The Public Investment Fund (PIF) and Oman Investment Authority (OIA) signed a memorandum of understanding (MoU). The MoU aims to support the expansion of investment and cooperation between PIF and its portfolio companies, with OIA. The MoU aligns with PIF’s strategy to create long-term strategic partnerships in the MENA region, achieve sustainable returns, and diversify the Saudi economy. The MoU builds on the recently established Saudi Omani Investment Company (SOIC) which is expected to invest up to $5 billion in promising sectors in Oman. OIA plays a leading role in Oman’s efforts to diversify its economy and foster sustainable development.