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Total assets at Oman's sovereign wealth fund, the Oman Investment Authority (OIA), reached 17.9 billion rials ($46.6 billion) in 2022, the fund said in its annual report on Wednesday.

The OIA said its return on investment last year was 8.8 percent, and it added that it has contributed more than five billion riyals to the finance ministry in dividends to support the general budget.

Among its major assets, the OIA wholly owns Oman's main energy holding company OQ, created to centralise the state's oil and gas investments.

OQ's 2022 revenue was up 68 percent on the previous year, leading to a 100 percent increase in net profit last year, the fund wrote in the report, without providing further financial details.

The OIA said in December it aimed to spend 1.9 billion rials on investment projects in 2023.

It has recently partnered with Saudi Arabia's sovereign wealth fund, the Public Investment Fund, to jointly invest in Oman's economy.

(Reuters)