MUSCAT : The Oman Investment Authority (OIA) said it recorded a profit of about $18.9 billion over the past four years as part of an ongoing transformation of state-owned enterprises (SOEs) aimed at improving efficiency, reducing debt and driving economic diversification.
In its 2024–2025 Oman Vision 2040 report, the sovereign wealth fund said it has invested $25.1 billion in capital expenditure to support long-term growth and sectoral synergies.
OIA also reported a decline in total SOE debt from $29.6 billion to $22.9 billion, reflecting stronger financial discipline and improved credit standing.
The Authority said it created 1,393 new jobs for Omani nationals in 2024, surpassing its target of 800, while local content spending reached $690 million as part of efforts to boost in-country value and private sector participation.
Initiatives introduced by the fund include mandatory procurement lists, supplier development programs, and business allocation opportunities for small and medium-sized enterprises, designed to stimulate entrepreneurship and support Oman’s economic diversification agenda.
“OIA continues to turn potential into progress,” the Authority said, reaffirming its commitment to the goals of Oman Vision 2040, which seeks to build a competitive, diversified, and sustainable economy.
Oman's sovereign wealth fund, the Oman Investment Authority, achieved a $18.9 billion profit in four years, reflecting successful reforms in state-owned enterprises. The OIA's initiatives have reduced SOE debt and created numerous jobs, supporting the nation's Vision 2040 goals of economic diversification and sustainability through strategic investments and local content spending.