Oman’s sovereign wealth fund, the Oman Investment Authority (OIA), plans to launch initial public offerings (IPOs) in key sectors from 2024 to 2028 to boost market funds.

The OIA will focus on energy, services, and logistics assets to enhance revenue streams over the next five years. In 2022 and 2023, the OIA raised $2.59 billion through divestments. As a key component of Oman’s Vision 2040, the fund is crucial in the country’s economic diversification efforts.

In its latest annual report released in August, the Oman Investment Authority (OIA) announced that its assets under management had grown to $49.8 billion by the end of 2023, marking an 11.6% increase from the previous year. The OIA’s divestment plan, initiated in 2022, focuses on drawing foreign investment, expanding the Muscat Stock Exchange, and restructuring capital for improved efficiency.

The fund will pursue private placements in agriculture, aquaculture, and mining to support business development while creating steering committees to manage the divestment process. The OIA aims to repay debt, localize new technologies, foster international partnerships, and reinvest revenues from divested assets.

In line with its strategy, Oman’s state energy firm OQ announced on September 9 that it plans to offer a 25% stake in its exploration and production business through an IPO next month, pending regulatory approval.

This move is part of Oman’s broader initiative to leverage IPOs for market growth, coinciding with a surge in public offerings across the Gulf Cooperation Council (GCC) region.

According to the Kuwait Financial Center (Markaz), the GCC raised $3.6 billion from 23 IPOs in the first half of the year, with Saudi Arabia leading the charge by securing $2.1 billion—a 141% increase compared to the previous year.

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