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FUTURE FUND OMAN LAUNCHES FIRST WAVE OF INVESTMENT PROJECTS WORTH OVER US$ 2 BILLION

Business

FUTURE FUND OMAN LAUNCHES FIRST WAVE OF INVESTMENT PROJECTS WORTH OVER US$ 2 BILLION
Business

Business

FUTURE FUND OMAN LAUNCHES FIRST WAVE OF INVESTMENT PROJECTS WORTH OVER US$ 2 BILLION

2024-11-20 23:53 Last Updated At:11-21 00:15

MUSCAT, Oman, Nov. 20, 2024 /PRNewswire/ -- Future Fund Oman (FFO), the latest investment initiative under Oman Investment Authority (OIA), has announced its first batch of approved investment projects. With a combined value exceeding US$ 2 billion, these projects include US$ 1.6 billion committed by foreign investors and US$ 571 million contributed by FFO. The investments are expected to create more than 1,600 direct employment opportunities, marking a significant step forward in Oman's economic diversification and development strategy.

The approved projects span ten key sectors, including technology, manufacturing, tourism, renewable energy, and electric vehicles. In addition, small and medium enterprises (SMEs) and startups will play a prominent role, with investments targeting food, health, financial technology, e-commerce, and more. This comprehensive approach reflects FFO's commitment to fostering innovation and growth across a broad spectrum of industries, ensuring that both large-scale ventures and emerging businesses contribute to Oman's economic progress.

Mulham Al Jarf, Deputy President for Investments at Oman Investment Authority, stated that these projects underscore the Fund's dedication to fulfilling its strategic objectives. These include stimulating local economic growth, fostering collaboration with the private sector, attracting foreign investments, and creating opportunities for Omani businesses and job seekers. He emphasized that these projects represent just the beginning of FFO's efforts since its establishment in January 2024.

Among the approved projects are transformative initiatives that position Oman as a leader in innovative industries. Notable projects include the United Solar Polysilicon Plant in the SOHAR Port and Freezone, which will be one of the largest polysilicon production facilities in the world and the first of its kind in the Middle East. This facility will produce 100,000 tonnes of polysilicon annually, a critical component for renewable energy industries such as solar panel manufacturing.

Other major partnerships include the IDG Oman Fund, developed in collaboration with China's IDG Capital, which will focus on ICT, renewable energy, and electric vehicles. Additionally, FFO has also partnered with EW Partners to establish the EWP Oman Fund, which targets key sectors such as ICT, energy, tourism, and agriculture.

Future Fund Oman is also supporting a range of SMEs and startups in partnership with fund managers like Tanmia, ITHCA, Omantel, and Cyfr Capital. These include IO Kitchen, an innovative cloud kitchen featuring over 30 virtual brands; Bima, an online insurance brokerage service; and Qpay, the first licensed Omani entity offering a "buy now, pay later" service. Other groundbreaking projects include BcLear Aligner, an AI-powered solution for dental braces; Nashid, a blockchain-based digital identity platform; and Antom, a digital financial platform that enhances the capabilities of Oman's fintech ecosystem.

FFO was established in collaboration with the Ministry of Finance with a capital of $5.2 billion, allocated over five years from 2024 to 2028. The Fund strategically excludes investments in oil, gas, and real estate, focusing on growth-oriented sectors aligned with Oman's Vision 2040.

Interested investors are invited to submit proposals through the dedicated platform, https://futurefund.om/futurefund/

Media Contact:

Fahad Al Toubi
+968 24745781
Fahad.AlToubi@oia.gov.om
www.oia.gov.om

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

FUTURE FUND OMAN LAUNCHES FIRST WAVE OF INVESTMENT PROJECTS WORTH OVER US$ 2 BILLION

FUTURE FUND OMAN LAUNCHES FIRST WAVE OF INVESTMENT PROJECTS WORTH OVER US$ 2 BILLION

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DAMAC Properties Unveils DAMAC Islands: An Invitation to a New Way of Life

2024-11-20 23:54 Last Updated At:11-21 00:15

DUBAI, UAE, Nov. 20, 2024 /PRNewswire/ -- DAMAC Properties, UAE's leading property developer, has announced the launch of DAMAC Islands, its third and largest master community unveiled this year and the sixth in its portfolio of master development projects. Nestled in the heart of Dubailand, DAMAC Islands offers a unique opportunity to live in a tropical-inspired haven that combines luxury living with the natural paradise of island life. The project was unveiled in an exquisite setting at Coca-Cola Arena on 19th November. Hussain Sajwani, Founder and Chairman of DAMAC Properties, Amira Sajwani, MD, DAMAC Properties and senior executives from DAMAC headlined the press and partner event. DAMAC unveiled the launch after a meticulously planned month-long campaign that included a special teasing campaign, 'DAMAC Air', where global audiences had an opportunity to win air tickets to their favourite travel destinations.

As part of its marketing efforts and to connect with customers, DAMAC also roped in globally acclaimed celebrities and influencers for the launch, including Bollywood megastar Amitabh Bachchan, Bollywood superstars Ranveer Singh, Sara Ali Khan, acclaimed two times boxing champion Amir Khan, English professional football coach John Terry, Lebanese actress Nadine Njeim amongst others.

Hussain Sajwani, Founder and Chairman of DAMAC Properties, said: "DAMAC Islands represents much more than a development; it is an invitation to experience an entirely new way of living that brings together luxury and wellness. This project embodies our vision of creating spaces where residents can find both escape and connection—an oasis that feels exclusive and warm."

DAMAC Islands takes inspiration from some of the world's most sought-after island destinations, and will feature six clusters including the Maldives, Bora Bora, Seychelles, Hawaii, Bali, and Fiji. "An Island State of Mind" sets the tone for the DAMAC Islands experience, with amenities that elevate day-to-day life to a blissful retreat. From serene lagoons and cascading waterfalls to lush jungle rivers and an exclusive Aqua Dome with indoor aquatic activities, every element has been crafted to evoke the serenity of island living. Signature features include a hot springs spa, jungle swings, a bird park, and a mini-golf island, ensuring every resident finds an escape within this exclusive community. Residents will also be able to enjoy gondola-style paddle boat rides, relax in hammock-laden tours across crystal-clear lagoons, rejuvenate in a hot spring natural spa, or unwind at unique dining venues overlooking turquoise waters.

DAMAC Islands will offer a range of luxury villas and trendy townhouses, each designed with spacious layouts and breathtaking views. Property options include luxury Villas starting at AED 6.3 million for 6-bedroom layouts and AED 18.5 million for 7-bedroom layouts. Its townhouses category will include units selling for AED 2.25 million for 4-bedroom units and AED 3.1 million for 5-bedroom units.

DAMAC is offering an attractive 75/25 payment plan, with 75% payable during construction and 25% upon completion.

Visit us at www.damacproperties.com Social: @DAMACofficial

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

DAMAC Properties Unveils DAMAC Islands: An Invitation to a New Way of Life

DAMAC Properties Unveils DAMAC Islands: An Invitation to a New Way of Life

DAMAC Properties Unveils DAMAC Islands: An Invitation to a New Way of Life

DAMAC Properties Unveils DAMAC Islands: An Invitation to a New Way of Life

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