Oman secures $2.2b in investments for projects

Dubai: The Oman future fund has attracted $2.2 billion (Dh8 billion) in investments, both local and foreign, across ten different economic sectors.

Managed by the Oman Investment Authority (OIA), this $5 billion (Dh18.3 billion) fund will allocate $571 million (Dh2 billion) to various projects, with foreign investments making up $1.5 billion (Dh5.5 billion).

Key project areas include technology, industry, tourism, energy, and electric vehicles.

The fund also focuses on small and medium enterprises (SMEs) and start-ups in sectors such as food, healthcare, technology, financial technology, and e-commerce, according to the Oman News Agency.

Notable projects include the United Solar factory located in the Sohar Free Zone, which aims to bolster downstream renewable energy industries, specifically producing solar panels with an annual capacity of 100,000 tonnes.

Another initiative is the IDG Oman Investment Fund, created in partnership with China’s IDG Capital Fund, targeting investments in information and communications technology, renewable energy, and electric vehicles.

These initiatives are projected to create over 1,600 direct job opportunities.