Oman Investment Authority’s assets hit $46.6bn in 2022

Oman Investment Authority’s assets hit $46.6bn in 2022

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The Oman Investment Authority (OIA) said in its annual report that its total assets reached OMR17.9bn ($46.6bn) in 2022. The country’s sovereign wealth fund said its return-on-investment last year was 8.8 percent, which allowed it to contribute more than OMR5.6 billion from 2016 until the end of 2022 to the country’s coffers in the form of dividends to support the general budget.

Sultan Salim Al Habsi, Minister of Finance and chairman of the Board of Directors of OIA, said, “The prevailing conditions did not constitute an obstacle to OIA’s continuous journey toward promoting economic development and achieving financial sustainability in the Sultanate of Oman.”

The National Development Portfolio includes OIA’s national assets and aims to contribute to the growth of the national economy and support the state’s general budget. “The National Development Portfolio continues to grow. Performance has also improved, and production has increased, bringing profits to more than 1.4 billion riyals,” he added.

The report showed OIA’s focus on recruiting and developing national competencies. It reported the number of employees at OIA and its companies exceeded 38,000 employees, with a total Omanisation rate of 78 percent, with more than 1,700 jobs out of 4,000 identified for potential Omanisation