OIA launches Rawabet programme to boost corporate governance

Oman Sunday 27/September/2020 18:08 PM
OIA launches Rawabet programme to boost corporate governance

Muscat: The Oman Investment Authority (OIA) launched a special programme ‘Rawabet’, as a direct link between the Authority and its companies to enhance their corporate governance and align their policies with Oman Vision 2040.

This follows a recent meeting between Chairman of the Board, and President of Oman Investment Authority (OIA), with the Chairmen of Boards of its affiliated companies. The programme will help OIA’s affiliated companies focus on developing sources of economic diversification and enhancing non-oil revenues’ contribution to national GDP and attract foreign direct investment to the Sultanate.

‘Rawabet’ also aims to shed light the private sector’s role in developing the Omani economy and promoting successful partnership in local value-added investments, in addition to promoting the securities markets, developing the national workforce, and working on the continuous development of different investment sectors in the Sultanate.

In order to achieve the desired goals of the programme, OIA will involve all relevant sectors, such as investment, asset management, risk & compliance, human resources, procurement & contract operations, asset allocation, finance, information technology, corporate communication, legal affairs, and auditing, to ensure their strategic implementation of government companies’ alignment with the national goals, to positively contribute in achieving Oman 2040 vision.

It is hopeful that Rawabet will help enhance the performance of OIA’s companies to achieve their goals and overcome all associated challenges, in addition to creating a strong partnership with the private sector that supports the involvement of a bigger share of private sector establishments.

The programme will also help create a comprehensive plan to prepare these companies’ investments in ICV initiatives, as well as exiting from investments or listing in financial markets and other areas that help create new job opportunities.

‘Rawabet’ will also work as a platform for the exchange of resources and expertise on best investment practice, through planning joint team activities that can enhance their general performance.