TANMIA

What TANMIA does

TANMIA (legal name: Oman National Investments Development Company S.A.O.C; formerly National Investment Funds Company) is an Omani sovereign-backed investment and asset-management firm established in 1998 by Royal Decree No. 81/98 and given expanded sectoral scope under Royal Decree No. 55/2013. It is owned 58% by the Public Authority for Social Insurance (SPF) and 42% by the Oman Investment Authority (OIA), giving it explicit alignment with Oman's Vision 2040 economic-diversification agenda. The firm operates two principal lines: Private Equity — long-term strategic holdings across food, ICT, real estate, mining, manufacturing, energy, services, transport, and financial services, executed through associates, subsidiaries, and JV stakes (e.g., Awasr 32%, Al Mouj Muscat, MDO, Salam Air, Al Meera, Innovateq, Bauer Nimr) — and Public Markets — regulated GCC equity and bond investing via mutual funds, Discretionary Portfolio Management across 7 GCC markets, and liquidity-provision products.

The fund product shelf comprises Al Kawthar Fund (Shariah-compliant GCC equities, FSA-regulated), Tathmeer / GCC Diversified Fund (GCC equities and bonds), the Small Cap Fund (closed-ended growth private equity anchored by Future Fund Oman), the Ishraq Endowment Fund (Shariah-compliant endowment vehicle with OMR 10M capital), and the TANMIA Liquidity Fund (USD 126M MSX-listed). Revenue is generated through management fees on regulated funds, discretionary portfolio-management service fees, and economic returns from long-term private-equity holdings. Distribution is sales-led, primarily direct-subscription to institutional and sophisticated GCC investors via the Muscat headquarters, supplemented by LinkedIn and industry-conference presence (Oman Endowment Conference 2024, IFN Oman Forum 2024). Headcount is 11–50; the firm holds FSA fund registrations and is FSA/governance compliant under Omani capital-market law. No technology platform or API exists; the business is fundamentally an institutional asset manager, not a software company.

Name

TANMIA

Legal name

Oman National Investments Development Company S.A.O.C

Website

https://tanmia.om

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

11–50 employees

Short description

TANMIA is an Omani sovereign-backed investment and asset-management firm (owned 58% by SPF and 42% by OIA) that manages public-market funds (Al Kawthar, Tathmeer, Ishraq, Liquidity), discretionary GCC portfolios, and a private-equity portfolio spanning 10 sectors aligned with Oman Vision 2040.

Ownership category

akta.pro rank

Product category

Asset Management and Investment Funds

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910), All Other Financial Investment Activities (52399), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282), Investors, Nec (6799)

akta.pro primary industry

Primary Fund-of-Funds (Blind-pool FoF) (FSANAGAA)

akta.pro secondary industries

Private Markets Fund of Funds (PE / VC / Private Credit FoF) (FSAHAKAF), Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG), Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam) (FSABAGAH)

Keywords

• Asset management services
• Private equity investments
• Investment fund management
• Portfolio management services
• Shariah-compliant investing

Headquarters

HQ city

Ruwi

HQ country

Oman

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Fund Management Fees: TANMIA generates revenue through management fees charged on its investment funds including Al Kawthar Fund (Shariah-compliant), Tathmeer Fund (GCC Diversified Fund), Ishraq Endowment Fund, and the Small Cap Fund. These are open-ended or closed-ended funds registered with the Financial Service Authority (FSA) in Oman.
2. Private Equity Investment Returns: Returns from strategic long-term investments in private companies across diverse sectors including food, ICT, real estate, mining, manufacturing, energy, services, transport, and financial services. Investments are made through associates, subsidiaries, and private equity funds.
3. Discretionary Portfolio Management: Specialized service for managing listed assets in 7 GCC markets for sophisticated investors. Clients receive professionally managed portfolios structured according to their risk and return appetite.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

TANMIA is an Oman-based investment and asset management firm that establishes and manages regulated investment funds across public and private markets in the GCC. Its offerings include private equity investments in Omani companies, public market mutual funds (Al Kawthar Fund, Tathmeer Fund, Ishraq Endowment, Small Cap Fund, Liquidity Fund), and discretionary portfolio management services for listed GCC assets. The firm operates under FSA licensing in Oman with a developmental mandate aligned to Oman Vision 2040.

