The Oman Investment Authority, Oman’s sovereign wealth fund, Annual ReportThe fund on Tuesday announced a return of 9.95 percent for calendar year 2023. The fund’s assets grew to 19.2 billion Omani riyals ($49.87 billion) in the year.
The fund’s public market assets increased 9.8%, which OIA noted was the result of strong returns from technology stocks and artificial intelligence.
The fund has also announced a number of foreign direct investments, partnerships and allocation commitments, many of which are in the energy sector. The fund has made direct investments in two companies that make electrolyzers (equipment that helps produce green hydrogen), Electric Hydrogen of the US and Hisata of Australia. It has also invested in Italian energy storage company Energy Dome.
The Oman Investment Authority was established in 2020 with the aim of funding the country’s budget and managing the Sultan’s assets through global investments and financing Oman’s ambitious Vision 2040 plan, which focuses on reducing reliance on fossil fuels and promoting green energy sources. In 2022, the fund returned 8.8%.
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The fund invests in two main portfolios: the Future Generation Fund, a program that invests in public and private market assets around the world, and the National Development Portfolio, which aims to contribute to the growth and development of Oman’s national budget and the country’s economy.
As of the end of 2023, FGF assets were OMR 7.065 billion ($18.3 billion), while National Development Portfolio assets were OMR 12.175 billion ($31.6 billion).
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Tags: green hydrogen, Oman, Oman Investment Authority, sovereign wealth fund, SWF, tech stocks
