OIA apprises Shura on local, foreign investment portfolios

Muscat: Through a video presentation delivered by Abdulsalam Mohammed Abdullah Al Murshidi, Chairman of Oman Investment Authority (OIA) and a number of chief executive officers of OIA-owned companies, Majlis Al Shura got acquainted with the key investments managed by OIA along with its contributions to the General Budget of the State.

The presentation was delivered in the presence of Sheikh Khalid bin Hilal Al Mawali, Chairman of Majlis Al Shura and the Secretary General of Majlis.

The Chairman of Oman Investment Authority reaffirmed that OIA was keen to establish an investment portfolio in consistent with its objectives represented by enhancement of economic diversification, attraction of investments and empowerment of private sector through its partnership with Oman Investment Authority. This, he said, would result in creation of job opportunities for citizens and achievement of financial sustainability.

To reduce the risks, OIA has dispersed its investments to cover local and external investments on the basis of the geographic and sector-wise distribution of investments, he said, adding that the local investments included bonds, equity and deposits besides partnership with companies and factories in over ten different sectors, besides funds with other countries.

Al Murshidi also spoke on the programmes and initiatives launched by Oman Investment Authority including the In-Country Value Programme aimed to accord priority to local products. The speech also tackled the OIA initiatives for the support of SMEs through a number of procedures besides the support of SMEs goals and initiatives associated with training and employment of the national manpower.

The members of the Majlis enquired about the assets, net annual profits and the size of external investments of Oman Investment Authority among other issues. The presentation and discussions also tackled investment in health sector and security.

The members of the Majlis discussed the financial performance of the OIA-owned companies and stressed the significance of investment in the mining sector. The members also enquired about the potential risks involved in external investments and the experiences of the boards of directors in management of these external companies to achieve their objectives.

The members of the Majlis spoke on development of free zones and the necessity for enhancement of the ports’ basic structure / infrastructures to generate satisfactory revenues. The members also emphasised the necessity for investments within the country to create job opportunities for citizens.