Helping lay the foundations for an automotive sector in the Sultanate, Sigit Oman Automotive Group (SOAG), a multinational auto component manufacturer in which the sovereign wealth fund Oman Investment Fund ( OIF ) has a large stake, has unveiled plans for a sizable portfolio of local and international investments designed to position Oman at the centre of an international supply chain serving the global auto industry. Sigit Oman Automotive Group, which was launched a year ago to drive the development of automotive-based economic activities in the Sultanate, owns Italian-based international auto parts manufacturer Sigit, which operates a string of plants in Europe and North Africa. The company has also partnered with a number of renowned technology providers to offer parts for the worldwide household appliances manufacturing industry.   SOAG's Vision 2020 investment plan supplements parent company Oman Investment Fund 's ( OIF ) broader strategy to jumpstart the development of an auto industry in the Sultanate --part of a concerted drive to diversify the nation's predominantly hydrocarbon-based economy. OIF is currently partnering with Iran's Khodro Industrial Group in setting up a car assembly line at Duqm Special Economic Zone (SEZ). More recently, the wealth fund announced a partnership with Qatari-owned Karwa Automobiles for the establishment of an auto assembly plant at Duqm with an investment of USD160 mn. (Oman Observer)