Oman Investment Authority (OIA)

جهاز الاستثمار العماني · Oman · Middle East · Founded 2020 · Strategic development fund · IFSWF full member

Focus

OIA: what it invests in

Energy: oil and gasRenewables and climateTransport and logisticsMining and metalsAgriculture and food securityTechnology

Strategic state holdingsPublic equitiesFixed incomePrivate equityVenture capitalReal estate

Geography Domestic and global

Scale

OIA: how big it is, and on what basis

OMR 22.922B

Total assets (balance sheet)As of 2025-12-31

In US dollars: about USD 59.6B. Converted at the fixed rate of USD 2.6008 per Omani rial.

Return 2025 14.6%

Transparency

OIA: what it publishes

7.5 of 10 Band 4 of 5

Published 5 · Partly 5 · Not published 0

Our 10 item score. It measures what is public, not how well a fund is run.

Total assetsS6: OMR 22.922B (about USD 59.6B, end 2025); As of 2025-12-31
Return 2025S4: 14.6%; As of 2026-05-19
Five-year returnS4: 10.4% a year; As of 2026-05-19
Profit 2025S4: About OMR 2.9B; As of 2026-05-19
Invested in OmanS6: 61%; As of 2025-12-31
Divestments since 2022S4: 24 (over OMR 2.8B of proceeds); As of 2026-05-19
Local co-finance ticketS6: OMR 5M to 100M (Future Fund Oman, up to 40%); As of 2025-12-31
Transparency scoreS6: 7.5 of 10; As of 2025-12-31

At a glance. The Oman Investment Authority is Oman's sovereign wealth fund, formed in 2020 from the State General Reserve Fund, the Oman Investment Fund and the state's company holdings. Total assets were OMR 22.922 billion at end 2025, about USD 59.6 billion at the peg. About 61 percent is in Oman through more than 160 companies; the Future Generations Fund invests abroad and Future Fund Oman co-finances local projects. S6 S1

Key points

Return on investment was 14.6 percent in 2025 on a record profit of about OMR 2.9 billion; the five-year average is 10.4 percent. S4
Three portfolios: National Development Fund OMR 13.09 billion, Future Generations Fund OMR 8.57 billion and Future Fund Oman with OMR 2 billion of capital. S4 S6
Paid OMR 800 million to the state budget in 2025, half of it routed to Future Fund Oman; over OMR 8 billion since 2016. S6
Completed 24 divestments since 2022 for more than OMR 2.8 billion, including six in 2025 against a target of five. S4
Invested in 52 countries: Oman 61 percent, North America 19, Europe 9, Asia Pacific 4 and the rest 7. S6 S4
Future Fund Oman co-finances local projects of OMR 5 million to 100 million for up to 40 percent, and SMEs for up to 49 percent. S6

Interesting facts

Its first India fund with the State Bank of India (USD 100 million, 2011) returned 8.1 percent a year in rupees by full exit in 2024. S7
The President has called profitability a red line: OIA will not fund unviable projects, even for the government. S8
OIA has 438 staff, 91 percent Omani; its companies employ over 41,000. S6

Mandate and goals

Under Royal Decree 57/2021, OIA invests the state's money and assets for the best returns, builds reserves, supports the budget, and backs government sector policies and investment into Oman. S3

Manage, develop and invest the state's money and assets for the highest returns. S3
Build financial reserves for future generations. S3
Provide revenue to the general budget and support fiscal sustainability. S3
Help carry out government policy in target sectors of the economy. S3
Improve the investment climate and attract investment into Oman. S3
Return target: Future Generations Fund: 5 percent a year over five years; it averaged 5.8 percent to 2024. S7

How it invests

Industries	Energy: oil and gas, Renewables and climate, Transport and logistics, Mining and metals, Agriculture and food security, Technology, Tourism and hospitality, Industrials and manufacturing S7 S6
Asset classes	Strategic state holdings, Public equities, Fixed income, Private equity, Venture capital, Real estate S6
Stages	Venture, Growth, Buyout, Public markets, Real estate, Infrastructure S6
Geography	Domestic and global. 52 countries; the President puts the split at about 60 percent in Oman and 40 percent abroad S6 S4
Direct / through funds / co-invest	Yes / Yes / Yes S6 S3
Ticket size	Future Fund Oman: OMR 5M to 100M per local project for up to 40 percent; SMEs and start-ups OMR 4,000 to 5M for up to 49 percent S6
Deal sizes seen	About USD 50M (Oman-India Fund III, 2025) to USD 500M (OYAK joint company, 2025)
External managers	Uses external managers in public markets and invests in private funds; 17 new funds added in 2025 S6
Co-investment programme	Seven state-to-state joint companies and funds, plus Future Fund Oman co-finance for local projects S6

