OYAK, one of Türkiye’s deep-rooted corporations, and Oman Investment Authority (OIA), the Sovereign Wealth Fund of the Sultanate of Oman, announced the establishment of a $ 500 million joint investment fund. With this fund, OYAK and OIA aim to invest in Türkiye, Oman, as well as different geographies of the world.
Süleyman Savaş Erdem, General Manager of OYAK, emphasized that OYAK’s corporate reputation has been appreciated globally and said: “The joint fund we established with the Oman Investment Authority is an indication of trust in our country and our corporation. With our partnership in this $ 500 million fund, we will be making strategic investments. This partnership will strengthen our global vision.”
Managing its members’ savings in accordance with the principles of efficiency, sustainability and responsible investment, OYAK has established a $ 500 million investment fund with the Oman Investment Authority, the investment arm of the Sultanate of Oman. Each partner will contribute $ 250 million to the fund. The first investment will be made in İskenderun. The largest container port in the region will be established in İskenderun under the name “Güney Koyteyner Port”.
Oman Investment Authority has already established similar joint ventures with different sovereign wealth funds around the world. So far, it has joint venture funds with Spain, Brunei, Vietnam, Uzbekistan, Saudi Arabia, Qatar, India, and Pakistan. OYAK became Oman Investment Authority’s partner in Türkiye. With this fund, OYAK and Oman Investment Authority plan to invest not only in Türkiye and Oman, but also in different regions of the world.
Underlining that OYAK is an exemplary complementary professional pension fund, OYAK General Manager Süleyman Savaş Erdem, said: “We work continuously to protect our corporate legacy, to enhance our financial success and to provide sustainable accretions for our members. Increasing our revenue from abroad by seizing the opportunities for growth and expanding into new markets and increasing our country’s ratio of exports are among our priorities.”
Indication of trust
Emphasizing that OYAK currently continues its operations 24/7 without interruption in seven geographical regions of Türkiye, six continents and 25 countries, Erdem continued:
“We are working to strengthen our country’s presence in the global arena with the trust we have in Turkish economy and its future. Our activities and performance are appreciated at the global scale. The joint fund we established with the Oman Investment Authority is an indication of the trust in our country and our corporation. With this fund we established with the Oman Investment Authority, we will be making investments in strategic areas not only in both countries, but also in different regions of the world. This partnership will strengthen our global vision. The fact that Oman Investment Authority has chosen OYAK, one of Türkiye’s deep-rooted corporations, is an important message. We will continue to create value for all our stakeholders and to take responsibility to support our country’s presence at a global scale through our sustainable financial and operational performance.”
His Excellency Abdulsalam bin Mohammed Al-Murshidi, President of Oman Investment Authority, stated that the new strategic partnership comes in line with the expansion and growth approach implemented for OIA’s network of investments internationally. This is part of our efforts to create well-established investment partnerships with rewarding returns that hold strategic value for the national economy. We are also proud of OIA’s global standing and extensive experience, which have enabled it to establish strategic partnerships with nine brotherly countries to date.
The first investment will be in İskenderun
Ibrahim Al Eisri, Chief Investment Officer of the Oman Investment Authority, highlighted that the fund established in partnership with OYAK and OIA is significant for both countries. Al Eisri said, “We trust Türkiye and Türkiye’s vision in the region. We plan to make investments together not only in Oman and Türkiye, but also in different geographies around the world.”
The first investment of the OIA-OYAK fund will be “Güney Container Port”. The new port to be built in İskenderun will meet the needs of the entire region. The port is expected to serve as a gateway for the investments of OYAK's business partner, the Oman Investment Authority, around the world.
Asset portfolio of $ 51 billion
Oman Investment Authority, established in 2020 through merger of State General Reserve Fund and Oman Investment Fund, conducts its operations as an autonomous corporate entity with financial and operational independence. Reporting directly to Oman Council of Ministers, Oman Investment Authority’s main mission has been determined as managing Sultanate of Oman’s funds and assets and optimizing their yields.
As of 2023, the Oman Investment Authority has $ 51 billion of assets under management. It has investments in the fields of industry, aviation, energy, mining, logistics, tourism, financial services, information and technology, food and fisheries in different regions of the world. Oman Investment Authority is active in more than 50 countries across different continents around the world.
