Saudi wealth fund PIF to seek up to $5 bln in Oman investments

Sovereign wealth funds of Saudi Arabia and Oman have agreed on Thursday to boost cooperation and explore investment opportunities, the Omani state news agency said, with up to $5 billion earmarked for potential Saudi investments in Oman.

Saudi Arabia has stepped up investments in Oman in a show of support for one of the Gulf's weaker economies as it recovers from the impact of the COVID-19 pandemic and seeks to grow non-oil sectors in a diversification push.

Saudi's Public Investment Fund (PIF) and the Oman Investment Authority (OIA) on Thursday signed a preliminary pact to identify investments in Oman under the Saudi Omani Investment Company, wholly owned by the PIF, in various sectors.


In October, PIF established five regional investment companies targeting investments of up to $24 billion as part of a strategy grow its assets under management and diversify Saudi Arabia's revenue sources.