Oman mulls a joint investment fund with Kazakh sovereign

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Oman and Kazakhstan are getting the ball rolling on a possible joint investment fund, signing a preliminary agreement to explore the plan. The fund, set to be a 50-50 JV between the two countries’ sovereign wealth funds, would focus on investment across energy, logistics, mining, technology, tourism, and education, according to Oman’s state media.

Background: Oman is already active in the region through similar arrangements with sovereign funds. It invests in Uzbekistan through the Uzbek-Omani Investment Company — a USD 200 mn JV between the Oman Investment Authority (OIA) and the Uzbek Reconstruction and Development Fund, founded in 2010. The OIA also set up a USD 200 mn joint fund with Azerbaijan Investment Holding in 2025.
Why this matters: Kazakhstan is the biggest economy in Central Asia, accounting for half of the region’s overall GDP. The country is also the main destination for foreign direct investments, clinching 70% of these flows in Central Asia.

Al Habtoor sues Lebanon: UAE-based Al Habtoor Group formally launched judicial proceedings against Lebanon through the International Center for Settlement of Investment Disputes (ICSID) in Washington, according to a statement. The move comes after “a prolonged period of sustained and good-faith efforts by Al Habtoor Group to resolve the matter amicably,” with no results. The ICSID primarily handles disputes involving countries and foreign investors.

Background: Al Habtoor is suing over USD 1.7 bn in losses tied to its Lebanon investments, accusing authorities and the country’s central bank of blocking access to its deposited funds and dealing “severe and sustained harm” to its assets by their failure to impose a formal law on capital controls for banks. Last year, the group scrapped planned investments in Lebanon that were contingent on the formation of a new “strong and independent” government, a condition the group said was unmet.

The US Treasury froze USD 344 mn in cryptocurrency wallets linked to Iran in the latest crackdown on what Washington says are sanctions workaround outlets used by the Iranian regime. The digital currency assets were traced to two addresses allegedly linked to the Central Bank of Iran, crypto transactions facilitator Tether has said.

Crypto provides a lifeline for both state-linked actors and regular retail investors in Iran. Severed from the global banking sector, crypto grew in popularity in Iran, with estimates saying Iran-based transactions were at some USD 8-10 bn last year.