Product overview

TANMIA operates as a comprehensive investment and asset management platform offering both private equity and public market investment solutions. The core offerings include Private Equity (managing strategic long-term investments across sectors) and Public Markets (managing listed assets across GCC markets). The product portfolio consists of multiple investment funds: TANMIA Small Cap Fund (growth private equity for Omani SMEs), Al Kawthar Fund (Shariah-compliant equity fund for GCC markets), Tathmeer Fund/GCC Diversified Fund (investing in Gulf equities and bonds), and Ishraq Endowment (Sharia-compliant endowment fund). Additional services include Discretionary Portfolio Management for customized GCC market investments. The company serves individual and institutional investors seeking both conventional and Islamic finance-compliant investment products.

Differentiator

Problem solved

Functional benefit

Products and services

• Private Equity Manages private equity investments from Greenfield to Brownfield under various investment structures including private equity funds, associates, and subsidiaries. Strategic long-term investments aimed at developing diverse sectors of the Omani economy including food, ICT, real estate, mining, manufacturing, energy, services, transport, and financial services.
• Public Markets Manages a broad array of listed assets across key stock markets in the Gulf Cooperation Council (GCC) region. Operates through mutual funds, discretionary portfolios (DPMs), and proprietary portfolios to offer customized solutions aligned with client goals. Covers approximately 6-7 GCC markets.
• Al Kawthar Fund An open-ended Shariah-compliant investment fund that invests in equities listed on regulated stock markets of GCC member countries, managed using both top-down and bottom-up approaches. Distributed 6% cash dividend for FY2024.
• Tathmeer Fund (TANMIA GCC Diversified Fund) Invests in equities and bonds listed on stock markets in Gulf countries, designed for profit-driven financial leaders. Provides investor access to Gulf markets, managed by a team with over 10 years experience in technical and fundamental analysis. Distributed 6% cash dividend for FY2024.
• Discretionary Portfolio Management Specialized service for managing listed assets in 7 GCC markets for sophisticated investors. Portfolio managers structure investments according to client risk and return appetite, with formal investment guidelines and frequent performance reports.
• Ishraq Endowment Investment Fund An open-ended Sharia-compliant endowment investment fund with OMR 10 million capital, established in partnership with the Ministry of Awqaf and Religious Affairs, the Sultan Qaboos Higher Center for Culture and Science, and Bank Nizwa. Designed to enhance the developmental and investment role of the endowment sector in Oman.
• TANMIA Small Cap Fund A growth private equity fund registered as a closed-ended FSA fund in Oman, with Future Fund Oman as anchor investor. Aims to deliver capital gain through investing in later stage, high growth Omani SMEs to support Oman Vision 2040.
• TANMIA Liquidity Fund A liquidity-providing fund on the Muscat Stock Exchange valued at USD 126 million, designed to enhance liquidity of shares of companies listed on the Muscat Stock Exchange. TANMIA serves as investment manager in partnership with SICO BSC (C).

Quantifiable outcome

• Trading value increased fivefold since 2021 to USD 8.45 billion on Muscat Stock Exchange
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eleven partnerships are on record, tiered core and major.

