The Turkish military pension fund OYAK signed a deal on Thursday with the Oman Investment Authority (OIA) to arrange a $500 million joint funding fund that the edges say is geared toward strengthening financial relations and increasing worldwide attain.
The settlement was introduced at a joint news convention in Ankara with President Recep Tayyip Erdoğan and Oman’s Sultan Haitham bin Tariq Al Said.
Both events will contribute $250 million every to the fund, which can help investments in Türkiye, Oman, and doubtlessly different nations, in keeping with an announcement from OYAK.
The inaugural funding of the brand new fund can be earmarked for a brand new container port in Iskenderun in southern Türkiye’s Hatay province.
OYAK General Manager Süleyman Savaş Erdem mentioned the brand new fund goals to offer sustainable returns to its members.
“With this fund, we will be making investments in strategic areas not only in both countries, but also in different regions of the world,” mentioned Erdem.
“Our priorities include increasing our foreign income and raising our country’s export rate by seizing growth opportunities and expanding into new markets.”
Abdulsalam bin Mohammed Al Murshidi, president of the Oman Investment Authority, mentioned collaboration with OYAK “seamlessly aligns with our strategic objectives to expand our investment network and secure meaningful returns.”
OIA Chief Investment Officer Ibrahim El Eisri mentioned the fund’s first venture would be the Southern Container Port in Iskenderun.
“The new port in Iskenderun will meet the entire region’s needs and serve as a gateway to global investments for OYAK’s partner, Oman Investment Authority,” mentioned El Eisri.
“We plan to make investments together in different geographies in the world.”
Key industries focused for funding embody mining, metals, automotive manufacturing, logistics, chemical compounds, agriculture, meals manufacturing, and vitality.
The fund additionally goals to facilitate expertise switch and localize experience in Oman, fostering capability constructing and information sharing, OIA’s assertion mentioned.
OYAK was arrange in 1961, a 12 months after the primary navy coup in trendy Türkiye. Its whole property stood at round TL 847 billion (over $24.4 billion) as of the top of 2023.
It is energetic within the mining, cement, automotive, finance, chemistry, metallurgy and vitality sectors.
Formed in 2020 by the merger of the State General Reserve Fund and the Oman Investment Fund, the Oman Investment Authority holds property value $51 billion as of 2023.
The authority has investments throughout greater than 50 nations in sectors comparable to trade, aviation, vitality, mining, logistics, tourism, monetary providers, data and expertise, meals and fisheries.
Source: www.dailysabah.com