Oman Investment Authority Makes Headways Towards Vision 2040

The exit plan espoused by the Oman Investment Authority (OIA) continued to achieve good results that are consistent with the strategic vision set by the OIA as part of its efforts to empower the private sector and attract foreign investments.

The plan, which motivates corporate growth, aligns with Oman Vision 2040, establishing an environment that supports economic diversification and enhances cooperation with international companies.

Abdulsalam Mohammed Al Murshidi, OIA Chairman, said that, during 2023, the Authority completed many tasks that augmented the volume and development of investments, brought about profits, reduced the debt of companies and raised the credit rating of some of them.

He added that the OIA completed six national projects and announced the “Oman Future Fund, ” which will begin extending its services to beneficiary groups in the near future.

For his part, Talal Hamed Al Awfi, OQ Group CEO, said that the initial public offerings (IPOs) in the companies of “Abraaj Energy Services” and “OQ Gas Networks” contributed (in 2023) to effectively utilising individuals’ savings in investment that benefited them and enriched Muscat Stock Exchange with large in the energy sector, which he observed, would boost community partnership.

Al Awfi stressed that the subscriptions reflected investors’ confidence in OQ’s assets and financial management. Subscription in OQ Gas Networks exceeded the volume of shares offered by approximately 14 times, and in the shares of Abraaj Energy Services Company by about 8.7 times, said Al Awfi, noting that this was further bolstered through the entry of major investors and a broad group from local shareholders.

Al Awfi pointed out that OQ Group will utilise the proceeds of the IPOs to expand the scope of its operations to produce a long-term impact by strategically repurposing the additional capital, enhancing growth and accelerating the repayment of existing investment loans.

Al Awfi explained that the group established a specialised unit tasked with running IPOs, conducting detailed studies of all OQ-affiliated companies and assessing the feasibility of their offerings to public subscription.

Decisions on any new public offerings will be made in coordination with the OIA and OQ Board of Directors, he added.

He affirmed that the value of OQ Group’s assets exceeded $31 billion by the end of 2022, noting that this underscores the annual profits achieved by the group, the efficiency of the group’s debt management, its financial stability and its constant commitment to generate sustainable value. (ONA)