Oman wealth fund mulls IPOs in national energy assets

Oman wealth fund mulls IPOs in national energy assets

Oman’s sovereign wealth fund is considering an IPO of two units of petroleum company OQ as part of a larger disinvestment plan that seeks to realise Oman Vision 2040 through economic diversification.

As part of #OIA's contribution towards the realization of #OmanVision2040, to achieve economic diversification, decrease oil dependence, and empower the private sector, we are announcing the commencement of OIA's national exit plan with 6 national assets in various sectors. pic.twitter.com/RnMRBZKUBe — Oman Investment Authority جهاز الاستثمار العماني (@Oman_OIA) June 15, 2022

The Oman Investment Authority, the sultanate's sovereign investor, tweeted on Wednesday that besides the energy assets, it plans to IPO a manufacturing firm, and plans full and partial exits of a number of hotels and resorts under Oman Tourism Development Company (OMRAN) and two projects within its logistics provider Asyad.

The sultanate will join other GCC countries like the UAE and Saudi Arabia, which have cashed in on the oil price boom to monetise state-owned assets while also supporting local equity markets. While its own oil reserves are tiny in comparison with its neighbors, like them, Oman is aiming to reduce dependence on oil, diversify its economy and empower its private sector.

According to an EY report, the MENA region saw