Oman Investment Authority Powers Economic Growth, Creates 6,500 Jobs in Transformational Drive

Muscat : The Oman Investment Authority (OIA), a key pillar of the Sultanate’s economic diversification strategy, has reported robust performance under its National Development Portfolio, delivering substantial financial gains and tangible socio-economic benefits for the nation.

By the end of 2024, the portfolio achieved an impressive annual asset growth rate of 21.5%, with total assets reaching RO 12.1 billion. Revenues surged by 25% to RO 82.8 billion, while contributions to the state budget totaled RO 3.7 billion, underlining OIA’s pivotal role in national fiscal sustainability.

6,500 New Jobs & High Omanization Rate

The OIA’s development strategy translated into 6,500 new job opportunities for Omani nationals, raising the total workforce across its companies to 41,000 employees. The Omanization rate now stands at 77.7%, reflecting OIA’s strong commitment to local talent development and economic inclusion.

Empowering the Private Sector & Attracting Global Investment

The Authority facilitated strategic divestments worth RO 2.7 billion to encourage private sector engagement and competitiveness. It also succeeded in attracting RO 638 million in foreign direct investment (FDI), bolstering Oman’s position as a destination for global capital.

Further, OIA invested RO 8.8 billion in initiatives aimed at ensuring long-term returns, strengthening corporate governance, and maximizing economic impact.

Sectoral Highlights Across Key Industries

Industrial & Energy Sector:

• Commissioning of the Duqm Refinery, a transformative project for Oman’s downstream sector.
• Launch of OQ’s ammonia plant in Dhofar, expanding the country’s chemical and industrial footprint.

Logistics Infrastructure:

• Progress on the Hafeet Rail Project and expansion of the Asyad Container Terminal, strengthening Oman’s trade connectivity.

Tourism & Hospitality:

• Inaugurations of Jumeirah Muscat Bay and Dusit D2 Naseem Resort in Jabal Akhdar, elevating Oman’s appeal as a luxury tourism hub.

Technology & Innovation:

• Establishment of a semiconductor design center and a drone manufacturing facility, positioning Oman at the forefront of tech-driven economic development.

Fisheries Sector:

• Expansion with new fishing vessels, canning facilities, and fish farming projects aimed at sustainable marine resource utilization.

Mining & Renewable Energy:

• Rollout of new mining projects and green energy developments, reinforcing Oman’s sustainable growth agenda.

Boosting Local Content and SME Participation

OIA placed strong emphasis on strengthening local supply chains and SMEs. In 2024 alone:

• RO 265.5 million was spent on local SMEs, representing nearly 20% of supply chain expenditure.
• Local content accounted for 32.4% of total contract values, reflecting increased domestic value generation and economic resilience.

With a strategic focus on sustainability, innovation, and inclusive growth, the Oman Investment Authority continues to play a central role in driving Oman’s Vision 2040 objectives, setting a benchmark for impactful, future-ready public investment.