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Dubai: The Oman Investment Authority (OIA) reports a 12 per cent increase in its assets, rising to $50 billion (Dh183 billion), in 2023, from $44.6 billion (Dh163 billion) the previous year.
According to Abdul Salam Al Murshidi’s statement, OIA president, in the authority’s annual report, the sovereign wealth fund’s profits surpassed $4.4 billion (Dh16 billion).
The fund contributed $2 billion (Dh7 billion) to the state budget last year, bringing its total contributions to over $15 billion (Dh55 billion) since 2016. These contributions were financed through profits and returns, without the need to sell assets for liquidity.
To address debt and manage financial risks, the OIA repaid $779 million (Dh2.8 billion) in debt owed by its companies, which helped improve the country’s credit ratings.
The OIA concentrated on geographic and sectoral diversification to enhance returns and reduce risks. Its international investments included EV (electric vehicle) battery startup Our Next Energy, hydrogen technology company Electric Hydrogen, and green hydrogen electrolyser producer Hysata.
The National Development Fund, which manages 160 holding companies and subsidiaries, invested over $5 billion (Dh18 billion) in both expanding and enhancing ongoing projects, as well as completing those under construction.
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