The deal strengthens PIF’s strategy to create strategic partnerships in the MENA region
Saudi Arabia’s Public Investment Fund (PIF) recently announced that it has signed a Memorandum of Understanding (MoU) with the Oman Investment Authority (OIA).
The MoU is intended to expand cooperation and investment between the two entities, enabling new and promising investments in Oman’s rapidly growing economy.
The MoU also represents a significant milestone in PIF’s and OIA’s strategic partnership as it aims to expand PIF’s portfolio in Oman, building on the recent establishment of the Saudi Omani Investment Company (SOIC), a PIF-wholly owned company, which intends to invest up to USD5 billion in promising sectors in Oman.
“PIF aims to create long-term strategic partnerships in the region that support the creation of sustainable returns, deliver value to local economies, maximize PIF’s assets, and diversify the Saudi Arabian economy in line with Vision 2030,” observed Yazeed A. Al-Humied, Deputy Governor and Head of MENA Investments, PIF.
“This MoU builds on our existing relationship with PIF and enables greater cooperation, driving economic diversification in Saudi Arabia and Oman,” noted Mulhem Basheer Al Jarf, Deputy President, Investment, OIA.
By attracting capital, championing innovation, and implementing strategic initiatives, OIA plays an instrumental role in advancing Oman’s economic growth, elevating its global competitiveness, and driving the nation toward a prosperous and resilient future.
