Saudi and Oman wealth funds sign MoU

The respective sovereign wealth funds of Saudi Arabia and Oman have signed a memorandum of understanding (MoU) to expand investment in Oman.

The agreement between the Saudi-based Public Investment Fund (PIF) and the Oman Investment Authority (OIA) will enable new and promising investments in Oman’s rapidly growing economy, according to a Saudi press agency report.

The MoU follows the recent founding of the PIF-owned Saudi Omani Investment Company which has pledged to invest up to US$5 billion in the Oman economy.

It has already closed its first investment in Oman after acquiring a 20% stake in Abraj Energyt Services following its IPO.  

“PIF aims to create long-term strategic partnerships in the region that support the creation of sustainable returns, deliver value to local economies, maximise PIF’s assets, and diversify the Saudi Arabian economy in line with Vision 2030,” said Deputy Governor and Head of MENA Investments at PIF, Yazeed A Al-Humied, deputy governor and head of Mena investments.

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