Oman Investment Authority President to Tawasul:

• Research, development and innovation play a pivotal role in enhancing the competitiveness of the Authority and its subsidiaries.
• We incorporated an Omani dimension to bring advanced technologies to local sectors.
• We adopted a strategy for research, development, and innovation and aligned it with the objectives of Oman Vision 2040.
• Hackathons provide challenges and solutions which we, together with our partners, transform into practical projects.
• Collaboration with the university can be strengthened through joint research programmes, training and initiatives.
• Both investment and research aim to achieve satisfying outcomes through exploration and investigation.

When discussing research and how to transform its outcomes into sustainable products and solutions that benefit society, one should never underestimate the importance of investing in investigative endeavour, otherwise, it will simply remain ink on paper. Hence, many countries across the globe capitalise on research to produce solutions, address challenges, and turn ideas into products and services.

Today, the Oman Investment Authority (OIA) has emerged not only as the sovereign wealth fund of the Sultanate of Oman, but also as a catalyst for its research, development, innovation, and entrepreneurship ecosystem through a range of impactful programmes and initiatives. In this exclusive interview with the OIA’s President, H.E. Abdulsalam Al Murshidi, we shed light on the efforts made by the OIA and its subsidiaries to support research and enhance investment.

As the Head of Oman’s sovereign wealth fund, how do you view the relationship between investment and research? 

We believe that research, development, and innovation (RDI) play a vital role in enhancing our competitiveness. Technical challenges are addressed through innovative solutions, and high-quality products and services are offered at competitive prices. This, in turn, facilitates market access locally, regionally, and globally. Therefore, we have incorporated an Omani dimension in the evaluation matrix of our foreign investments. Our benchmark studies show that many sovereign wealth funds worldwide play a crucial role in technology transfer and localisation. This contributes to strengthening competitiveness while reducing the risks associated with supply chains, especially in light of global market volatility and geopolitical tensions.

Recently, the media coverage of the OIA and its subsidiaries has focused on RDI. Could you tell us why, and what the key achievements in this regard are?

Since its inception, the OIA has strived to instil comprehensive governance across its companies to embed a culture of RDI by providing all necessary tools to achieve this goal. We have also integrated RDI into the balanced scorecard by setting clear targets and performance indicators. One key initiative is the adoption of RDI guidelines, which serve as a primary reference for all subsidiaries. We have also implemented a business technology planning methodology to link RDI activities to the industrial opportunities and challenges faced by companies. Furthermore, in 2024, we adopted the OIA’s RDI strategy, aligning it with targets and initiatives in line with the themes of Oman Vision 2040. We also launched the Qimam Hackathon Series (2024–2025), which posed various industrial challenges to innovators across the governorates. The most promising projects and startups were selected for financial and technical support, as well as entrepreneurial and innovation skill development, through five business accelerators established under our subsidiaries.

Oman’s innovation and entrepreneurship ecosystem is closely tied to research. What role does the OIA play in reinforcing this ecosystem? Are there any successful projects that can be cited here?

The OIA, together with its subsidiaries, contributes to the innovation and entrepreneurship ecosystem through multiple avenues. From a governance and planning perspective, it has integrated an RDI culture into its performance indicators. On the programme and initiative front, we have launched several undertakings, including the mandatory suppliers list, supplier development programmes, business technology planning, hackathons, incubators, and business accelerators. These initiatives enable companies to showcase industrial opportunities and challenges, via the platform Ijad, to academic institutions, including Sultan Qaboos University, or directly to startups and SMEs through hackathons. Then, the OIA, in collaboration with its partners, converts these innovative solutions into practical projects via incubators and accelerators. 

Additionally, we provide different forms of funding for innovation and entrepreneurship by allocating 10% of the Future Oman Fund to support startups and SMEs at all stages – from ideation to company formation, launch, and growth. Recognising the importance of partnership, the OIA actively collaborates with academic organisations, the public and private sector, and regional stakeholders. One notable example is our partnership with the Ministry of Higher Education, Research and Innovation and the Ministry of Transport, Communications and Information Technology through the ITHCA Group to develop the digital platform, Oman Innovates, which aims to support Oman’s innovation ecosystem and connect innovators with key stakeholders.

You said on several occasions that the OIA’s foreign investments focus on modern trends and embody the Omani dimension by transferring advanced technologies to local sectors. Can you provide examples of such investments tied to research centres or studies?

Sure! One is the August 2021 investment by the Oman Innovation Development Company (an OIA subsidiary) in Gradiant, a global firm offering advanced wastewater treatment solutions. Gradiant acquired Muscat Projects and Environmental Services and has since completed 70 local projects, with ongoing initiatives worth nearly $160 million from 2024 to 2026, catering to various sectors – municipal, infrastructure, civil defence, hospitality, oil, and gas. In November 2024, Gradiant, in partnership with Nama Water Services, launched an innovation centre dedicated to applying newly introduced technologies to address Oman’s water and wastewater treatment challenges. Another example is the April 2023 investment in Italy’s “Energy Dome” to leverage energy storage linked to green hydrogen systems and bring this technology to Oman. Work is currently underway to install one or two carbon dioxide batteries near the Mahout substation, with technical approval granted by the Oman Electricity Transmission Company.

Being Oman’s investment arm, what visions or proposals can the OIA offer to enhance collaboration with the research think-tank, Sultan Qaboos University?

RDI forms a core component of the OIA’s in-country value policy and that of its subsidiaries. Therefore, we maintain regular collaboration with the university and other research bodies, particularly during the early stages of new projects that require RDI support. We have facilitated opportunities for OIA employees to attend training workshops and conferences in collaboration with the university. Looking ahead, this partnership can be further strengthened through increased research and training collaboration, joint initiatives, and greater budget allocations for RDI across the OIA and its subsidiaries.