Oman Investment Authority (OIA) signed a memorandum of understanding (MoU) with the Public Investment Fund (PIF) of the Kingdom of Saudi Arabia (KSA) to enhance the scope of cooperation and enable new and promising investment opportunities.

This step came within the framework of a joint keenness to continue promoting economic integration and collaboration between the Sultanate of Oman and the Kingdom of Saudi Arabia and is in line with OIA’s efforts to attract foreign investments in targeted national sectors.

The PIF seeks to boost its investments in Oman by approaching diverse asset classes within numerous targeted sectors.

The MoU signing took place in the Saudi capital, Riyadh. The ceremony was attended by Abdulsalam Mohammed Al Murshidi, President of OIA, Yasir Othman Al Rumayyan, Governor of PIF, Sayyid Faisal Turki Al Said, Ambassador of Oman to Saudi Arabia and Ibtisam Ahmed Al Farooji, Undersecretary for Investment Promotion at the Ministry of Commerce, Industry, and Investment Promotion.

Based on this MoU, OIA will explore attractive investment opportunities and provide various forms of support to PIF. The MoU follows the establishment of the Saudi Omani Investment Company, to allocate USD 5 billion for investments across various promising sectors in Oman. This is in addition to expanding the PIF’s investment portfolio in the Omani market, which will stimulate investments in Oman due to new international strategic economic partnerships.

Commenting on the signing of this MoU, Mulham Basheer Al Jarf, Deputy President for Investments at OIA, said, “The Omani economy is growing significantly as a leading destination for international investments in the Middle East and North Africa (MENA) region. The MoU is consistent with OIA’s efforts and mandates that aim to attract foreign direct investments in line with Oman Vision 2040’s goals.

Al Jarf added, “The partnership is founded upon our solid relationships with PIF, and it is expected to pave the way for more cooperation and the creation of varied partnerships to accelerate Oman’s and Saudi Arabia’s economic diversification. Moreover, it opens the door for many private-sector partnerships between the two countries. It boosts the developmental and transformative trends in the two brotherly nations, eventually resulting in growth, sustainability, and prosperity.”

The signing of this MoU reflects the deep-rooted Omani-Saudi relationships and the advancement of bilateral cooperation under the two nation’s wise leadership. It also comes within the framework of realizing the joint strategic partnership on the investment and economic fronts established on solid historical, cultural, economic, and political ties between both countries.