The Oman Investment Authority (OIA) has reportedly added 20 new investments to its private equity portfolio, including an undisclosed investment in Elon Musk’s SpaceX.

The news was revealed today [December 1] on OIA’s Twitter handle. As per a statement released to the public, OIA said that the investments were in line with their objectives to maximise returns and mitigate risks through a diversified portfolio of both local and international assets.

According to the company’s website, Space Exploration Technologies Corp. – or SpaceX – is an American aerospace manufacturer, space transportation services, and communications corporation headquartered in Hawthorne, California.

SpaceX was founded in 2002 by Elon Musk with the goal of reducing space transportation costs to enable the colonisation of Mars.

“The investment in SpaceX will advance the Sultanate in benefiting from the technologies owned by the company and create potential opportunities to transfer the company’s expertise and experience locally which leads to opening prospects for foreign investments,” the statement added.

In an interview with the Oman News Agency (ONA), Mulham Basheer Al Jarf, Deputy Chairman of OIA, said that they have succeeded in enhancing its international investments by entering into 20 new ventures in different sectors, including mining, logistics, healthcare and space technology.

Elucidating on their new investment in SpaceX, Al Jarf said: “The authority succeeded in acquiring the full quota of SpaceX specialised space and satellite communications and technologies. This will place Oman on the lead to utilise SpaceX technologies, open wide visas for global investments, provide employment opportunities and hone its expertise in economic diversification initiatives.”

Aiming at maximising revenues to support in budget needs and reducing deficits, generate reserves for future generations, and help transfer knowledge and technology to #Oman, we announce 20 new private equity investments. Here are some highlights on our international investments: pic.twitter.com/MOAL8taWQS

— Oman Investment Authority جهاز الاستثمار العماني (@Oman_OIA) December 1, 2021