Oman Investment Authority (OIA), the country’s sovereign wealth fund, aims to spend 1.9 billion rials ($4.95bn) on investment projects next year, state media reported yesterday.
The OIA said financing for the investment projects will come from the local and foreign private sector, from financing institutions, or from the agency itself or its subsidiaries. The investments will include about 65 new and existing projects in sectors including logistics, food and fisheries, energy, mining, services, and communications and IT.
The sovereign wealth fund also expects to exit eight investments in 2023, with estimated returns exceeding half a billion rials. Three of the investments are in the energy sector, three are in the aviation, industry and tourism sectors, while the remaining two are in the communications and information technology sector.
A senior executive at the wealth fund told Reuters in October that the OIA is considering investing in the United Kingdom’s technology sector to take advantage of valuations, and was close to investing in a port in Zanzibar.
The OIA has also reportedly joined a group of foreign investors to invest $214 million in Group14 Technologies, a battery materials manufacturing company based in the US. Group14 develops lithium-silicon battery materials and aims to replace the standard lithium-ion batteries.
According to a Fast Company report, Group14 has stated that it had secured a total of $614 million in its Series C investment round with the latest funding infusions. Some of the key investors in Group14 Technologies include SK Materials and Porsche.
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