Pioneer Investors – A memorandum of understanding is signed between the Saudi Public Investment Fund and Omani Investment Authority, in order to expand cooperation opportunities between the two parties and enable new and promising investment opportunities in the Sultanate of Oman as one of the fastest-growing economies in the Middle East and North Africa region.
This MoU also provides a set of various benefits and incentives to the Public Investment Fund and its subsidiaries, which will provide many investment opportunities aimed at maximizing the investment portfolio of the Public Investment Fund in the Sultanate of Oman.
A Saudi-Omani Investment Company is to be established due to this MoU terms and will be owned by the Public Investment Fund, to invest up to 18 billion Saudi riyals (5 billion US dollars) in many promising sectors in the Sultanate of Oman.
The Saudi Omani Investment Company completed its first investment in Oman as a major investor with a stake of up to 20% in the public offering of Abraaj Energy Services Company, and the company continues to search for various investment opportunities with the Omani Investment Authority and its companies.
Through this memorandum, the Fund aims to enhance its investments in the Sultanate of Oman by investing in a wide range of asset classes and many targeted sectors, while the Oman Investment Authority will explore attractive investment opportunities for cooperation and partnership with the Fund, in addition to providing all aspects of support required in the Omani market.
Mr. Yazeed bin Abdulrahman Al-Hamid, Deputy Governor and Head of the General Department of Investments in the Middle East and North Africa at the Public Investment Fund stated: “The memorandum of understanding is an important step in strengthening the relationship between the Public Investment Fund and the Omani Investment Authority to expand opportunities for cooperation and investment in the Omani economy. As the Fund seeks to build long-term strategic partnerships in the region to support achieving sustainable returns and raising the value of local economies, in a way that contributes to maximizing the fund’s assets and diversifying sources of income within the objectives of the Kingdom’s Vision 2030.
For his part, Mulham Bashir Al Jarf, Vice President for Investments at the Oman Investment Authority said: “The memorandum comes based on our established relations with the Public Investment Fund, which aims to provide many opportunities for further cooperation with the Fund, and to build strategic partnerships to support the diversification of the economy in the Kingdom and the Sultanate of Oman.” This contributes to creating partnership opportunities for the private sector in both countries, in line with the efforts of the Omani Investment Authority to attract direct investments to the Sultanate within the objectives of Oman Vision 2040.
The Oman Investment Authority is a major government agency responsible for strategic investments in the Sultanate of Oman. It plays a leading role in diversifying the economy, promote sustainable development, and build a prosperous future for the Omani people. It also plays a pivotal role in promoting economic growth in the Sultanate, raising its global competitiveness, and contributing in achieving a prosperous future by attracting capital, promoting innovation, and implementing several strategic initiatives.