Muscat – Oman Investment Authority’s seven joint ventures are giving the sultanate an edge in promising international markets.

In an effort to realise the objectives set forth in the System of OIA promulgated by Royal Decree No 57/2021, including attracting foreign investments and improving cash reserves and savings, the authority entered seven joint ventures in friendly nations, notably in Asia. OIA’s recently published first annual report highlights the success of these joint ventures.

Mulham bin Basheer al Jarf, acting deputy president for investment in OIA, noted that these strategic projects help the sultanate further promote its relations with brotherly countries, and have strategic partnerships that serve the interests of all parties.

He added that the seven joint ventures, entered by OIA at its inception, have produced good returns in the form of promising additional investments, yields from timely exits, increased capital, and directed investments to new areas.

Al Hosn Investment Company
With a view to strengthening partnership between Oman and Qatar, Al Hosn Investment Company was established in 2007 as a closed joint stock company with its head office in Muscat. With assets totalling RO135mn, and capital up to RO250mn, the company has invested in various sectors, including banking, industry, communications and technology, food, healthcare, and education. Currently, the company’s portfolio has 14 investment projects in different sectors.

Pak-Oman Investment Company
Established in 2001 as a joint venture between OIA and the Government of Pakistan, Pak-Oman Investment Company is a finance company with capital totalling RO40mn. The company has achieved net profit as a result of its diversification initiatives.

Oman Vietnam Investment Company
In 2008, Oman Vietnam Investment Company was established as a joint venture between OIA and Vietnam’s State Capital Investment Corporation. It invests in businesses and projects aiming to achieve development and sustainable economic growth. The value of the joint venture is US$200mn covering 12 investment portfolios. From June 2020 to December 2021, the company invested US$20mn in CMES Company that specialises in developing rooftop solar power systems, and US$30mn in VPI, a real estate development company.