Oman Investment Authority reaps major rewards from global ventures

MUSCAT : In a recent update from the Oman Investment Authority’s quarterly newsletter, Achievement and Brief, it was revealed that the Authority, through its Generations Portfolio, made a profitable exit from its investment in a prestigious office building in Milan, Italy. Originally acquired in 2007, the RSC building—spanning 22,000 square meters—was leased to RCS Media Group under a long-term contract extending to 2031, with a further extension option. This steady lease agreement has not only provided financial stability but has driven significant increases in the building’s market value over the years, contributing to the impressive 50 percent return on investment.

Additionally, the newsletter highlighted OIA’s growing presence in Uzbekistan, where its strategic partnership with the Uzbek-Omani Investment Company has led to the establishment of an American university in Tashkent. This project, in collaboration with Arizona State University, aims to revolutionize higher education in Uzbekistan by offering over 4,000 seats in technical and financial specializations, with plans for expansion to 9,000 students. Established in 2010, the Uzbek-Omani Investment Company, with OIA holding 75 percent of the shares, continues to diversify its investments across various sectors such as textiles, food, pharmaceuticals, and technology.

In the digital realm, OIA’s subsidiary, Omantel, is launching a cutting-edge electronic platform based on artificial intelligence aimed at boosting local advertising spend and reducing financial outflows. Omantel’s CEO, Talal bin Saeed Al Mamari, emphasized that this platform is a strategic shift toward creating a sustainable digital advertising ecosystem in Oman, with expansion plans across the GCC region by early 2025.
The December 2024 issue of Achievement and Brief also covers exciting developments like the international success of Ansar Company’s Omani-branded computers, and features an interview with Engineer Azza Al-Subhi, Operations Safety Engineer at OQ Exploration and Production, shedding light on her impactful career.