Regional investors show interest in ONIC to invest in Oman, says Ominvest

Muscat Daily staff writer
December 27, 2017
Muscat - 

Oman International Development and Investment Co (Ominvest) said regional investors are showing interest in its subsidiary Oman National Investment Corporation (ONIC), which is open for stake sale.

“ONIC is receiving expressions of interest from regional investors who are interested in gaining exposure to high quality assets in Oman through a stake in ONIC,” Abdulaziz al Balushi, group chief executive officer of Ominvest, told Muscat Daily.

“We remain open to such collaborations to create synergies for ONIC’s portfolio companies and create value for ONIC shareholders,” he added.

Balushi said ONIC – which is Ominvest’s dedicated platform to manage all financial investments – is aiming to grow and diversify its public and private equity investments across the region. “Currently, ONIC is managing assets worth around RO200mn and aims to further expand and diversify its portfolio within the next three years,” he said.

ONIC Holding had merged with Ominvest in 2015. Ominvest currently owns around 98 per cent shares in ONIC.

Balushi said ONIC is focusing on key growth sectors including education, healthcare, ecommerce, logistics, consumer staples, and financial technology (fintech). ONIC’s investment strategy entails making opportunistic financial investments with a typical investment horizon between two-four years.

Shahid Rasool, chief investment officer of Ominvest, said, ”We are basically using ONIC for diversification purposes and we want this company to grow by utilising opportunities available in both Omani and regional markets. These opportunities will be of shorter duration compared to Ominvest which invests keeping long term interest in mind.”