<a href="https://www.thenationalnews.com/business/economy/2023/07/27/saudi-arabias-pif-and-oman-investment-authority-sign-investment-pact/" target="_blank">Oman Investment Authority’s </a>total assets reached 17.9 billion Omani riyals ($46.6 billion) in 2022 as it continues to ramp up investments globally and nationally to support the economy's growth, <a href="https://www.thenationalnews.com/business/2022/04/25/oman-to-divide-sovereign-wealth-fund-into-local-and-foreign-portfolios/" target="_blank">the Gulf nation’s sovereign wealth fund said in its annual report on Wednesday.</a> The total return on investment last year was 8.8 per cent, contributing more than 5 billion riyals to the finance ministry in the form of dividends to support the general budget, according to the report. Set up in 2020 through a royal decree, OIA manages, grows and invests Oman’s funds and assets to generate maximum returns and contribute to the country’s economy. It manages its assets and investments through two portfolios, the National Development Portfolio and the Future Generations Fund. Sixty per cent of assets are under the National Development Portfolio consisting of 160 companies, mainly supporting the growth of the local economy. The Future Generations Fund focuses on international investments with 40 per cent of OIA’s assets under its umbrella. “Through our investments spread across more than 50 countries around the world, we have achieved good returns and excellent profits by making some new investments and exiting others,” Sultan Al Habsi, Minister of Finance and Chairman of OIA ,said in the report. “The National Development Portfolio continues to grow. Performance has also improved, and production has increased, bringing profits to more than 1.4 billion riyals,” he said. Apart from domestic investments in Oman constituting 61.5 per cent of total investments, OIA has investments in a number of countries globally including North America, Europe, Asia Pacific, the Middle East and North Africa, Latin America and Africa. North America has the largest share of investments globally at 17.6 per cent followed by Europe at 9.8 per cent and Asia Pacific at 4.2 per cent, according to the report. “Our global network of companies is expanding, and we are ramping up partnerships with global investment institutions,” Mr Al Habsi said. Last month, OIA signed a preliminary agreement with Saudi Arabia's <a href="https://www.thenationalnews.com/business/economy/2023/05/02/saudi-arabias-pif-aims-to-create-18-million-jobs-and-boost-assets-to-1tn/">Public Investment Fund</a> to explore investment opportunities worth as much as $5 billion in the sultanate. <a href="https://www.thenationalnews.com/business/energy/2022/05/26/acwa-power-teams-up-with-omans-oq-and-air-products-to-develop-green-hydrogen-ammonia-unit/" target="_blank">Among its major assets, the OIA wholly owns Oman's main energy holding company OQ,</a> created to centralise the state's oil and gas investments. OQ's 2022 revenue was up 68 per cent on the previous year, leading to a 100 per cent increase in net profit last year, the fund said in the report, without providing further financial details. Oman LNG’s revenues increased by 58 per cent in 2022 compared to 2021, leading to a net profit increase of 126 per cent during the same period. Oman's economy is on a strong footing as it presses forward with its economic <a href="https://www.thenationalnews.com/gulf-news/2023/05/31/omans-sultan-unveils-plans-for-new-city-for-low-income-citizens/">diversification</a> initiatives, buttressed by favourable oil prices and fiscal reforms at a time when <a href="https://www.thenationalnews.com/business/2023/02/28/gcc-in-sweet-spot-in-terms-of-economic-growth-and-inflation-say-economists/">inflation remains contained</a>, the International Monetary Fund said in June. Real gross domestic product grew by 4.3 per cent in 2022, primarily driven by a <a href="https://www.thenationalnews.com/business/economy/2022/08/09/oman-poised-to-post-first-yearly-fiscal-surplus-in-a-decade-in-2022-fitch-says/">strong expansion of the hydrocarbon sector</a>, it said. Economic growth is projected to slow to 1.3 per cent in 2023 and then rebound to 2.7 per cent in 2024, amid <a href="https://www.thenationalnews.com/business/energy/2023/06/04/opec-agrees-to-2024-production-target-of-4046-million-bpd-amid-demand-concerns/">oil production cuts by Opec+</a> and moderate growth in the non-hydrocarbon sector.