OIA to invest in BioGenomics

Muscat: The Oman Investment Authority (OIA) will invest in BioGenomics, which is specialised in manufacturing medicines in general, and various insulin medicines for diabetic patients in particular.

Initially, the product will target the regional markets and then expand to European and African markets. With a focus on diabetic therapeutics, the OIA announced its investment plan in biopharmaceuticals. The company will produce an array of insulin products in collaboration with a local Omani company.

This investment reinforces OIA’s efforts to enable and collaborate with the private sector in Oman to attract foreign investment.

In the recently published issue of its newsletter, ‘Enjaz and Eejaz’, OIA stated that its investment in BioGenomics represents its focus on the healthcare sector, which proved to be of crucial importance during the Coronavirus (COVID-19) pandemic. In addition to the returns it brings to the investors, the healthcare sector contributes to economic diversification and job creation. It unburdens healthcare institutions, especially with the increase of diabetic patients in the country of late.

In the foreword to the newsletter, which coincides with the second anniversary of OIA’s establishment, OIA President Abdulsalam Al Murshidi said that over the last few years, a roadmap had been drawn up involving national and international investments.

Following this, OIA divided its assets into two different portfolios: The ‘National Development Portfolio’, which will contribute to national economic growth and development, and the ‘Future Generations Portfolio’, which targets achieving maximum returns from international investments for future Omani generations.