PVTIME – On 16 July, Future Fund Oman (FFO), under the auspices of the Oman Investment Authority (OIA), unveiled a new portfolio of 105 strategic investment projects, injecting a total of USD 1.744 billion to accelerate Oman’s economic diversification. The programme comprises USD 585 million in direct FFO funding and USD 458 million in complementary domestic investment. It covers renewable energy, advanced manufacturing, cultural wellness, medical technology, industrial innovation, and the food industry, with the aim of invigorating domestic industrial development. This renewed investment framework signifies Oman’s formal integration into the global clean energy supply chain, with photovoltaics emerging as the core strategic focus of the latest deployment.
Mulham Al Jarf, OIA’s vice president of investment, stated that the targeted investment portfolio closely aligns with Oman’s national strategic development priorities. It is set to address existing domestic industrial shortcomings and significantly enhance the Sultanate’s appeal to global institutional capital. Since its launch, FFO has been a key catalyst for Oman’s economic diversification agenda, establishing itself as a reputable Middle Eastern investment cooperation platform that is trusted by global investors thanks to its consistent and professional approach to cross-border investment deployment.
Clean energy is the most influential industrial segment in the new investment pipeline, supporting Oman’s efforts to strengthen its photovoltaic industrial chain and integrate into global new energy supply systems. The flagship Orion Solar project is being developed in the Sohar Free Zone as an integrated photovoltaic cell and module manufacturing facility with an annual production capacity of 6GW. As the first operational integrated photovoltaic production base of its kind in the Middle East, the site will support Oman’s localisation of the photovoltaic industry and help the nation transition away from its traditional, single-energy economic structure.
To complement the expansion of photovoltaic manufacturing, the Gallant industrial project will provide dedicated production capacity for key lithium battery materials. Scheduled to produce 66,000 tonnes of lithium iron phosphate cathode materials annually, the development will cater to the fast-growing global demand for clean power generation and energy storage solutions, while further optimising Oman’s new energy industrial chain layout.
FFO’s diversified investment strategy also covers other key domestic strategic and livelihood sectors beyond renewable energy. The fund will deliver an integrated resort project on As’ Sodah Island, which boasts nearly 10 kilometres of pristine coastline, and will develop Terminal 11: Oman’s first comprehensive innovation hub, designed to bring together start-ups, venture capital institutions, and research professionals, and to build a unified industrial innovation ecosystem. Other investments include Alma, a domestic animal nutrition manufacturer that leverages Oman’s marine and livestock resources, and XCyber, a national cybersecurity joint venture established by FFO and ewpartners. XCyber uses artificial intelligence technologies to protect Oman’s critical infrastructure and strengthen the foundation of the domestic digital economy.
The investment programme opens new channels for international capital to participate in Oman’s industrial development. FFO has allocated USD 200 million each to Vivo Capital, a global leader in life sciences investment, and Certares, an international specialist in cultural and tourism investment. A new USD 130 million medical industry investment fund has also been set up to promote the localisation and improvement in quality of Oman’s healthcare sector. FFO also provides full-cycle support for domestic start-ups and micro, small, and medium-sized enterprises at all stages of development to stimulate local innovation and entrepreneurship.
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