Oman Investment Authority commits $150m to Riyadh-based fund manager

The Oman Investment Authority (OIA), the sovereign wealth fund of Oman, has committed $150 million to ewpartners’ Technology Innovation Fund II, a $1bn private equity fund with a focus on technology investments in the Gulf Cooperation Council (GCC) countries.

The partnership also includes the establishment of a local fund with the OIA’s Future Fund Oman, through which ewpartners will support Oman’s National Vision 2040 by leveraging products, technologies and capabilities of industry champions from matured markets, especially China, to build successful companies.

“We are proud to be selected by the OIA for this important investment mandate as Oman looks to achieve its ambitious National Vision 2040. We have invested on behalf of Sovereign Wealth Funds in the GCC for seven years using a cross-border strategy with Asian partners to identify opportunities for economic transformation and deliver financial returns,” commented ewpartners’ managing partner Jessica Wong.

Mulham bin Bashir al Jarf, deputy chairman of OIA, said that the announced projects align with the strategic goals of the Oman Future Fund, which aims to stimulate and grow the local economy, develop key economic sectors, collaborate with the private sector, attract foreign investment, and create opportunities for small and medium-sized enterprises (SMEs) and start-ups. He noted that the projects, including the local fund with ewpartners, represent the Fund’s first batch of investments since its operational launch in January 2024.