Muscat – The Oman Future Fund, established last week through a Royal Directive with a capital of RO2bn, is one of the most significant decisions that is set to invigorate the economy and provide vital support to startup companies, according to top officials. 

Expressing appreciation for the Royal Directive, H E Salim bin Mohammed al Mahrouqi, Minister of Heritage and Tourism, stated that the ministry has initiated the preparation of a comprehensive matrix to evaluate eligible projects for financing under the fund.

“This fund aligns with Oman Vision 2040, aiming to build a diversified and sustainable economy. It represents an effective tool for financing tourism projects, overcoming challenges faced by investors in the sector, and accelerating project implementation. Moreover, it empowers the ministry and creates job opportunities for young individuals,” H E Mahrouqi added.

Highlighting its significance, H E Qais Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, emphasised that the fund will enhance economic activity and encourage private sector engagement. “It will foster partnerships and provide financing for viable investment projects, particularly in sectors crucial for economic diversification.”

Additionally, the fund will create favourable investment conditions in light of global competition among countries.

Faisal al Rawas, Chairman of the Board of Directors of the Oman Chamber of Commerce and Industry, said the fund will play a major role in raising productivity and driving economic growth. He believes it will improve infrastructure, develop commercial and investment businesses, and increase job opportunities while improving living standards. 

Rawas is confident that it will attract higher proportions of foreign investments, promote international trade, and attract more resources, ultimately enhancing productivity and profitability within the private sector. “Exempting small and medium enterprises from certain fees will further boost market competitiveness, improve the business environment, and foster growth for emerging and innovative companies.”

Economic analyst Khalfan al Touqi describes the Oman Future Fund as a groundbreaking initiative. “It introduces a new idea to Oman, serving startup companies and supporting their rapid growth. Additionally, the fund plays a pivotal role in attracting foreign investments and instilling confidence and security in Oman’s investment market.”