Oman’s wealth fund raises assets to $41.5bn spread over 40 countries  

This brings OIA’s managed assets to over 16 billion Omani rials ($41.6 billion) in 40 countries. (Supplied)
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Updated 15 November 2022
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Oman’s wealth fund raises assets to $41.5bn spread over 40 countries  

RIYADH: Oman Investment Authority has raised its assets to $41.5 billion as the sovereign fund increased its holdings in real estate, technology, and logistics sectors, Bloomberg reported.  

This brings OIA’s managed assets to over 16 billion Omani rials ($41.6 billion) in 40 countries. 

The sultanate’s wealth fund also invests in stocks, bonds, and short-term assets, as well as in logistics, service sector, mining, and industrial projects, according to the fund’s newly-published 2021 annual review. 

The wealth fund has achieved an annual average return of 10.3 percent in 2021, the review showed.  

Most of OIA’s investments are in Oman, which amounts to 61.5 percent of its portfolio, while North America accounts for 17 percent, Western Europe makes up 9.3 percent, and Asia Pacific is 4.7 percent.  

Regionally, Oman’s wealth fund is one of the smallest managers of state capital. 

In April, Saudi Arabia’s Public Investment Fund advanced from sixth to fifth place among the largest sovereign funds in the world for the first time, with assets valued at SR2.3 trillion as of end of the first quarter of 2022. 

The PIF's share in the world’s sovereign wealth has increased to 6.2 percent, up from 5.9 percent, data from the Sovereign Wealth Fund Institute showed.  

Third in the ranking is Kuwait Investment Authority, with assets of $737 billion, then the Abu Dhabi Investment Authority with assets of $697 billion. 

According to the PIF’s annual report in October, assets under its management grew by over 20 percent in 2021 to reach SR1.980 trillion. 

The PIF’s governor Yasir Al-Rumayyan is keen for the growth to continue, and is targeting AUMS of around SR4 trillion by end of 2025.

Commenting on the fund's 2021 annual report, he said: “During 2021, the Fund succeeded in increasing its AUMs by over 20 percent to almost SR1.980 trillion, the highest annual growth since the first PIF Program was launched, thereby powering the Fund to rank in the top global sovereign wealth funds by AUMs.” 

The Fund aims to increase its AUMs while progressively increasing its contribution to the Kingdom’s non-oil gross domestic product, spurring the growth of strategic sectors and growing local content, he said. 


Saudi Arabia launches skills framework to support mining, industrial growth 

Updated 6 sec ago
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Saudi Arabia launches skills framework to support mining, industrial growth 

JEDDAH: Saudi Arabia has launched a new skills framework for the mining and industrial sectors to standardize job roles and support workforce development. 

The initiative was unveiled by Minister of Industry and Mineral Resources Bandar Alkhorayef on the sidelines of the Global Labor Market Conference 2026, according to Al-Eqtisadiah. 

The framework is intended to help employers, job seekers and training providers better navigate labor demand in mining and industry, as Saudi Arabia accelerates investment in manufacturing, minerals processing and related value chains under Vision 2030. 

“This is, in fact, a tool which ensures clear definitions of occupations and their required skills. It will cover more than 500 job roles, detailing the necessary skills, responsibilities, and titles,” Alkhorayef said during a discussion panel at the event. 

The Ministry of Industry and Mineral Resources said the initiative — known as the Industry & Mining Occupations & Skills Framework — will serve as a national reference for occupations and skills in mining and industry. 

The framework is designed to achieve a set of strategic objectives that support human capital development in the industrial and mining sectors. It aims to strengthen workforce planning, training programs, and career pathways, while supporting informed decision-making. 

Covering more than 500 industrial occupations, over 300 professional specialties, 600 skills, and 900 professional certifications, the framework sets standardized job titles, descriptions, and skill requirements to support recruitment, performance, and competitiveness. 

For each occupation, a profile is developed, outlining the code, job titles, and descriptions, as well as other information such as key tasks, educational qualifications, and required skills.

These profiles give employees clarity on roles, career pathways, and accredited credentials, while helping job seekers match their qualifications with suitable roles and focus on targeted skill development. 

The framework, published by the ministry, runs to nearly 3,200 pages and was developed through collaboration with the General Authority for Statistics, alongside government bodies, private sector organizations and academic institutions. 

The launch comes as Saudi Arabia’s mining push gains momentum after new surveys of the Arabian Shield showed the Kingdom’s mineral resources are larger than previously estimated. 

Official estimates have jumped by about 90 percent to roughly SR9.37 trillion ($2.5 trillion), up from around SR5 trillion in 2016, strengthening the case for further mining investment and skills development.