Oman’s sovereign wealth fund said in its 2023 annual report that its assets reached 19.2 billion riyals ($49.9 billion) at the end of 2023, up from 17.2 billion riyals ($44.7 billion) a year earlier.
The Oman Investment Authority also said in the report issued on Monday that it recorded profits of more than 1.7 billion riyals ($4.4 billion) and shares worth 800 million riyals ($2.08 billion) in the state budget.
The state-owned fund’s assets include companies with activities in many sectors of the Gulf state’s economy, including energy, aviation, maritime and telecommunications.
It is noteworthy that 3 months ago, the International Monetary Fund said that the future outlook for the Sultanate of Oman in the short and medium term is favorable, with downside risks stemming from tension in the region and the sudden global slowdown.
The Fund added at the time that Oman’s fiscal and external balances are expected to remain comfortable in the medium term, supported by favorable oil prices and ongoing fiscal and structural reforms.
The fund expected economic growth in Oman to remain moderate at 0.9% in 2024, against the backdrop of extending oil production cuts until the first half of this year, then accelerating to 4.1% in 2025.
The IMF said that the Omani banking sector remains solid, supported by comfortable capital and liquidity ratios and strong asset quality.
Oman’s Ministry of Finance had said earlier this year that the Sultanate’s public debt had fallen to 15.1 billion riyals ($39.24 billion) by the end of the first quarter of 2024, compared to 15.3 billion riyals ($39.76 billion) by the end of 2023.
By the end of the first quarter, the Ministry of Finance paid more than 206 million riyals ($535.3 million) in dues to the private sector.
