PIF, OIA sign MoU to expand investment in Oman

The signing ceremony 

The Public Investment Fund (PIF) announced today, July 27, signing a memorandum of understanding (MoU) with the Oman Investment Authority (OIA) 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 Kingdom’s sovereign wealth fund said in an emailed statement to Argaam.

The MoU also builds on the recent establishment of Saudi Omani Investment Co. (SOIC), a PIF-wholly owned company, which intends to invest up to SAR 18 billion ($5 billion) in promising sectors in Oman.

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.

“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,” said Yazeed Al-Humied, Deputy Governor and Head of MENA.