OIA investment to lead to insulin manufacturing plant in Oman

BUSINESS REPORTER

MUSCAT, JULY 3

Oman Investment Authority (OIA), the integrated sovereign wealth fund of the Sultanate of Oman, has announced an investment in BioGenomics, a developer of biosimilar pharmaceuticals with a focus on diabetic therapeutics. The company produces and develops an array of insulin medications in collaboration with a local Omani firm.

This investment reinforces OIA’s efforts in enabling the private sector in Oman and collaborating with it to attract foreign investment. This investment targets setting up a manufacturing plant in Oman to produce insulin. The production will initially target regional markets and then aim to expand to cover European and African markets.

In the recently published issue of its newsletter, ‘Enjaz and Eejaz,’ OIA stated that its investment in BioGenomics represents its great interest in the healthcare sector, which proved to be vital during the coronavirus (Covid-19) pandemic. In addition to the returns it brings to the investors, the healthcare sector contributes to economic diversification and job creation. It unburdens healthcare institutions, especially with the increase of diabetic patients.

In the foreword of this issue of the newsletter, which coincides with the second anniversary of OIA’s establishment, OIA President Abdulsalam al Murshidi said that over the last period, a roadmap was clearly drawn involving national and international investments. Thus, OIA divided its assets into two different portfolios: the ‘National Development Portfolio,’ which will contribute to national economic growth and development, and the ‘Future Generations Portfolio,’ which targets achieving maximum returns from international investments for future Omani generations. (With inputs from ONA)