Oman sovereign fund plans to spend $5 billion on projects in 2023

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Oman Investment Authority (OIA), the Gulf state’s sovereign wealth fund, aims to spend 1.9 billion rials ($4.95 billion) on investment projects in 2023, state media reported on Tuesday.

The OIA said financing for the investment projects will come from the local and foreign private sector, from financing institutions, or from the agency itself or its subsidiaries.

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The investments will include about 65 new and existing projects in sectors including logistics, food and fisheries, energy, mining, services, and communications and IT.

The sovereign wealth fund also expects to exit eight investments in 2023, with estimated returns exceeding half a billion rials. Three of the investments are in the energy sector, three are in the aviation, industry and tourism sectors, while the remaining two are in the communications and information technology sector.

A senior executive at the wealth fund told Reuters in October that the OIA is considering investing in the United Kingdom’s technology sector to take advantage of valuations, and was close to investing in a port in Zanzibar.

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