The Oman Investment Authority (OIA) had its overall assets expand to USD 53 billion in 2024, rising from USD 49.89 billion in 2023, despite annual profits falling. The sovereign wealth fund posted a net profit of 7.81%, which fell to USD 4.12 billion from USD 4.42 billion in 2023.
Despite the decline in profit, the Oman Investment Authority marginally boosted its contribution to the state budget during 2024 by transferring USD 2.1 billion compared to USD 2.08 billion in the previous year.
The Oman Investment Authority’s overseas presence continues to be extensive, with investment diversification across over 50 nations. The lion’s share remains in Oman, with 61.3% of the fund’s capital retained locally. North America took 19.9%, followed by Europe, Asia, Africa, and Latin America, constituting the remainder.
Domestically, the fund relied heavily on energy, with 68% of investments in the local market. Tourism and real estate attracted 9%, while services and logistics each took 8%. This emphasis was evident in ongoing support for flagship projects such as the Duqm Refinery and a 500 MW solar plant project.
Foreign direct investment in Oman also picked up momentum. At the end of 2024, the National Development Fund secured approximately OMR 2.8 billion in committed FDI, which was a vote of confidence from global partners.
The Oman Investment Authority portfolio businesses also made great economic strides, paying off USD 4.7 billion worth of debt. It features a high-profile prepayment of USD 1.4 billion by state energy company OQ. At the same time, sovereign guarantees were cut to USD 4.7 billion, nearly half what they stood at in 2023.
The fund also carried out six strategic divestments, one more than initially planned, raising new capital and contributing to the growth of local equity ownership. A significant action was the IPO of 25% of OQ Exploration & Production, highlighting OIA’s dedication to market diversification.
Forward-looking, the OIA is realigning its priorities. In light of mounting geopolitical threats and volatility in the energy market, the fund intends to systematically wind down its exposure to hydrocarbons. In their place, it will accelerate investments in renewables, digital infrastructure, and critical minerals, which are crucial to Oman’s long-term viability.