• Ministry of Awqaf and Religious AffairscoreStrategic or Co-development Partner · 4 November 2024Strategic partner in establishing the Ishraq Endowment Investment Fund with OMR 10 million capital, aiming to enhance the developmental and investment role of the endowment sector in Oman.
• Bank NizwacoreStrategic or Co-development Partner · 4 November 2024Strategic partner in Ishraq Endowment Investment Fund launch, contributing to sustainable social and economic development through Shariah-compliant investments.
• Sultan Qaboos Higher Center for Culture and SciencemajorStrategic or Co-development Partner · 4 November 2024Strategic partner in establishing the Ishraq Endowment Investment Fund to support endowment sector development in Oman.
• SICOcoreStrategic or Co-development Partner · 16 May 2024SICO serves as investment manager partner for TANMIA Liquidity Fund (USD 126 million) on Muscat Stock Exchange, focusing on enhancing liquidity of listed companies.
• Deutsche HospitalitycoreImplementation/ SI/ Consulting Partner · 14 February 2024International hospitality group operating Intercity Hotel Bowsher Muscat (96 rooms, 4-star) under the InterCity brand. TANMIA developed the hotel as part of its mixed-use project portfolio.
• AwasrmajorStrategic or Co-development Partner · 1 May 2017TANMIA acquired 32% stake in Awasr, Oman's first specialized broadband ISP. Awasr has experienced significant growth as infrastructure transitions from ADSL to fibre optic.
• Al Meera Holding Company (Qatar)coreStrategic or Co-development PartnerJoint venture partner in Al Meera Markets retail chain, operating stores in key areas in Oman. TANMIA holds strategic investment through this partnership.
• Gulf Japan Food FundmajorStrategic or Co-development PartnerJoint strategic initiative between Japan and GCC to assist in GCC food security plans, developing Japanese and GCC food & agribusiness sectors with specialized professional management.
• Kempinski Hotels S.A.coreImplementation/ SI/ Consulting PartnerInternational hotel chain operating Omani Hospitality Company's five-star hotel at Al Mouj Muscat (310 rooms, 77 hotel apartments, 45,000 sq m waterfront).
• Petroleum Development Oman (PDO)majorStrategic or Co-development PartnerPartner in Innovation Technical Solutions (Innovateq) joint venture to commercialize digital oil field products (Nibras), providing expertise in oil & gas sector.
• Innovation Development Oman (IDO)majorStrategic or Co-development PartnerCo-owner with TANMIA in Innovation Technical Solutions (Innovateq) joint venture for digital oil field technology commercialization.

Scale indicators5 records

Recent moves11 records

Expansion highlights6 records

Others

• Al Meera Holding Company: Qatar-based retail supermarket operator in which TANMIA holds a strategic JV stake (Al Meera Markets Oman). While not a direct asset-management peer, it represents the type of operating-company investment in TANMIA's PE portfolio and a recurring example of the firm's partnership model.

Direct peers

• Shuaa Capital: UAE-based asset management and investment banking platform offering public-market funds, private equity, and advisory services. Comparable as a regional asset manager operating fund products for institutional and retail investors in the GCC.
• Investcorp: Bahrain-headquartered alternative asset manager investing in private equity, real estate, and absolute return strategies across the MENA region and globally. Comparable to TANMIA in offering multi-vehicle PE and public-market products to GCC institutional and family-office clients.
• SICO BSC: Bahrain-based regional investment bank and asset manager providing brokerage, asset management, and investment banking. TANMIA already partners with SICO on the USD 126M Liquidity Fund; both compete for GCC institutional asset management mandates.

Broad incumbents

• Mubadala Investment Company: Abu Dhabi sovereign investor managing diversified assets across public markets, private equity, and alternative strategies. Comparable to TANMIA in operating multiple fund vehicles and strategic partnerships, though at a far larger AUM and with broader geographic reach.
• Public Investment Fund (PIF): Saudi Arabia's sovereign wealth fund, comparable as a state-backed multi-asset investor operating domestic and regional PE and public-market strategies under a national diversification mandate (Vision 2030) analogous to TANMIA's Vision 2040 alignment.
• Oman Investment Authority (OIA): Oman's sovereign wealth fund and a 42% shareholder of TANMIA. OIA manages a broader, much larger portfolio of domestic and international assets, overlapping with TANMIA in Omani private equity and GCC public-market allocations but at a vastly larger scale.
• Kuwait Investment Authority (KIA): Kuwait's sovereign wealth fund with global and GCC-listed allocations. Comparable as a GCC sovereign institutional investor operating across asset classes including public equities and private equity.
• Abu Dhabi Investment Authority (ADIA): One of the world's largest sovereign wealth funds with diversified global allocations including GCC listed equities and private equity. Relevant as a GCC sovereign peer in public-market fund management and PE mandates.

Regional players

• National Bank of Oman (NBO): One of Oman's largest banks offering wealth management and investment fund products domestically. Comparable as an Oman-based institutional investor and fund distributor, though focused more on bank-led wealth services than standalone fund management.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/oman-national-investments-development-company
• Xx.com/tanmia_om

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries15 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TANMIA