In a noteworthy development, the Public Investment Fund (PIF) of Saudi Arabia and the Oman Investment Authority (OIA) have taken a significant step towards bolstering their partnership. As reported by the Saudi Press Agency (SPA), the two entities signed a Memorandum of Understanding (MoU) aimed at enhancing collaboration and unlocking promising investment opportunities within Oman’s rapidly growing economy.
The MoU brings with it a host of benefits and incentives for PIF and its portfolio companies, intending to pave the way for strategic investments in Oman. Of particular significance is the expansion of PIF’s portfolio in Oman, which builds upon the recent establishment of the Saudi Omani Investment Company (SOIC). Under PIF’s ownership, SOIC is poised to invest up to US$5 billion in high-potential sectors across Oman.
One notable milestone achieved through this agreement is SOIC’s successful investment in Abraj Energy Services’ Initial Public Offering (IPO), where it acted as a 20 percent anchor investor. The collaboration between PIF and OIA is poised to unearth more such investment opportunities, as they continue to explore potential joint ventures in the Omani market.
The MoU enables PIF to streamline its investment activities across various asset classes and industries in Oman. In turn, the OIA is expected to actively seek and present attractive investment prospects, providing all necessary support in Oman’s thriving market. With this step, both PIF and OIA are set to strengthen their partnership, promoting economic growth and prosperity in Oman.
