The OIA was created by Royal Decree in June 2020. It brings together the assets and staff of the State General Reserve Fund (SGRF) and the Oman Investment Fund (OIF).

The objectives of both the Ministry of Commerce, Industry and Investment Promotion and the OIA include attracting investment to the Sultanate.

Madayn manages and operates eight industrial cities across Oman as well as Knowledge Oasis in Muscat and Al Mazunah Free Zone.

It works to attract industrial investment, providing continued support through regionally and globally competitive strategies, good infrastructure, services that add value and easy governmental processes.

The OCCI exists to develop the Omani private sector and make it a partner in sustainable economic development. It represents private companies in Oman at both international and local events. It also acts as a consultative body for government decisions relating to the private sector in Oman.