RIYADH: Oman Investment Authority has raised its assets to $41.5 billion as the sovereign fund increased its holdings in real estate, technology, and logistics sectors, Bloomberg reported.
This brings OIA’s managed assets to over 16 billion Omani rials ($41.6 billion) in 40 countries.
The sultanate’s wealth fund also invests in stocks, bonds, and short-term assets, as well as in logistics, service sector, mining, and industrial projects, according to the fund’s newly-published 2021 annual review.
The wealth fund has achieved an annual average return of 10.3 percent in 2021, the review showed.
Most of OIA’s investments are in Oman, which amounts to 61.5 percent of its portfolio, while North America accounts for 17 percent, Western Europe makes up 9.3 percent, and Asia Pacific is 4.7 percent.
Regionally, Oman’s wealth fund is one of the smallest managers of state capital.
In April, Saudi Arabia’s Public Investment Fund advanced from sixth to fifth place among the largest sovereign funds in the world for the first time, with assets valued at SR2.3 trillion as of end of the first quarter of 2022.
The PIF's share in the world’s sovereign wealth has increased to 6.2 percent, up from 5.9 percent, data from the Sovereign Wealth Fund Institute showed.
Third in the ranking is Kuwait Investment Authority, with assets of $737 billion, then the Abu Dhabi Investment Authority with assets of $697 billion.
According to the PIF’s annual report in October, assets under its management grew by over 20 percent in 2021 to reach SR1.980 trillion.
The PIF’s governor Yasir Al-Rumayyan is keen for the growth to continue, and is targeting AUMS of around SR4 trillion by end of 2025.
Commenting on the fund's 2021 annual report, he said: “During 2021, the Fund succeeded in increasing its AUMs by over 20 percent to almost SR1.980 trillion, the highest annual growth since the first PIF Program was launched, thereby powering the Fund to rank in the top global sovereign wealth funds by AUMs.”
The Fund aims to increase its AUMs while progressively increasing its contribution to the Kingdom’s non-oil gross domestic product, spurring the growth of strategic sectors and growing local content, he said.