2023-07-27
Oman Investment Authority (OIA) signs MoU with the Public Investment Fund (PIF) to expand Cooperation and Investment Opportunities.
Oman Investment Authority has signed a memorandum of understanding (MoU) with the Public Investment Fund (PIF) to enhance the scope of cooperation and enable new and promising investment opportunities. This step came against a mutual desire to continue promoting economic integration and collaboration between the Sultanate of Oman and the Kingdom of Saudi Arabia and is in line with OIA’s efforts to attract foreign investments in targeted national sectors. From its side, PIF seeks to boost its investments in Oman, one of the fastest-growing economies in the MENA region, by approaching diverse asset classes within numerous targeted sectors.
The MoU signing took place in the Saudi capital, Riyadh. It was attended by His Excellency Abdulsalam Al Murshidi, the President of OIA, His Excellency Yasir Al Rumayyan, Governor of PIF, Sayyed Faisal Al Said, Ambassador of Oman to Saudi Arabia, and Her Excellency Ibtisam Al Farooji, Undersecretary for Investment Promotion at the Ministry of Commerce, Industry, and Investment Promotion. Based on this MoU, OIA will explore attractive investment opportunities and provide various forms of support to PIF. The MoU follows the establishment of the Saudi Omani Investment Company, to allocate USD 5 billion for investments across various promising sectors in Oman. This is in addition to expanding the PIF’s investment portfolio in the Omani market, which will stimulate investments in Oman due to new international strategic economic partnerships.
Commenting on the MoU, Mulham Al Jarf, Deputy President for Investments at OIA, said, “the Omani economy is growing significantly as a leading destination for international investments in the MENA region. This MoU is consistent with OIA’s efforts and mandates to attract foreign direct investments in line with Oman Vision 2040’s national goals. The partnership is founded upon our solid relationships with PIF, and it is expected to pave the way for more cooperation and the creation of varied partnerships to accelerate Oman’s and Saudi Arabia’s economic diversification. Moreover, it opens the door for many private-sector partnerships between the two countries. It boosts the developmental and transformative trends in the two brotherly nations, eventually resulting in growth, sustainability, and prosperity.”
The conclusion of the MoU reflects the deep-rooted Omani-Saudi relationships and the next level of evolution of bilateral cooperation under the two nation’s wise leadership. This is a realization of a strategic partnership on the investment and economic fronts established on the solid historical, cultural, economic, and political ties between both nations.