Written by 00:27 News, Saudi Arabia

Over the following five Years, Oman’s wealth Fund will introduce Initial Public Offerings (IPOs) in Several Important Sectors

RIYADH: As part of its divestment strategy to raise additional market funds, Oman’s sovereign wealth fund intends to launch initial public offerings in strategic sectors between 2024 and 2028.

In a post on X, formerly known as Twitter, the Oman Investment Authority stated that it will concentrate on energy, services, and logistics assets with the goal of increasing revenues over the next five years. Through the divestiture of subsidiaries and affiliated companies, OIA generated 1 billion Omani rials ($2.59 billion) in 2022 and 2023.

The government-controlled fund said in its August annual report that by the end of 2023, its assets under management had increased to 19.2 billion rials, an increase of 11.6 percent from the year before.

“OIA’s divestment plan is still meeting its national goals. After withdrawing from 12 investments, it successfully produced revenues of more than 1 billion rials in 2022 and 2023. Meanwhile, according to the OIA, it continued to build an institutional approach by revising the plan and forming steering committees to guarantee its efficient management.

The wealth fund also mentioned that steering committees will be established in a number of businesses to manage the divestment procedure. To promote business development, OIA also intends to introduce private placements, which will encourage investment in mining, agriculture, and aquaculture.

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