As part of an official state visit by His Majesty Sultan Haitham bin Tariq al-Said to Algeria, the Oman Investment Authority (OIA) and Algeria’s Ministry of Finance have signed a preliminary agreement to establish a strategic investment fund valued at OMR 115 million (approximately USD 298.79 million).
According to OIA, the fund will target key sectors critical to long-term economic sustainability, including:
Mining and mineral resources development
Food security and agri-investment
Pharmaceutical manufacturing and life sciences
This initiative marks a significant milestone in enhancing bilateral economic cooperation between the Sultanate of Oman and the People’s Democratic Republic of Algeria, with a focus on mobilizing sovereign capital towards high-impact sectors in North Africa.
In addition to the investment fund, the visit also featured the signing of a term sheet between Algeria’s national oil and gas company, Sonatrach, and Oman’s Abraj Energy Services, a leading provider of integrated oilfield services. The agreement sets the framework for evaluating the establishment of a joint venture specialized in oilfield services within the Algerian market.
The prospective joint venture would focus on:
Drilling operations
Well services
Integrated project management across Algeria’s hydrocarbon sector
According to Sonatrach’s official statement, the term sheet outlines the technical, legal, commercial, and economic parameters for the potential collaboration, reinforcing both countries’ shared ambition to deepen energy sector synergies and promote cross-border industrial partnerships.
This suite of agreements not only reflects the growing geopolitical and economic alignment between Oman and Algeria, but also underscores the strategic role of sovereign wealth in advancing regional development objectives, technology transfer, and energy transition imperatives.
