Riyadh July 27 2023: The Public Investment Fund (PIF) today signed a Memorandum of Understanding (MoU) with the Oman Investment Authority (OIA) to expand their cooperation, enabling new and promising investments in Oman’s rapidly growing economy, the Saudi Press Agency (SPA) reported.
The MoU provides benefits and incentives for PIF and its portfolio companies, which intend to unlock investment opportunities in Oman. It also represents a significant milestone in PIF’s and OIA’s strategic partnership as it aims to expand PIF’s portfolio in Oman, building on the recent establishment of the Saudi Omani Investment Company (SOIC), a PIF-wholly owned company, which intends to invest up to US$5 billion in promising sectors in Oman.
SOIC recently closed its first investment in Oman as a 20 percent anchor investor in Abraj Energy Services’ IPO and continues to seek other investment opportunities with OIA and its companies.
Through this MoU, PIF aims to streamline its investment activities in Oman across a wide range of asset classes and target industries. The OIA is expected to explore attractive investment opportunities for cooperation and partnership with PIF, in addition to providing all aspects of support required in the Omani market.
