Oman’s sovereign wealth fund, the Oman Investment Authority (OIA), has confirmed that between 2024 and 2028, it will launch IPOs in key sectors. Note that the fund boasts assets worth OMR 19.2 billion ($49 billion) as of last year (2023).
As part of a new divestment plan, the sultanate will float assets in energy, services and logistics, the fund announced on social media.
The fund will also roll out private placements, encouraging investors to support business development in agriculture, aquaculture and mining.
In 2022, the fund launched a divestment plan to attract foreign investments, bolster the Muscat Stock Exchange, restructure capital and repay debts. Since the launch until last year, the plan generated more than OMR 1 billion in revenues.
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Oman’s state energy company OQ has announced IPO plans to offer a 25% stake in its exploration and production business.
The IPO is expected to happen in October but is still subject to regulatory approvals.
The region continues to see a flurry of IPOs this year, registering proceeds of $3.6 billion during the first half of 2024.
The number of offerings this year, which reached 23 as of June, has surpassed last year’s but the value of proceeds posted a 32% decline, according to a Markaz report.
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