The Oman Investment Authority, the sovereign wealth fund of the Gulf States, aims to invest $4.95 billion in investment projects by 2023. OIA said that the financing would come from local and foreign private sectors, financial institutions or the institution itself or its subsidiaries.

OIA also joined a group of foreign investors and invested $214 million in battery material manufacturing company Group14 Technologies. Group14 developed lithium silicon battery materials to replace standard lithium ion batteries.

According to a report by Fast Company, Group14 said that it had obtained a total of 614 million dollars in round C investment through the latest capital injection. Some of Group14 Technologies' major investors include SK Materials and Porsche.

According to the report, OIA intends to integrate Oman into the company's global supply chain through its investment in Group14 Technologies. The company also added that the consortia behind the recent additional funds include Lightrock Climate Impact Fund, Moore Strategic Ventures, Microsoft's Climate Innovation Fund and Molicel.

national budget

The state's total budget for 2023 will be approved at an oil price of $55 per barrel. The Ministry estimates that the budget deficit in 2023 will reach about 1.3 billion rials, accounting for 11% of total income and 3% of GDP. The preliminary estimate of the 2023 budget shows that the total public expenditure is estimated at 12.95 billion riyals, an increase of 7% over the expenditure approved in the 2022 budget.Editor/Xing Wentao