According to official media on Wednesday, Oman intends to establish a $5 billion public investment fund to assist plans to completely revamp the country’s economy over the following two decades.
As the nation attempts to wean itself off of its dependency on oil, the Oman Future Fund will work to boost economic activity and assist the private sector. Oman, which has a population of about 4.5 million, is the second-largest Gulf Arab country after Saudi Arabia, but it lacks Saudi Arabia’s enormous oil reserves.
Oman has historically acted as a regional mediator, keeping close connections to Iran, the United States, and other Gulf nations. This has made it possible to facilitate contentious discussions and prisoner exchanges.
The new fund, which would start with 2 million riyals, or roughly $5.2 billion, was reportedly approved by Sultan Haitham bin Tariq Al Said, according to state media. It would help the nation’s Vision 2040 ambitions for economic expansion and diversification.
Like other Gulf nations, Oman already has a sovereign wealth fund that makes investments in worldwide real estate, companies, and other assets with surplus oil income. In 2020, the Oman Investment Authority was created, including an earlier fund from the year 1980.
