RIYADH: Total assets of Oman’s sovereign wealth fund increased by an estimated 7.4 percent year on year to reach 19.24 billion Omani rials ($49.9 billion) in 2023, according to new figures. A report issued by the Oman Investment Authority revealed that the return on investment for 2023 stood at 9.95 percent, the body said in a post on X. The rise in numbers underscores the authority’s role in driving economic growth and stability within the Middle Eastern country. Moreover, the robust performance reflects the OIA’s strategic investment approach and effective management of its diverse portfolio. This aligns with the authority’s objective to manage and develop the country’s funds and assets, achieve financial reserves, and implement government policies to advance the targeted economic sectors. During its media meeting on Tuesday in Muscat, the entity confirmed that it will continue supplying the state’s general budget with amounts exceeding 6 billion rials from 2016 until the end of 2023. The post also revealed that the OIA aims to diversify its new foreign and local investments both geographically and across various sectors. Additionally, it plans to connect some foreign investments to targeted local industries by transferring technology and modern techniques. The authority also clarified that the private markets sector of the Al-Ajyal portfolio, which manages the OIA’s investments abroad, has invested in 13 global funds operating in multiple sectors. This comes in addition to its entry into various direct investments. It further indicated that the public markets sector of the Al-Ajyal portfolio continues to invest in a number of countries around the world, achieving an average return of 9.8 percent, therefore exceeding the target rate of 5 percent. The authority listed Electric Hydrogen, the Australian company Hysata, and the American firm Our Next Energy, as well as the Platinum investment fund, the Global Infrastructure Fund, and the Chinese Fund, as its most prominent direct foreign investments. In August 2023, Finance Minister Sultan bin Salim Al-Habsi, also the chairman of the authority, said: “OIA is not immune to the impact of world events, but they did not pose an obstacle to our ongoing journey toward growing Oman’s economy and achieving financial sustainability.”