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Oman Launches $5B Investment Fund to Diversify Economy

A general view of Muscat, Oman. (AP)
A general view of Muscat, Oman. (AP)
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Oman Launches $5B Investment Fund to Diversify Economy

A general view of Muscat, Oman. (AP)
A general view of Muscat, Oman. (AP)

Oman plans to launch a $5 billion public investment fund to support plans to overhaul the economy in the Gulf Arab nation over the next two decades, state media reported Wednesday.

The Oman Future Fund will aim to increase economic activity and support the private sector as the country looks to reduce its reliance on oil.

State media said Sultan Haitham bin Tariq Al Said approved the new fund, which would launch with 2 million riyals, or around $5.2 billion. It would support the country's Vision 2040 plans to grow and diversify the economy.

The Oman Investment Authority was established in 2020 and incorporated an earlier fund dating back to 1980.

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Saudi Trade Surplus Grows to $5.5 Billion in October 2024

The Kingdom's total international trade volume reached SAR164.7 billion ($43.8 billion) in October. Asharq Al-Awsat
The Kingdom's total international trade volume reached SAR164.7 billion ($43.8 billion) in October. Asharq Al-Awsat
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Saudi Trade Surplus Grows to $5.5 Billion in October 2024

The Kingdom's total international trade volume reached SAR164.7 billion ($43.8 billion) in October. Asharq Al-Awsat
The Kingdom's total international trade volume reached SAR164.7 billion ($43.8 billion) in October. Asharq Al-Awsat

Saudi Arabia’s trade balance recorded a 30% monthly growth, achieving a surplus of SAR20.7 billion ($5.5 billion) in October 2024, according to the Kingdom’s recently released global trade bulletin.

This marks an increase of over SAR4 billion ($1.06 billion) from SAR15.9 billion ($4.2 billion) in the previous month of September.

The Kingdom's total international trade volume reached SAR164.7 billion ($43.8 billion) in October, reflecting a 2% growth, amounting to SAR2.5 billion ($690.1 million) compared to nearly SAR162.2 billion ($43.1 billion) in September.

Merchandise exports contributed around SAR92.7 billion ($24.7 billion) to the total trade volume, while imports accounted for nearly SAR72 billion ($19.2 billion).
Non-oil exports in October totaled approximately SAR19.4 billion ($5.1 billion), representing 21% of total exports.

Meanwhile, oil exports amounted to around SAR67.3 billion ($17.9 billion), constituting 72.6% of total exports, and re-exports totaled nearly SAR5.9 billion ($1.5 billion), making up 6.4%.

In a related development, Asian countries, excluding Arab and Islamic nations, remained the top destination for Saudi merchandise exports, accounting for 52.2% of the total, valued at SAR48.4 billion ($12.9 billion).

Gulf Cooperation Council (GCC) countries ranked second with 13.1% of the total, with SAR12.1 billion ($3.2 billion), followed by the European Union with 13%, amounting to SAR12 billion ($3.2 billion).
By individual country, China was the leading destination for Saudi exports in October 2024, representing 16.1% of total exports, amounting to SAR14.9 billion ($3.9 billion).

India ranked second with SAR8.7 billion ($2.3 billion), representing 9.5%, and Japan placed third with SAR8.7 billion ($2.3 billion), representing 9.4%.
Non-oil exports, including re-exports, passed through 33 customs ports via sea, land, and air routes, with a total initial value of SAR25.3 billion ($6.7 billion).

Notably, King Fahd Industrial Port in Jubail recorded the highest value among all transportation ports, handling SAR3.7 billion ($1 billion), or 15% of the total.