OIA completes formation of its board of directors with new appointment

Muscat: Oman Investment Authority (OIA) announced the completion of the appointment procedures of Gudmundur Arnason as an international member to its Board of Directors. Arnason is the Permanent Secretary at the Ministry of Finance and Economic Affairs in Iceland.

With this appointment, the formation of OIA’s Board of Directors is complete. Sultan Salim Al-Habsi, Minister of Finance, Chairman of the OIA Board of Directors, welcomed Gudmundur Arnason’s membership, saying: “It is a pleasure to have Arnason join the Board of Directors as an international member, and we look forward to benefiting from his knowledge and experience that are well-recognised by reputable international organisations.”

It is hoped that Arnason will contribute to achieving OIA’s goals, which include maximising the returns of investments, enhancing the governance and the performance of OIA, and contributing to fiscal stabilisation policies and economic diversification. Additionally, the appointment of Arnason adds an international perspective to the plans and strategies of OIA.

Arnason has over twenty years of experience in public administration, finance and economics. He held prominent positions in the Icelandic government administration, most notably Permanent Secretary at the Ministry of Finance and Economic Affairs from 2009 until now.

During his tenure, Arnason contributed to the formulation of policies and plans that helped the Republic of Iceland to successfully emerge from the financial crisis effects.

He has held positions including Deputy Governor to the International Monetary Fund, Deputy Governor to the European Bank for Reconstruction and Development, Deputy Governor of the Nordic Investment Bank, Senior Advisor to the Nordic Development Fund, in addition to his previous work in the Icelandic Prime Minister’s Office and as Permanent Secretary in the Ministry of Education, Science and Culture.

Before that, Arnason obtained a Master’s degree in International Relations from the University of Sussex in England and a Bachelor’s degree in Political Studies from the University of Stirling in Scotland.