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Oman's Sovereign Fund Has Merged Nitaj & FDO

  • Publish date: Saturday، 07 September 2024
Oman's Sovereign Fund Has Merged Nitaj & FDO

The Oman Investment Authority (OIA) has merged Oman Food Investment Holding Company (Nitaj) and Fisheries Development Oman (FDO) as part of efforts to enhance food security in the sultanate under Vision 2040. The OIA stated that this merger aligns with its mandate, established by Royal Decree No. 57/2021, to manage the establishment, merger, liquidation, and sale of assets.

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By combining the value chains and streamlining procurement, contracts, logistics, and business operations of the two companies, the OIA anticipates significant revenue growth from the merger.

According to its 2023 annual report, OIA increased its assets to OMR19.6 billion ($51 billion), up from OMR17.2 billion the previous year, as part of its strategy to diversify its investments geographically and across various sectors. The wealth fund reported more than OMR1.7 billion in profit for 2023, contributing OMR800 million to the state’s general budget. Notably, the contribution came entirely from profits and returns, without the need to liquidate or sell any assets.

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Additionally, the state-controlled fund repaid OMR300 million in debt owed by its companies during 2023. Most of OIA's investments are within Oman, comprising 60.8% of its portfolio, and include state-owned firms across sectors such as energy, aviation, maritime, and telecommunications.

In January, Oman’s sovereign fund launched the Future Fund Oman, a new initiative aimed at boosting the national economy and attracting foreign investment. The fund has an initial capital of OMR2 billion, to be invested over the next five years across a wide range of industries.

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