Saudi Arabia’s Public Investment Fund (PIF) has signed a Memorandum of Understanding (MoU) with the Oman Investment Authority (OIA) and plans investments worth $5 billion in Oman.
The MoU aims at expanding cooperation and investment between the two investment entities, enabling new and promising investments in Oman’s rapidly growing economy. It follows the establishment of the Saudi Omani Investment Company, to allocate $5 billion for investments across various promising sectors in Oman. In addition, the PIF’s investment portfolio will be expanded in the Omani market, to stimulate investments in the country due to new international strategic economic partnerships.
Oman is one of the fastest-growing economies in the Middle East and North Africa region. The PIF also seeks to increase its investments in the Gulf nation through different asset classes within targeted sectors.
The MoU was signed in Riyadh and was attended by OIA President Abdulsalam Al Murshidi, PIF Governor Yasir Al Rumayyan, Ambassador of Oman to Saudi Arabia HH Sayyid Faisal Al Said, and Undersecretary for Investment Promotion at the Ministry of Commerce, Industry, and Investment Promotion Ibtisam Al Farooji. Based on the MoU, OIA will explore investment opportunities and provide support to PIF.
Al Murshidi in a statement called the memorandum a confirmation of the commitment of Oman and Saudi Arabia to strengthen partnerships and an endeavour to enhance economic integration, achieve sustainable development and advance economic investments in the region.