Muscat: The Oman Investment Authority plans to raise more than $1.3 billion by existing its investments in eight sectors next year as Gulf nations increasingly lean on state assets to bolster their finances.
The state-run wealth fund plans to exit three companies in the energy sector, Oman News Agency reported. It is also seeking to divest from companies in aviation, tourism, and communications and information technology sectors.
Across the Gulf, governments are readying plans to sell assets to fund the diversification of their economies, attract international investors and boost trading volumes. Saudi Arabia and the United Arab Emirates are in the midst of such programs, which have fueled a boom in initial public offerings.
Oman hasn’t had a major IPO since 2010 when telecom operator Nawras, now known as Ooredoo Oman, raised $475 million. In March, Muscat Stock Exchange’s CEO Haitham Al-Salmi said Oman is planning to list 35 state-owned enterprises over the next five years, with one or two oil companies to potentially list this year.
The Oman Investment Authority said in June that it is considering IPOs of two units of state energy company OQ SAOC and a manufacturing firm. The fund said on Tuesday that it plans to spend 1.9 billion rials ($4.9 billion) on existing and new projects next year.
