Friday 27 / December / 2024
Muscat: The Middle East is about to witness a prominent global event for the first time in a decade. Oman Investment Authority (OIA) was selected to host the annual meeting of the International Forum of Sovereign Wealth Funds (IFSWF) headquartered in London. The selection of Oman, represented by OIA, to host this event cements OIA’s role as an active member of the IFSWF. It also showcases the role it plays in attracting investments to Oman. The annual meeting will be held in Oman in Q4 of 2024.
Sheikh Nasser Al Harthy, Deputy President for Operations at OIA, said that Oman was selected by the majority of IFSWF members during their meeting in Baku, Azerbaijan. This achievement reflects a culmination of the efforts made by OIA since becoming a full member of the IFSWF, whether through its participation in meetings or by hosting different delegations, committees, and workshops. He added that the meeting to be hosted by the Sultanate of Oman for the first time is considered the first of its kind in the Middle East in a decade, as Qatar hosted the last meeting in the region in 2014.
He added that the meeting represents an opportunity for Oman, as it will see the attendance of the heads of the world's largest Sovereign Wealth Funds (SWFs). These SWFs in attendance have a wealth of over $8 trillion, representing over 80% of SWF assets internationally. Such a meeting will play a role in promoting the Sultanate’s natural resources and investment opportunities. This, in turn, will enhance the global profile of Oman, attract foreign capital, and create opportunities for building long-term investment relationships that contribute positively to the efforts of economic diversification and growth of the national economy. The meeting will witness enlightening discussions on investment strategies, risk management and governance, and digital and operational aspects of investment management.
This milestone enhances the standing of OIA among SWFs. It also recognises OIA’s adherence to the best governance practices, particularly the Santiago Principles, which consist of unified procedures and standards related to the nature of SWFs’ work, objectives, disclosure requirements, transparency, accountability, and risk management. In addition, membership gives OIA opportunities to share knowledge with and learn from peers and experts on investment and operational issues. Moreover, the IFSWF cooperates with OIA in conducting a periodic assessment of this commitment.
OIA joined as an associate member once the IFSWF was founded in 2009 and as a full member on March 9, 2015.
