MUSCAT: Future Fund Oman’s (FFO) investment in Certares, a leading global investment firm specialising in travel and tourism, marks a significant step in Oman’s strategy to attract high-quality international capital, expertise and partnerships into one of its priority sectors for economic diversification.
The investment will see FFO commit RO 38.5 million to Certares, which has a fund size of RO 77 million, according to investment details released by Oman Investment Authority (OIA). The partnership is expected to support investments aimed at strengthening Oman’s existing tourism assets and companies while opening opportunities for the development of new tourism-related ventures across Oman.
OIA said the investment reflects its broader objectives for developing Oman’s tourism industry. “Future Fund Oman’s investment in ‘Certares’, a global fund specialising in the tourism sector, reflects OIA’s objectives to develop tourism investments in the Sultanate of Oman, along with strengthening and expanding existing tourism assets and companies, contributing to the sector’s growth, attracting high-quality investments, and supporting economic diversification objectives.”
The significance of the partnership lies particularly in Certares’ extensive international experience and network across the travel, tourism and hospitality industries. Established in 2012, the New York-based investment firm brings together private equity and operational expertise spanning tourism, hospitality, travel-related businesses and consumer services. Certares says it has raised approximately $8 billion in capital commitments and invested capital for its funds and investment vehicles, underlining the scale of expertise and global relationships that could potentially benefit Oman’s tourism ecosystem.
For Oman, access to such specialised expertise could help accelerate the development of higher-value tourism assets, strengthen the competitiveness of existing operators and facilitate partnerships with leading international tourism and hospitality companies. The investment also complements Oman’s efforts to position tourism as an increasingly important pillar of the non-oil economy under Oman Vision 2040.
FFO itself has emerged as an increasingly important investment vehicle within OIA’s broader sovereign investment structure. Launched as OIA’s third major investment portfolio alongside the National Development Fund and Future Generations Fund, FFO has been allocated RO 2 billion (approximately $5.2 billion) over five years. It focuses on strategic sectors including tourism, clean energy, manufacturing, mining, logistics, food, services and technology, while excluding oil, gas and real estate. Ninety per cent of its capital is earmarked for direct local projects, with the remainder supporting SMEs and startups.
The fund has rapidly built a sizeable and diversified investment pipeline. In June, OIA announced a new portfolio of FFO-backed investments and projects amounting to RO 583 million, alongside approximately RO 182 million in foreign investment and plans to create more than 2,300 jobs, highlighting its growing role in mobilising capital and international partnerships for Oman’s economy.
