Oman’s Future Fund (FFO), the latest initiative under the Oman Investment Authority (OIA), has revealed its first round of approved investment projects, totalling more than US$ 2 billion. These investments, which include US$ 1.6 billion from foreign investors and US$ 571 million contributed by FFO, are expected to create over 1,600 jobs and play a key role in driving the country’s economic diversification.
The projects span a variety of sectors, including technology, manufacturing, renewable energy, tourism, and electric vehicles. A strong emphasis is also placed on small and medium enterprises (SMEs) and startups, with targeted investments in industries such as food, healthcare, financial technology, and e-commerce.
In a statement, Mulham Al Jarf, Deputy President for Investments at the Oman Investment Authority, highlighted that the launch of these projects marks a major step towards fulfilling FFO’s strategic objectives. He noted that the initiatives aim to stimulate local economic growth, foster collaboration with the private sector, attract international investment, and create new opportunities for Omani businesses and job seekers. He also stressed that these projects are just the beginning, following the establishment of FFO earlier this year in January.
Among the most notable initiatives is the United Solar Polysilicon Plant, to be located in the SOHAR Port and Freezone. This facility, expected to become one of the largest of its kind globally, will produce 100,000 tonnes of polysilicon annually. The material is crucial for the production of solar panels, and the plant will serve as a major contributor to the growth of the renewable energy sector, positioning Oman as a leader in the industry within the region.
Other key projects include the IDG Oman Fund, a collaboration with China’s IDG Capital, which will focus on sectors like ICT, renewable energy, and electric vehicles. Another significant partnership is the EWP Oman Fund, launched in collaboration with EW Partners, targeting investments in ICT, energy, tourism, and agriculture.
In addition to these large-scale ventures, the Future Fund Oman is actively supporting a number of innovative SMEs and startups in partnership with various fund managers. These include IO Kitchen, a cloud kitchen offering more than 30 virtual food brands, Bima, an online insurance service, and Qpay, Oman’s first licensed “buy now, pay later” platform. Other groundbreaking projects include BcLear Aligner, an AI-powered dental solution, Nashid, a blockchain-based digital identity platform, and Antom, a digital financial services provider.
FFO, which was established with an initial capital of US$ 5.2 billion, is focused on driving growth in sectors that align with Oman’s Vision 2040. Notably, it excludes investments in oil, gas, and real estate, focusing instead on forward-looking industries that are vital to the country’s future development.
The approval of these projects comes as part of FFO’s wider mission to transform Oman’s economic landscape, moving away from traditional industries and embracing new technologies and innovations that will shape the nation’s prosperity in the years ahead. Interested investors are invited to submit proposals through the dedicated platform, https://futurefund.om/futurefund/
