Muscat, Mulham Basheer Al Jarf, Deputy Chairman of Oman Investment Authority (OIA), has said that the OIA succeeded in enhancing its international investments by entering into 20 new ventures in different sectors, including mining, logistics, healthcare and space technology.
The investments, aimed to bolster the OIA’s portfolio, are implemented in 36 countries and enable the authority to make gains, despite the adverse impacts of Covid-19 on the global economy, said Al Jarf, in a statement to Oman News Agency (ONA).
He added that the importance of the investments lies in empowering Oman and consolidating its ability to carry out its fiscal balance plans.
Since 2016, the OIA pumped RO 5 billion into the State’s general finance and thus covered a portion of the deficit resulting from the slump in oil prices, said Al Jarf, noting the OIA earned profits without resorting to the liquidation of its assets.
In the meantime, the OIA managed to attract direct foreign investments through its international partners, besides transferring to Oman advanced international techniques to serve strategic sectors like mining, logistics, food and space communications, to name a few, Al Jarf affirmed.
The OIA seeks to maximize revenues to build financial reserves and surpluses to help contribute to fiscal sustainability in the Sultanate of Oman, said Al Jarf.
In reply to a query about OIA’s major investments, Al Jarf said that the authority succeeded in acquiring the full quota of SpaceX specialized space and satellite communications and technologies. This will place Oman on the lead to utilize SpaceX technologies, open wide visas for global investments, provide employment opportunities and hone its expertise in economic diversification initiatives, Al Jarf explained.
He added that, in the logistics sector, the OIA possesses 35% of Kumport container port in Turkey (which handles more than 1.2 million containers per annum), acting in partnership with Chinese investment firms. The OIA is also investing in Bharat Port in Mumbai, India in partnership with Singaporean firms to operate a container terminal whose capacity stands at 4.8 million containers a year, he added.
Other OIA international investments include a tie-up with Kenmir company engaged in mining and production of titanium ore and managing about 10% of global titanium reserves. Recently, Kenmir implemented investment projects that saw its shares soar by 50%, the highest in years.
Meanwhile, the OIA succeeded in completing gradual withdrawal from some international investments and generated withdrawal returns equal to triple the value of its investments there, said Al Jarf.
Source: Oman News Agency