The Oman Investment Authority, Oman’s sovereign wealth fund, released its annual report, announcing a 9.95% return in the calendar year 2023. The fund’s assets increased to $49.9 billion during the year.

Established in 2020, the fund’s public markets assets grew at 9.8%, which the OIA notes resulted from strong returns from technology stocks and artificial intelligence. The fund also announced many foreign direct investments, partnerships, and allocation commitments, many of which were in energy.

These figures outline the fund’s strategic investment approach and effective management of its diverse portfolio. It aligns with the OIA’s aim to manage and develop the country’s funds and assets, achieve financial reserves, and implement government policies to advance the targeted economic sectors. 

Furthermore, the OIA stated that it seeks to diversify its new foreign and local investments across various sectors while connecting some foreign investments to targeted local industries by transferring technology and modern techniques. 

The fund invests across two main portfolios: the Future Generation Fund, a program that invests in public and private market assets globally, and the National Development Portfolio, which aims to contribute to Oman’s state budget and the growth and development of the country’s economy.