Oman Future Fund aims at diversification of national economy

Oman Wednesday 31/May/2023 21:11 PM
Oman Future Fund aims at diversification of national economy

Muscat: Abdulsalam bin Mohammed Al Murshidi, Chairman of Oman Investment Authority (OIA), said that the establishment of Oman Future Fund in partnership with the Ministry of Finance, reflects the objective and prerogatives of Oman Investment Authority aimed to contribute to implementation of the government policies and strategies related to further development of the targeted economic sectors.

It also aims at enhancement and diversification of the national economy and the venture capital system in the Sultanate of Oman. He said that the private sector availed from this fund in the finance of its projects and in attraction of foreign investments, creation of job opportunities and the support of SMEs by allocation part of the capital of the fund for finance of SMEs.

He added that the fund integrates with the finance and investment cover system offered by the government through a number of establishments such as Oman Development Bank, SMEs Portfolio, Rakiza Fund and Oman Technology Fund through direct finance or partnership with the private sector in the capital.

He said that OIA would manage the fund under the governance applicable at OIA which includes the best international practices to ensure resiliency in achievement of its targeted financial and economic goals. Approval of the projects finance applications shall be through a joint team from OIA, the Ministry of Finance and any other body to be agreed upon, he said adding that the team evaluates the investment opportunities through financial and economic feasibility and sustainability of the project.