OIA buys stakes in Turkish mining and defence companies

The state-owned Oman Investment Authority (OIA) will acquire stakes in two Turkish companies in the mining and defence sectors to support local businesses.

The stakes in Samas Mining and Tekatron will be acquired through the $500 million joint fund set up by OIA and the Turkish military pension fund, Oyak, in December 2024.

Samas Mining is a producer of sodium bentonite used in oil and gas drilling and industrial applications, as well as medical and cosmetic products. The company operates the Tokat bentonite deposit in Turkey, which it claims is “one of only two remaining deposits of its kind globally”. The reserves are expected to last about 200 years.

Samas intends to boost production from 160,000 tonnes per year to more than 300,000 tonnes. Omani oil and gas companies will be given priority for sodium bentonite.

The second deal involves Tekatron, an Ankara-based manufacturer of unmanned ground vehicles for the defence industry. The move is intended to strengthen the sultanate’s border security, surveillance and military logistics.

Ibrahim Al Eisri, head of private markets investments at OIA, said that these investments aim to serve priority local sectors, including oil and gas, industry, logistics and military equipment.

The equally owned fund’s first investment was in a container port in the southern Turkish city of Iskenderun in December 2024.

No details were disclosed on the size of the stakes and their investment value.

Founded in 1961, Oyak’s total assets exceeded $30 billion as of the end of June 2025, according to its website.

OIA’s assets under management increased by 6 percent year on year to OR20.4 billion ($53 billion) in 2024, according to the authority’s 2024 annual report. Its profit exceeded OR1.6 billion.

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