OIA invests in leading US battery materials company

Business Wednesday 05/October/2022 17:58 PM
OIA invests in leading US battery materials company

Muscat: Oman Investment Authority (OIA) announced that it has successfully invested in Group14, a leading US company manufacturing trailblazing battery materials.

This investment is part of OIA’s strategy of seeking opportunities in new fields while partnering with global investors and attracting investment to Oman.

Group14 specialises in manufacturing innovative lithium-silicon battery materials to replace traditional lithium-ion batteries. The company attracted several leading investors in the battery materials field, including Porsche, SK Materials, and several others.

In the recently-issued 5th edition of its quarterly newsletter Enjaz & Ejaz, OIA stated that the technology used by Group14 lowers costs and elevates performance. Group14 has built a strong customer pipeline with contracted revenue, including engagements with 90% of the world’s battery manufacturers. Through this investment, OIA intends to integrate Oman with the company’s supply chain.

Abdulsalam Al Murshidi, Chairman of OIA, stated in the newsletter’s foreword that OIA is getting ready to announce the launch of several national projects by OIA companies in coincidence with the celebrations of Oman’s 52nd National Day. In his speech, he called on employees to start planning their individual and institutional goals for the upcoming year 2023.

This issue of Enjaz & Eejaz also featured an interview with Haitham Al Salemi, CEO of Muscat Stock Exchange (MSX). In this interview, Al Salemi shed light on the six key areas covered in MSX’s strategy, namely developing the national economy, making MSX attractive and accessible, focusing on financial technology and infrastructure development, ensuring MSX has a solid commercial framework, achieving high job satisfaction among employees, and improving the workplace environment. MSX has recently taken great strides toward achieving these goals. Investor confidence has grown, and the cap on foreign ownership of public stock companies was increased to 70% under Royal Decree No. 50/2021. Draft rules and agreements related to the business of market makers and liquidity suppliers are no longer prepared.

He added that s series of promotional programs are being launched locally and internationally to familiarize people with MSX, its strategies, and available opportunities. The duties of licensing and oversight of companies working in the securities field were transferred to MSX under Royal Decree No. 46/2022.

An MoU was signed with the Saudi Tadawul Group to improve bilateral relations and locate investment opportunities.
Further, Al Salemi pointed out that MSX launched a new mechanism that many advanced global stock exchanges use to calculate closing prices for listed companies. MSX also rolled out three new indicators for total return in key sectors: financial, industrial, and services. Moreover, MSX established an ESG department; it is also part of a GCC collaboration to issue a unified guide for ESG practices.

Additionally, MSX improved procedures for budget allocation, follow-up, and project selection. It also signed an agreement with its subsidiary, Muscat Clearing and Depository, to integrate and support departments to lower costs and improve performance.

The issue of Enjaz & Eejaz also highlighted pioneering and innovative projects and operations by its national subsidiaries. One section discussed Ibri’s Solar Power Plant, which commenced operations in January 2021, and is located 300 km from Muscat. The plant is the largest solar photovoltaic plant in Oman and the first solar energy-generating plant to be connected to the main electrical grid.

The plant uses state-of-the-art technologies and is operated by the private sector. In another article, the issue highlights the pioneering operations of Transom Catering Company, an Oman Air subsidiary, from meal preparation to dry cleaning and logistic services.

Enjaz & Ejaz is a quarterly newsletter by OIA. It features interviews, articles, and briefs of news from OIA and its companies. Several of its sections are devoted to employees’ contributions.