Largest country weights: Oman 61%, North America 19%, Europe 9%, Asia and Pacific Rim 4% S6

Published criteria

Foreign investments should bring skills, technology or supply chains to Oman. S10
Projects must be financially viable; OIA will not fund unprofitable schemes. S8
Future Fund Oman targets clean energy, logistics, food and fisheries, mining, ICT, manufacturing, services, tourism and ports. S6

Past investments

Year	Investment	Type	Sector	Stage	Amount	Stake
2026	Templewater Innovation Fund. The fund puts half its capital into Oman, in advanced manufacturing, new energy, AI and health. S10 S11	Fund commitment	Technology	Venture	25 percent of fund capital
2025	Oman-India Joint Investment Fund III. First close of a USD 300M target fund; State Bank of India put in USD 12.4M. S6	Fund commitment	Multi-sector	Growth	USD 50M
2025	OYAK Turkoman Investment. Joint company with OYAK; first deal set to take minority stakes in mining and industrial affiliates. S12 S6	Joint venture or partnership	Industrials and manufacturing	Not stated	USD 500M (USD 250M each)
2025	Uzbek-Oman Investment Company. Raised the company's capital to USD 266.7M; it bought four assets for USD 63M. S6	Joint venture or partnership	Multi-sector	Not stated	USD 50M
2025	Oman Healthcare Fund. Approved in September 2025 with Oman Brunei Investment Company. S6	New company or platform	Healthcare and life sciences	Not stated	OMR 50M
2025	Asyad Shipping. IPO of 20 percent on the Muscat exchange. S4	Sale or exit	Transport and logistics	Public markets	Not published	20%
2025	Sohar Sulphur Fertiliser. Sale of 69 percent. S4	Sale or exit	Agriculture and food security	Not stated	Not published	69%
2025	Omani Towers Company. Full exit of a 10 percent stake. S4	Sale or exit	Telecoms and media	Infrastructure	Not published	10%
2024	OQ Exploration and Production. IPO of 25 percent in October 2024. S13	Sale or exit	Energy: oil and gas	Public markets	Not published	25%
2024	xAI. Stake held by the Future Generations Fund. S13	Direct investment	Technology	Growth	Not published

Case studies

Divesting to recycle capital S4 S6 S13

What: A five-year programme sells stakes in state companies through IPOs and strategic sales, from OQ Exploration and Production to Asyad Shipping.
When: 2022 to 2025
Size: Over OMR 2.8B from 24 divestments
Why: To deepen the local market, cut state debt and guarantees, and fund new investment.
Outcome: Guarantees fell from OMR 3.4B at end 2022 to OMR 1.8B by 2024.

Future Fund Oman: co-financing local projects S6

What: A OMR 2B vehicle funds Omani projects at up to 40 percent and SMEs at up to 49 percent, alongside private and foreign investors.
When: Launched January 2024
Size: OMR 2B over five years
Why: To grow the private sector and pull foreign capital into Oman.
Outcome: In 2025 it approved 147 projects with OMR 316.1M and earned 5.9 percent.

Investment process

A board appointed by royal order for renewable four-year terms, chaired by the Minister of Finance, sets strategy, governance and budget. Executive management under the President carries out investments. External allocation caps need board approval to change. S3 S6

Committee	Role
Board of Directors	Strategy, governance, budget and policy S3
Audit and Risk Committee	Oversees internal audit and risk S3

Local projects apply to Future Fund Oman, which received 668 requests and approved 147 in 2025. S6
Management approves within board limits; the board sets caps and strategy. S3
Mature holdings are sold through IPOs or strategic sales under the five-year divestment plan. S7

How to approach: Omani projects and SMEs apply to Future Fund Oman. Other contact goes through the OIA website and government entity page; OIA states it does not offer services to individuals. S6 S5

