Muscat – The Oman Future Fund, part of the Oman Investment Authority, has announced its first batch of investment projects, valued at more than RO832 million.

These ventures, undertaken in collaboration with local companies and international investors, include RO609 million in foreign investments, while the Fund itself has committed RO220 million. The projects are expected to create over 1,600 direct jobs.

These initiatives span across ten critical sectors in the Sultanate, including technology, industry, tourism, new energy, and electric vehicles. Additionally, the SME and start-up categories cover sectors such as food, health, technology, fintech, and e-commerce.

Mulhim bin Bashir al Jarf, deputy chairman of Oman Investment Authority (OIA), said that projects align with the strategic goals of the Oman Future Fund, which aim to stimulate and grow the local economy, develop key economic sectors, collaborate with the private sector, attract foreign investment, and create opportunities for small and medium-sized enterprises (SMEs) and start-ups.

He noted that these projects represent the Fund’s first investments since its operational launch on January 17, 2024, with strong interest from both local and international investors.

Over 212 applications have been submitted, reflecting high demand. Al-Jarf emphasized the Fund's commitment to rigorous measures that ensure sound investment decisions.

The direct projects are the United Solar Factory in Sohar Free Zone, one of the largest polysilicon plants globally and the first of its kind in the Middle East, designed to support renewable energy industries, including solar panel manufacturing.

The factory’s annual production capacity is set at 100,000 tonnes.

The second project is the IDG Oman Investment Fund, a partnership with China’s IDG Capital, which will invest in Oman’s ICT, renewable energy, and electric vehicle sectors. The third project, the EWTB Oman Fund, another collaboration with China’s EWTB Capital, will focus on investments in ICT, energy, tourism, and agriculture in Oman.

In the SME and start-up sectors, managed in partnership with companies such as Tanmia, Ithaca, Omantel, and Cypher Capital, the projects include IO Kitchen, a cloud kitchen featuring over 30 virtual brands aimed at reshaping the food delivery experience using advanced technologies.

Other notable initiatives include Bima, Oman’s first online insurance broker, and OPay, the first licensed Omani company to offer "Buy Now, Pay Later" services.

Additionally, Baslir Aligner is revolutionizing orthodontics with AI-powered solutions, and Nashid is providing secure digital identity services through blockchain and AI. Antum Digital Platform empowers financial institutions and fintech companies with API management technologies, while the Madawi Digital Platform supports medical tourism by helping users locate accredited healthcare providers and book comprehensive treatment services. Vascano provides intelligent ordering solutions for the food, hospitality, and events sectors, while Edvapi turns mobile phones into secure payment devices for commercial transactions.

Other innovative projects include Zumr, which modernizes traditional savings associations with smart algorithms, and Munak Portal, which simplifies financial and consumer services for expatriate workers by streamlining the registration process for employers and recruitment agencies.

Sampo Al offers pricing solutions for e-commerce companies, Ben Plus connects users with trusted suppliers in the hospitality sector, and Bad Bid facilitates e-procurement with live auctions and data analytics.

Sarb provides advanced drone management solutions through its UTM platform for safe and efficient aviation operations.

The Oman Future Fund’s approach to local direct projects involves partnerships or lending, with a focus on growth-driven initiatives.

The Fund’s stake in any project is capped at 40 percent, and investments range from RO5 million to RO100 million.

For SMEs, the Fund’s investments are channeled through partnerships or venture capital, with a maximum investment of RO5 million, focusing on supporting growth and expansion without seeking majority ownership.

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