2024-03-06

OIA Pursues its Second National Investment in Semiconductors, this Time with Japan

Oman Investment Authority (OIA) continues its efforts to enhance its investments in advanced modern technologies and transfer them to the Sultanate. In realization of these efforts, OIA signed a Memorandum of Cooperation (MoC) with its Japanese counterpart. This MoC entails exploring investment opportunities in the semiconductors industry and technologies. This signing comes on the sidelines of the visit of the Japanese State Minister for Economy, Trade and Industry, HE Iwata Kazuchika.

Mulham Al-Jarf, OIA’s Deputy President for Investments, commented on the signing saying that OIA looks at Japan as the ideal partner in this field, as Japan is well-reputed in the tech industry. OIA always strives for strategic partnerships internationally in order to transfer modern technologies to local Omani sectors. This in turn reflects on the national economy and enhances its competitiveness, as well as creates job opportunities and establishes businesses in these industries.

With this MoC signing with the Japanese side, OIA aims to establish its next national investment in the semiconductors industry. OIA’s first national investment was through its subsidiary ITHCA in ‘GSME Oman,’ established by the US company ‘GSME,’ which specializes in semiconductors. Six months' worth of testing proved a success, resulting in two Omani semiconductor chips, Oman 1 and Oman 2.

This MoC also aligns with the national focus on manufacturing semiconductors by attracting international players to the local industrial scene in Oman. This also includes developing and enabling national talents in this field, which covers many industries, including electronics, telecommunications, renewable energy, medicine, SMART tech, car manufacturing, data storage, and electronic and wireless products.