The Oman Investment Authority (OIA) has expanded its cooperation with Spain’s government–owned Cofides Company through the launch of the second Joint Spain-Oman Private Equity Fund.
The launch was on the sidelines of annual meeting of the International Forum of Sovereign Wealth Funds in Madrid.
The fund was launched in the presence of Mr. Abdulsalam bin Mohammed Al Murshidi, Chairman of Oman Investment Authority and Mr. Omar bin Said Al Kathiri, the Sultanate’s ambassador to Spain.
The launch of the fund comes within the efforts of OIA for generating reserves and savings to contribute to fiscal sustainability. The second Joint Spain-Oman Private Equity Fund would attract companies to access the Omani market and the emerging markets, and the Omani market will benefit from the experience of the Spanish companies through the transfer of knowledge and technology.
The Chairman of OIA, Abdulsalam bin Mohammed Al Murshidi, said that the performance indicator of the first Spain-Oman Private Equity Fund which achieved an internal net revenue rate of 13.8 percent so far is considered one of the key factors that made the two sides to expand the field of cooperation between them and to launch the second private equity fund.
Mr. José Luis Curbelo, Chairman of Cofides Spain, expressed his delight over what the first Spain Oman Private Equity Fund has achieved since 2018.
The Spain Oman Private Equity Fund is a fund created between Oman and the Spanish public sector that includes an investment of $212 million. The main target sectors of the fund are building materials, manufacturing, mining, tourism, logistics, health, infrastructure, energy, food and agri-food.