$300mn Oman-Singapore joint investment fund set up

$300mn Oman-Singapore joint investment fund set up

Oman and India established a joint investment fund during His Majesty Sultan Haitham bin Tarik’s state visit to India on Saturday.Muscat – Oman and India established a joint investment fund during His Majesty Sultan Haitham bin Tarik’s state visit to India on Saturday.

Abdul Salam bin Muhammad al Murshidi, Chairman of Oman Investment Authority (OIA), stated that the third such fund is a result of the success of two earlier joint funds with India, which reaped good returns from successful investments in a number of sectors, including medical care and pharmacy, chemical and industrial technologies, automobiles, information technology, commodities, defence, aerospace, mining and the retail sector.

Abdul Salam bin Muhammad al Murshidi, Chairman of OIA

He added that OIA is targeting several vital sectors for partnership and investment in the Indian market, as the growth of the Indian economy is expected to reach 6.3% in 2023-2024.

According to Indian media reports, Indian Foreign Secretary Vinay Kwatra stated that the Oman-India Joint Investment Fund, a 50-50 joint venture between State Bank of India and OIA, aims to bolster economic ties.

“This fund would be worth US$300mn, essentially channeling investments into the fastest-growing sectors of the Indian economy,” Kwatra informed.

The fund’s two earlier tranches, valued at US$100mn