The Omani government is to establish a wealth fund with US$5.2 billion in capital.
The Oman Future Fund has been described as a “distinct step in the interest of the nation and the promotion of economy and investment” by Sultan Haitham bin Tarik, who announced the initiative at a cabinet council meeting.
The fund is also designed to attract investment from overseas investors as well as the region’s private sector.
Like many of its neighbouring states, Oman has set a number of economic targets as part of its Oman Vision 2040 initiative and the fund is designed to help Oman move to a more diverse economy and to raise the capital needed to launch a number of economic projects.
Faisal Al-Rawas, chairman of the board of directors of the Oman Chamber of Commerce and Industry (OCCI), said that the fund would increase the number of foreign investors and would ultimately aid the productivity and profitability of companies in the sector.
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