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Business man signing a contract Image used for illustrative purpose. Getty Images
The Public Investment Fund (PIF) and the Oman Investment Authority (OIA) have signed a memorandum of understanding (MoU) enabling new investments in Oman, while also aligning with the Saudi wealth fund's strategy to create long-term strategic partnerships in the MENA region.
Through this MoU, PIF aims to streamline its investment activities in Oman across a wide range of asset classes and target industries, it said in a statement on Thursday.
The MoU also builds on the recently established Saudi Omani Investment Company (SOIC), which is expected to invest up to 18.36 billion dirhams ($5 billion) in lucrative sectors in Oman.
SOIC recently closed its first investment in Oman as a 20% anchor investor in the Abraj Energy Services’ IPO.
(Writing by Bindu Rai; editing by Brinda Darasha)
