Oman unveils $5.2bn startup fund and plans for new city

Oman is planning to set up an investment fund with a capital of OMR2 billion ($5.2 billion) to support economic diversification.

The news was first reported by state-owned Oman News Agency, citing a decree by Sultan Haitham Bin Tariq Al Said.

The Oman Future Fund will allocate a percentage of its capital to stimulate the venture investment system in small and medium-sized enterprises (SMEs) and startups registered with Oman’s SMEs Development Authority. 

In addition, the fund aims at enhancing economic activity and encouraging the private sector to enter into partnerships or finance feasible investment projects to drive economic diversification in line with Vision 2040.

Separately, Sultan Haitham announced the construction of a new city on the outskirts of Muscat.

Spread over 14.8 million square metres, Sultan Haitham City will have 20,000 residential units distributed across 19 integrated residential neighbourhoods.

Upon completion, the city will house up to 100,000 residents, and include schools, places of worship, hospitals, a university and shopping centres.