Uzbek-Oman JV’s assets under management grow to $280 million
Published: 06:03 PM,Mar 03,2025 | EDITED : 09:03 PM,Mar 03,2025
UzOman has boosted its investments in Uzbekistan’s logistics sector.
MUSCAT: Reflecting a strong uptick in bilateral and investment ties between the two countries, Uzbek-Oman Investment Company (UzOman) — a joint investment fund set up by the sovereign wealth funds of Oman and Uzbekistan — has seen its assets under management (AUM) grow to an impressive $280 million in value during 2024.
Established in 2010 as a joint venture between Oman Investment Authority (OIA), with a 75 per cent stake and the Uzbekistan Fund for Reconstruction and Development (with a 25 per cent stake), UzOman has emerged as one of the leading investment companies in the Central Asian nation. Set up with a committed capital of $500 million, the UzOman currently has a paid-up capital of $200 million with over $280 million in AUM.
Dividend and Net Asset Value (NAV) for the year were also surpassed, reflecting the JV’s “robust financial performance and resilience in a dynamic market environment”, UzOman stated in its newly published 2024 Annual Report.
Commenting on the JV’s performance in 2024, Shukhrat Vafaev, Chairman of the Board, said: “This year marked a significant chapter in our journey as we continued to strengthen our portfolio and expand into new industries, unlocking new opportunities for sustainable growth and collaboration.”
Omar Bahram, CEO, noted that the Fund’s significant performance in 2024 came against a backdrop of high-level visits from Oman, including the President of Oman Investment Authority, the Minister of Commerce, Industry and Investment Promotion, and the CEOs of Asyad Group and Sohar International.
“These visits serve to strengthen the partnership between Oman and Uzbekistan, reinforcing UzOman’s role as a key facilitator of bilateral investment and economic collaboration,” he stated.
UzOman’s investments are distributed across a portfolio of strategic and high-growth sectors, notably Shopping Malls (43%), Business Centres (19%), Logistics Terminals (18%), Financial Assets (12%), Hospitality & Education (4%), and Industrial Assets (4%).
Key transactions of the year included the sale of UzOman shares in Metall Konstruksiyalari (BMK), the country’s largest galvanising plant. The Fund also became a shareholder in the Highway Logistics Centre, the country’s premier dry port for truck logistics. It also expanded its real estate portfolio by acquiring a premier business centre within the Business Park Complex.
In other investments during the year, UzOman acquired stakes in the American University of Technology in Tashkent and Encore Ramada by Wyndham Hotel.
Sharing its outlook for 2025, the Fund added: “Looking ahead, UzOman is focused on driving sustainable growth while creating long-term value for its stakeholders. The company plans to expand its portfolio by identifying emerging market opportunities, leveraging strategic partnerships and investing in innovative technologies to strengthen competitive advantages.”
Established in 2010 as a joint venture between Oman Investment Authority (OIA), with a 75 per cent stake and the Uzbekistan Fund for Reconstruction and Development (with a 25 per cent stake), UzOman has emerged as one of the leading investment companies in the Central Asian nation. Set up with a committed capital of $500 million, the UzOman currently has a paid-up capital of $200 million with over $280 million in AUM.
Dividend and Net Asset Value (NAV) for the year were also surpassed, reflecting the JV’s “robust financial performance and resilience in a dynamic market environment”, UzOman stated in its newly published 2024 Annual Report.
Commenting on the JV’s performance in 2024, Shukhrat Vafaev, Chairman of the Board, said: “This year marked a significant chapter in our journey as we continued to strengthen our portfolio and expand into new industries, unlocking new opportunities for sustainable growth and collaboration.”
Omar Bahram, CEO, noted that the Fund’s significant performance in 2024 came against a backdrop of high-level visits from Oman, including the President of Oman Investment Authority, the Minister of Commerce, Industry and Investment Promotion, and the CEOs of Asyad Group and Sohar International.
“These visits serve to strengthen the partnership between Oman and Uzbekistan, reinforcing UzOman’s role as a key facilitator of bilateral investment and economic collaboration,” he stated.
UzOman’s investments are distributed across a portfolio of strategic and high-growth sectors, notably Shopping Malls (43%), Business Centres (19%), Logistics Terminals (18%), Financial Assets (12%), Hospitality & Education (4%), and Industrial Assets (4%).
Key transactions of the year included the sale of UzOman shares in Metall Konstruksiyalari (BMK), the country’s largest galvanising plant. The Fund also became a shareholder in the Highway Logistics Centre, the country’s premier dry port for truck logistics. It also expanded its real estate portfolio by acquiring a premier business centre within the Business Park Complex.
In other investments during the year, UzOman acquired stakes in the American University of Technology in Tashkent and Encore Ramada by Wyndham Hotel.
Sharing its outlook for 2025, the Fund added: “Looking ahead, UzOman is focused on driving sustainable growth while creating long-term value for its stakeholders. The company plans to expand its portfolio by identifying emerging market opportunities, leveraging strategic partnerships and investing in innovative technologies to strengthen competitive advantages.”