June 13, 2024

PIF collaborates with Oman Investment Authority

Facebook
Twitter
LinkedIn
PIF collaborates with Oman Investment Authority
PIF collaborates with Oman Investment Authority

The Public Investment Fund (PIF) announced that it has signed a Memorandum of Understanding (MoU) with the Oman Investment Authority (OIA). The MoU is intended to expand cooperation and investment between the two entities, enabling new and promising investments in the Sultanate of Oman’s (Oman) rapidly growing economy.

The MoU provides benefits and incentives for PIF and its portfolio companies, which intend to unlock investment opportunities in Oman. The MoU also represents a significant milestone in PIF’s and OIA’s strategic partnership as it aims to expand PIF’s portfolio in Oman, building on the recent establishment of the Saudi Omani Investment Company (SOIC), a PIF-wholly owned company, which intends to invest up to USD5 billion in promising sectors in Oman.

PIF & Oman Investment Authority logo

SOIC recently closed its first investment in Oman as a 20% anchor investor in Abraj Energy Services’ IPO and continues to seek other investment opportunities with OIA and its companies.

Through this MoU, PIF aims to streamline its investment activities in Oman across a wide range of asset classes and target industries. The OIA is expected to explore attractive investment opportunities for cooperation and partnership with PIF, in addition to providing all aspects of support required in the Omani market.

Yazeed A. Al-Humied, Deputy Governor and Head of MENA Investments at PIF
Yazeed A. Al-Humied, Deputy Governor and Head of MENA Investments at PIF

Yazeed A. Al-Humied, Deputy Governor and Head of MENA Investments at PIF, said: “This MoU is an important step in further strengthening the relationship between PIF and OIA to expand investment and cooperation in the fast-growing Omani economy. PIF aims to create long-term strategic partnerships in the region that support the creation of sustainable returns, deliver value to local economies, maximize PIF’s assets, and diversify the Saudi Arabian economy in line with Vision 2030.”

Mulhem Basheer Al Jarf, Deputy President for Investment at OIA, said: “This MoU builds on our existing relationship with PIF and enables greater cooperation, driving economic diversification in Saudi Arabia and Oman. It aims to facilitate partnership opportunities for the private sector in both countries, in alignment with OIA’s efforts to attract FDI to the Sultanate of Oman through Oman’s 2040 vision.”

As a key government entity responsible for strategic investments, OIA plays a leading role in Oman’s efforts to diversify the economy, foster sustainable development, and create a prosperous future for its people. By attracting capital, championing innovation, and implementing strategic initiatives, OIA plays an instrumental role in advancing Oman’s economic growth, elevating its global competitiveness, and driving the nation toward a prosperous and resilient future.

Source

Share.

RELATED POSTS

Alantra opens new office in DIFC
Alantra opens new office in DIFC
Panasonic collaborates with Amazon Fire TV (Image taken from Panasonic website)
Panasonic collaborates with Amazon Fire TV
Soraya Mansour, Vice CEO, Metro Markets Company - Ismail Hafez, Co-Founder & COO, Rabbit.
Rabbit partners with Metro Markets
  • Tamkeen Insurance banner
  • International Assurance

LATEST POSTS

FAB Boosts ExCo Team With Appointment of Two Global Bank Veterans. From L To R - Simon Thorn as Group Chief Compliance Officer of FAB And Neil Barrable, Group Chief Credit Officer
Moro Hub And SAPs Integrated Alliance To Bring Business AI In UAE. The Strategic Collaboration Announced at Dubai ‘AI Retreat’ to Integrate SAP’s Business AI into Moro Hub Data Center by 2025
Bridgestone MEA Stresses On The Vitality of Innovative Fleet And Telematics At Fleet And Mobility Summit wherein industry experts shed light on vital topics linked to the industry including sustainable practices, digital transformation and the evolving landscape of urban mobility
Xpence and Neoleap celebrate launch of Xpence corporate Visa cards to empower Saudi SMEs and corporates making Saudi Arabia the third market for Xpence