant – the largest outside China – and three new funds exceeding RO250mn in sectors like ICT, energy, agriculture, renewables, healthcare and electric vehicles. Efforts to attract foreign direct investment (FDI) brought in RO3.348bn in 2024, mainly in energy, tourism and mining. OIA also repaid RO1.846bn in debt for its companies, including early repayment of RO545mn for OQ Group loans, while government guarantees dropped from RO3.4bn to RO1.8bn. Its divestment programme exceeded set goals, with six asset exits, including the high-profile IPO of 25% of OQ Exploration & Production shares. Proceeds are being redirected to new diversification projects. OIA's local content and SME initiatives continue to expand. In 2024, it spent RO265.5mn with SMEs, including RO139mn for Riyada cardholders, making up nearly 20% of supply chain spend. It also launched a new mandatory list covering 311 local products and services and supported 38 SMEs with RO11mn. The authority created 1,393 new jobs for Omanis last year, raising the Omanisation rate to 77.7%. Abdulsalam bin Mohammed al Murshidi, President of OIA, said 2024 exceeded performance targets in job creation, local content and foreign investment, crediting the authority's achievements to the dedication of its national workforce.
Muscat Daily
10-03-2025
- Business
- Muscat Daily
OIA invests in US-based biopolymer company Tidal Vision
Muscat – Oman Investment Authority (OIA) has announced an investment in the US-based company Tidal Vision, which uses an environmentally friendly, zero-waste process to turn discarded crab and shrimp shells into a valuable industrial chemical called chitosan. The investment was made during Tidal Vision's Series B funding round, in which the company successfully raised over US$140mn from strategic investors. OIA aims to localise innovative solutions to meet domestic market needs through such international investments, it stated. Founded in 2014, Tidal Vision specialises in converting renewable natural resources into sustainable, eco-friendly materials. The company develops biopolymer solutions based on chitosan, a natural, biodegradable and non-toxic biopolymer derived from crustacean shells. Tidal Vision has successfully commercialised the large-scale production of chitosan, offering a higher-quality and lower-cost alternative. The company is also committed to sustainability by repurposing byproducts from the fishing industry, reducing waste and supporting the circular economy. Chitosan-based solutions have applications across various industries, particularly in addressing pollution and climate challenges. The material is widely used in water treatment, agriculture, textiles and fertilisers as a natural alternative to conventional chemicals such as aluminum sulphate, activated carbon, pesticides and plastic films. Additionally, in the oil and gas sector, chitosan can be used for treating high-salinity water, a major challenge given that industrial operations in this field produce approximately nine barrels of saline water for every barrel of oil extracted. Its use in agriculture also presents opportunities for seed coating and biopesticides, contributing to greater sustainability in the sector. OIA continues to invest in innovative, environmentally friendly technologies and products through its Future Generations Fund.
