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RIYADH — The Public Investment Fund (PIF) announced that it has signed a Memorandum of Understanding (MoU) with the Oman Investment Authority (OIA). The MoU is intended to expand cooperation and investment between the two entities, enabling new and promising investments in the Sultanate of Oman’s (Oman) rapidly growing economy.
The MoU provides benefits and incentives for PIF and its portfolio companies, which intend to unlock investment opportunities in Oman. The MoU also represents a significant milestone in PIF’s and OIA’s strategic partnership as it aims to expand PIF’s portfolio in Oman, building on the recent establishment of the Saudi Omani Investment Company (SOIC), a PIF-wholly owned company, which intends to invest up to USD5 billion in promising sectors in Oman.
SOIC recently closed its first investment in Oman as a 20% anchor investor in Abraj Energy Services’ IPO and continues to seek other investment opportunities with OIA and its companies.
Through this MoU, PIF aims to streamline its investment activities in Oman across a widerange of asset classes and target industries. The OIA is expected to explore attractive investment opportunities for cooperation and partnership with PIF, in addition to providing all aspects of support required in the Omani market.
Yazeed A. Al-Humied, Deputy Governor and Head of MENA Investments at PIF, said: “This MoU is an important step in further strengthening the relationship between PIF andOIA to expand investment and cooperation in the fast-growing Omani economy. PIF aims to create long-term strategic partnerships in the region that support the creation of sustainable returns, deliver value to local economies, maximize PIF’s assets, and diversify the Saudi Arabian economy in line with Vision 2030.”
Mulhem Basheer Al Jarf, Deputy President for Investment at OIA, said: “This MoUbuilds on our existing relationship with PIF and enables greater cooperation, driving economic diversification in Saudi Arabia and Oman. It aims to facilitate partnership opportunities for the private sector in both countries, in alignment with OIA’s efforts to attract FDI to the Sultanate of Oman through Oman’s 2040 vision.”
As a key government entity responsible for strategic investments, OIA plays a leading role in Oman’s efforts to diversify the economy, foster sustainable development, and create a prosperous future for its people. By attracting capital, championing innovation, and implementing strategic initiatives, OIA plays aninstrumental role in advancing Oman’s economic growth, elevating its global competitiveness, and driving the nation toward a prosperous and resilient future.
What's your reaction about this news🥰𝙒𝙚 𝙝𝙤𝙥𝙚 𝙩𝙝𝙖𝙩 𝙮𝙤𝙪 𝙡𝙞𝙠𝙚𝙙 𝙩𝙝𝙞𝙨 𝘼𝙧𝙩𝙞𝙘𝙡𝙚. 𝙋𝙡𝙚𝙖𝙨𝙚 𝙨𝙝𝙖𝙧𝙚 𝙞𝙩 𝙬𝙞𝙩𝙝 𝙮𝙤𝙪𝙧 𝙁𝙧𝙞𝙚𝙣𝙙𝙨 𝙖𝙣𝙙 𝙨𝙪𝙗𝙨𝙘𝙧𝙞𝙗𝙚 𝙩𝙤 𝙤𝙪𝙧 𝙬𝙚𝙗𝙨𝙞𝙩𝙚 𝙗𝙮 𝙘𝙡𝙞𝙘𝙠𝙞𝙣𝙜 𝙤𝙣 𝙩𝙝𝙚 𝘽𝙚𝙡𝙡 𝙄𝙘𝙤𝙣 (𝙇𝙚𝙛𝙩 𝘽𝙤𝙩𝙩𝙤𝙢 𝙤𝙛 𝙩𝙝𝙞𝙨 𝙋𝙖𝙜𝙚) 𝙩𝙤 𝙧𝙚𝙘𝙚𝙞𝙫𝙚 𝙣𝙤𝙩𝙞𝙛𝙞𝙘𝙖𝙩𝙞𝙤𝙣𝙨 𝙛𝙤𝙧 𝙚𝙫𝙚𝙧𝙮 𝙏𝙧𝙚𝙣𝙙𝙞𝙣𝙜 𝙖𝙧𝙩𝙞𝙘𝙡𝙚.🥰
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