Size and returns

Headline size: OMR 22.922B (Total assets (balance sheet), as of 2025-12-31) S6
In US dollars: about USD 59.6B. Converted at the fixed rate of USD 2.6008 per Omani rial.
National Development Fund: OMR 13.09B (Portfolio value, as of 2026-05-19) S4
Future Generations Fund: OMR 8.57B (Portfolio value, as of 2026-05-19) S4
Future Fund Oman capital: OMR 2B (Committed or authorised capital, as of 2025-12-31) S6
Return, 2025: 14.6 percent (return on investment; 8.8 percent in 2022) S4
Return, 5 years to 2025: 10.4 percent a year S4
Return, Future Generations Fund, 5 years to 2024: 5.8 percent a year (Future Generations Fund only; target 5 percent) S7
Staff: 438 at the Authority, 91 percent Omani; more than 41,000 across subsidiaries S6
Size over time (OMR billion): 2022 17.897, 2023 19.24, 2024 20.425, 2025 22.922 S6 S7 S9

Leadership

Name	Title
Sultan bin Salem Al Habsi	Chairman of the Board; Minister of Finance S6
Abdulsalam bin Mohammed Al Murshidi	President S5 S6
Muneer bin Ali bin Nasser Al Muneeri	Deputy President for Operations S11

Governance and transparency

Legal basis: Royal Decree 61/2020 and the System of the Authority, Royal Decree 57/2021 S1 S3
Oversight: Council of Ministers; board appointed by royal order S1 S3
Auditor: A Big Four firm audits IFRS statements; rotated at least every four years S3
Santiago Principles: IFSWF full member; 2025 self-assessment covers all 24 principles S3 S2
Performance measured to GIPS standards; ISO 31000 risk certification renewed in 2025. S3

Transparency score: 7.5 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.

Published: total assets, annual return, geographic or sector split, governance and mandate documents, regular reporting schedule. S3 S4 S5 S6
Partly published: long-term returns, asset allocation, holdings or deal list, audited financial statements, named leadership. S3 S6

History

Date	Event
2020-06-04	OIA established by Royal Decree 61/2020. S1
2024-01-17	Future Fund Oman launched with OMR 2B. S6
2025-10-22	Four agreements signed with OYAK. S12
2026-05-19	2025 results: 14.6 percent return, OMR 2.9B profit. S4
2026-09	Templewater Innovation Fund agreement. S11

For family offices

OIA has no programme for family offices, but Future Fund Oman co-finances local projects with private and foreign investors, and OIA sells stakes through IPOs and strategic sales. S6 S4

Bringing a project to Oman and seeking Future Fund Oman co-finance of up to 40 percent. S6
Buying stakes in OIA divestments as a strategic partner or IPO investor. S4
Future Fund Oman: Local projects (OMR 5M to 100M) and SMEs or start-ups (OMR 4,000 to 5M) investing in Oman S6

Reports

Annual Report 2025: https://www.oia.gov.om/uploads/OIA_Annual_Report_EN_Final_0de92e2bf6.pdf S6
Annual Report 2024: https://www.oia.gov.om/uploads/OIA_Annual_report_English_2024_e000139fb0.pdf S7

Common questions

How big is the Oman Investment Authority?

OMR 22.922 billion of total assets at end 2025, about USD 59.6 billion. S6

Who leads OIA?

President Abdulsalam bin Mohammed Al Murshidi. Minister of Finance Sultan bin Salem Al Habsi chairs the board. S6

What return did OIA make in 2025?

14.6 percent, on a profit of about OMR 2.9 billion. The five-year average is 10.4 percent. S4

How can a project get OIA money?

Omani projects of OMR 5 million to 100 million can apply to Future Fund Oman for up to 40 percent; SMEs can get up to 49 percent. S6

Is OIA an IFSWF member?

Yes, a full member. S2

Public Investment Fund (PIF) Saudi Arabia · SAR 3,396B
Mubadala Investment Company United Arab Emirates (Abu Dhabi) · AED 1,414B
National Development Fund of Iran (NDFI) Iran · About USD 195B (stated, unaudited)
XRG, ADNOC international investment company (Abu Dhabi) United Arab Emirates (Abu Dhabi) · USD 150B+, estimate
National Development Fund (NDF) Saudi Arabia · About SAR 430B
MGX United Arab Emirates (Abu Dhabi) · USD 49B

All sovereign wealth funds in Middle East · All strategic development funds · All funds in Oman

Sources

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