Friday 03 / May / 2024
Muscat: The exit plan of espoused by Oman Investment Authority (OIA) continued to achieve good results that are consistent with the strategic vision set by the OIA as part of its efforts to empower the private sector and attract foreign investments.
The plan, which motives corporate growth, goes in line with Oman Vision 2040 and it establishes an environment that supports economic diversification and enhances cooperation with international companies.
In an interview published in the new edition of OIA quarterly newsletter “Enjaz and Eejaz”, Talal Al Awfi, group CEO of OQ, said: “IPOs in Abraj Energy Services and OQGN this year contributed effectively to capitalising individual savings in investments that both generate profits for individuals and provide Muscat Stock Exchange with large investments in the energy sector, which in turn promotes community partnership.
Al Awfi affirmed that these public offerings made great successes reflecting investors’ trust in OIA investments and financial management. For instance, OQGN IPO was oversubscribed nearly 14 times while shares of Abraj Energy Services were oversubscribed nearly 7.8 times. In addition, key investors and a large number of local investors took part in the subscription. He added that OQ Group will use the returns of these IPOs for expanding its operations and maximising them on the long term through re-utilising the additional capital in a strategic manner with the aim of enhancing growth and accelerating repayment of existing investment loans.
Al Awfi explained that the group has established a special unit for managing IPOs and conducting detailed studies for OQ companies, including the possibility of issuing them for public offering where all decisions relating to any new public offerings are to be made in coordination with OIA and OQ’s board.
Speaking about OQ’s debts, Al Awfi indicated that the value of the group’s assets is + $31 billion as at 2022, reflecting the extraordinary annual profits made by the group, the efficiency of its debt management, its financial stability and steadfast commitment to create sustainable value. He explained that the group’s debts, like any other company in the energy sector, are in the form of investment loans for growth projects, adding that these loans enabled the company to maximise the value of Oman’s natural resources and enhance their returns.
In the issue’s editorial, which was published in conjunction with the glorious 53rd National Day, Abdulsalam Mohammed Al Murshidi, OIA Chairman, said that, during 2023, the authority completed many tasks that augmented the volume and development of investments, brought about profits, reduced the debt of companies and raised the credit rating of some of them.
The OIA completed six national projects and announced 'Oman Future Fund', which will begin extending its services to beneficiary groups in the near future, he added.
The new issue of “Injaz and Ejaz” published an interview with Eng. Haitham Balushi, Geophysics Manager at Mineral Development of Oman, one of OIA companies, in which he talked about his unique specialisation and his career that qualified him for a number of opportunities to work for large mining projects in different countries such as the Kingdom of Saudi Arabia, Kazakhstan, the Republic of Tanzania, and Rwanda.
The issue also included a report on the Fatah Al-Khair Center in the Wilayat of Sur in the South Al Sharqiyah Governorate, which was established in collaboration with the Oman LNG Company and contains 400 different pieces that commemorate the Omani maritime history, in addition to a report on the issuance of the Guidelines for Research, Development and Innovation and linking their objectives with the operations of OIA companies through a framework that includes the “Business Technology Planning” methodology, which contributes to identifying the challenges and opportunities facing businesses within companies, as well as several interviews, news, and reports.
Oman Investment Authority (OIA) is the investment arm of the Sultanate of Oman entrusted with managing, investing, and developing the nation's national and international assets. With a diverse investment portfolio locally and globally, OIA invests in over 40 countries, targeting various sectors, including food, energy, logistics, ICT, services, finance and investment, food security, tourism, mining, industry, and aviation. OIA is committed to driving sustainable economic growth and contributing to the well-being of Oman's people while also supporting the Sultanate's vision of becoming a leading investment destination in the region.
