Saudi wealth fund, Oman Investment Authority sign MoU to fund investments in Oman

Saudi wealth fund, Oman Investment Authority sign MoU to fund investments in Oman

The Public Investment Fund (PIF) and the Oman Investment Authority (OIA) have signed a memorandum of understanding (MoU) enabling new investments in Oman, while also aligning with the Saudi wealth fund's strategy to create long-term strategic partnerships in the MENA region.

Through this MoU, PIF aims to streamline its investment activities in Oman across a wide range of asset classes and target industries, it said in a statement on Thursday.

The MoU also builds on the recently established Saudi Omani Investment Company (SOIC), which is expected to invest up to 18.36 billion dirhams ($5 billion) in lucrative sectors in Oman.

SOIC recently closed its first investment in Oman as a 20% anchor investor in the Abraj Energy Services’ IPO.

(Writing by Bindu Rai; editing by Brinda Darasha)

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