Muscat – Future Fund Oman (FFO), the latest initiative of Oman Investment Authority (OIA), has unveiled its first batch of investment projects in partnership with local and international investors.
These projects, valued at more than RO832mn, are expected to create over 1,600 direct jobs. Of the total investment, RO609mn has been committed by foreign investors, while FFO has contributed RO220mn.
Initial projects cover ten sectors, focusing on technology, manufacturing, tourism, green energy and electric vehicles. There is also strong emphasis on supporting small and medium enterprises and startups in sectors like food, health, financial technology and e-commerce.
Mulham al Jarf, Deputy President for Investments at OIA, informed that the projects reflect FFO’s commitment to boosting Oman’s economy, supporting strategic sectors, attracting foreign investment, and creating opportunities for local employment and business growth, especially for SMEs. He added that these are just the first of many projects approved following the fund’s establishment in January 2024. A total of 212 applications have been received thus far.
Among the standout projects is the United Solar manufacturing facility in Sohar Freezone. This plant, one of the largest in the world, will produce 100,000 tonnes of polysilicon annually, a key material for solar panels. Other significant projects include collaborations with Chinese funds to drive investment in information technology, renewable energy and tourism.
FFO is also supporting several SMEs and startups. Notable examples include IO Kitchen, a cloud kitchen with over 30 virtual brands, Bima, an online insurance broker, and Qpay, the first licensed Omani provider of ‘buy now, pay later’ services. Cutting-edge technologies, such as AI and blockchain, are at the heart of many of these ventures, including BcLear Aligner for dental braces and Nashid for secure digital identity solutions.
Other initiatives focus on medical tourism, fintech and digital procurement, with projects like Al Modawi, a medical tourism platform, and Zumr, which modernises traditional savings programmes using advanced algorithms. FFO also backs tech-driven projects like BidBid, an e-procurement platform, and Serb, which offers drone management solutions for various industries.
FFO was established with a capital of RO2bn by OIA and Ministry of Finance to drive national growth across sectors, excluding oil, gas and real estate. The fund’s investments, ranging from RO5mn to RO100mn, are aimed at growth-oriented projects. Interested investors can apply via the fund’s dedicated platform www.futurefund.om