Oman launches Future Fund Oman: The Oman Investment Authority (OIA) has launched Future Fund Oman with a capital of RO 2 bn (c. USD 5.2 bn) designated for investments in eight sectors including green energy and mining over the next 5 years, Oman News Agency reported last week.

The breakdown: The fund will be dispensed in RO 400 mn (c. USD 1.04 bn) increments every year, with 90% of its capital earmarked for direct investments in new or existing projects, 7% for SMEs, and 3% for startups. The six other sectors targeted under the fund are tourism, manufacturing, information and communication technologies, ports and logistics, fisheries, and agriculture.

Who is in charge of what: Two different committees will govern the fund; an Investment Committee responsible for approving investments and divestments and an Advisory Committee tasked with the supervision and follow-up on SME and startup investments, the news outlet notes. The former will be made up of five members from the OIA, the Ministry of Finance, and other independent entities, while the latter will include the SMEs Development Authority as a member. Investment allocated to SMEs and startups will be managed by the Oman National Investment Development Company (Tanmia), ITHCAGroup, Omantel, and Cyfr Capital.

Making strides in green finance: Oman’s sustainable finance framework — the first of its kind to be implemented by a GCC state — earned a “Very Good” rating from Moody's Investors Services last week. The framework aims to reduce Oman’s reliance on fossil fuels and attract ESG investors. The sultanate will introduce green, social, and sustainability bonds as part of the initiative.

How to apply: Companies or investors interested in receiving financing for their projects can create an account on the fund’s website and fill out an application to determine whether they qualify for the fund, depending on a set criteria. Review of an application will take up to three months after submission.

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