The Public Investment Fund (PIF) announced Thursday that it has signed a Memorandum of Understanding (MoU) with Oman Investment Authority (OIA).
The MoU is intended to expand cooperation and investment between the two entities, enabling new and promising investments in the Sultanate of Oman’s rapidly growing economy.
The MoU provides benefits and incentives for PIF and its portfolio companies, which intend to unlock investment opportunities in Oman. The MoU also represents a significant milestone in PIFs and OIAs strategic partnership as it aims to expand PIFs portfolio in Oman, building on the recent establishment of the Saudi Omani Investment Company (SOIC), a PIF-wholly owned company, which intends to invest up to USD 5 billion in promising sectors in Oman.
Through this MoU, PIF aims to streamline its investment activities in Oman across a wide range of asset classes and target industries. The OIA is expected to explore attractive investment opportunities for cooperation and partnership with PIF, in addition to providing all aspects of support required in the Omani market.
Deputy President for Investment at OIA Mulhem Basheer Al Jarf said: “this MoU builds on our existing relationship with PIF and enables greater cooperation, driving economic diversification in Saudi Arabia and Oman,” adding that it aims to facilitate partnership opportunities for the private sector in both countries, in alignment with OIA’s efforts to attract FDI to the Sultanate of Oman through Oman’s 2040 vision.”
Source: Qatar News Agency
