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The Omani Investment Authority, the sovereign wealth fund of Oman, is thinking about investing in the UK’s tech industry to take advantage of falling values as interest rates increase and the pound weakens, a senior OIA official said on Wednesday.
The wealth fund was examining and pursuing privately held technology companies in the UK, his equity director at OIA Private, who spoke to Reuters.
With Rushi Sunak’s election as prime minister on Tuesday—his third in two months—the UK economy is in a cost-of-living crisis.
He stated this on the sidelines of He FII, the largest annual investment conference in Saudi Arabia, “We are now looking at various deals since the market is a chance to participate now.”
The region’s oil giants, Saudi Arabia’s Aramco and Abu Dhabi’s ADNOC, have raised tens of billions of dollars in recent years through IPOs, including several of Aramco’s and ADNOC’s subsidiaries and joint ventures, as well as the sale of stakes in pipeline infrastructure dollars they have raised.
Al Eisri said now is the best time to monetize assets compared to two years ago amid the COVID-19 pandemic, saying OIA has invested in his four He added that he had sold his investment.
Oman plans to list 30 companies in the next five years, he said.
The Gulf countries are currently experiencing an IPO boom as the governments of Saudi Arabia, Abu Dhabi and Dubai push for state-owned IPOs to boost the competitiveness of their stock markets.
In the year up to mid-October, the region’s issuer raised more than $15 billion through his IPO. Data revealed that earnings in the first half outpaced his European initial public offering (IPO), despite the fact that world markets remained unstable as a result of Russia’s invasion of Ukraine. He noted that the OIA had issued a call to investors two weeks prior to evaluate potential in the mining sector and planned to issue a similar call for the fishing sector. The fund focuses on messenger RNA technology, logistics, and alternative energy technology, which are all employed in part of his COVID-19 vaccines. He further stated that the OIA is about to make an investment in a port in Zanzibar.