Overview
The Oman Investment Authority (OIA) was established by Royal Decree 61/2020 as the unified sovereign wealth institution of the Sultanate of Oman, consolidating the functions of the State General Reserve Fund (SGRF) and the Oman Investment Fund (OIF) under a single entity. OIA holds Oman’s long-term financial assets and strategic equity stakes across both domestic and international markets.
OIA’s assets under management are estimated at approximately $42 billion — a significant but not extraordinarily large sovereign fund by Gulf standards (Saudi Arabia’s PIF is approximately $700bn; Abu Dhabi’s ADIA exceeds $900bn). OIA’s scale reflects Oman’s smaller oil revenue base and the years of deficit spending that reduced the fund’s size during the 2015-2020 oil price downturn.
Mandate and Objectives
OIA operates under a dual mandate:
Long-term wealth preservation: Investing international assets in a diversified portfolio to preserve and grow real purchasing power across economic cycles, ensuring intergenerational equity in the management of Oman’s resource wealth.
Strategic domestic investment: Holding equity stakes in Oman’s major state-owned enterprises and facilitating Vision 2040-aligned investment in domestic sectors — acting as a patient capital provider where private sector investment is insufficient.
Key Holdings
OIA’s domestic portfolio includes controlling or significant shareholdings in many of Oman’s largest enterprises:
- Omantel (Oman Telecommunications Company) — dominant telecom provider
- Bank Muscat — Oman’s largest bank by assets
- OQ Group — integrated energy company
- Oman LNG — liquefied natural gas export
- OMRAN (tourism development)
- ASYAD Group (logistics)
- Various real estate, manufacturing, and financial services holdings
The international portfolio spans equities, fixed income, real assets, and alternative investments across global markets.
Oman Future Fund
In 2024, the government launched the Oman Future Fund with initial capitalisation of OMR 2 billion (approximately $5.2 billion) — a separate vehicle designed to invest in Vision 2040 priority sectors. The relationship between OIA and the Oman Future Fund (which operates somewhat independently) represents an evolving institutional architecture for state investment management.
Governance
OIA is governed by a Board of Directors chaired by the Minister of Finance, with the Minister of Economy and other senior officials as members. This structure ensures alignment with national economic policy while providing the governance framework that international counterpart institutions expect. OIA is a member of the International Forum of Sovereign Wealth Funds (IFSWF) and subscribes to the Santiago Principles for SWF governance.